HB 400 Summary

• Revises administrative enforcement procedures for credit code violations, allowing the director to issue cease and desist orders after notice and providing clearer guidance on cease and desist orders for unconscionable conduct and unlicensed lenders.

• Expands civil actions available to the administrator, including authority to recover actual damages and excess charges paid by debtors, impose civil penalties up to $5,000 for repeated intentional violations, recover investigative costs and attorney's fees, and obtain other remedies including restitution.

• Modifies regulated consumer loan license requirements by requiring applications through the NMLSR, changing the license renewal deadline from May 31 to December 31, clarifying when written deficiency notices are deemed received, and removing provisions requiring applicants to reimburse hearing expenses.

• Updates payday loan license qualifications and application procedures, including requiring applications through the NMLSR, establishing clearer procedures for incomplete applications with a 60-day cure period, and changing the license renewal deadline to December 31.

• Makes technical corrections throughout the Idaho Credit Code sections, including clarifying language regarding fraudulent conduct, updating cross-references, and standardizing provisions across both regulated consumer loan and payday loan licensing sections.