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ID S1285

Bill

Official Source

Status

Introduced

2/7/2024

Primary Sponsor

Commerce and Human Resources Committee

Click for details

Origin

Senate

2024 Regular Session

AI Summary

  • Establishes a maximum annual percentage rate (APR) of 36% for payday loans in Idaho.

  • Maintains the existing $1,000 maximum principal amount for payday loans.

  • Requires payday loan agreements to disclose fees both as dollar amounts and as APR.

  • Limits payday lenders to no more than two (2) electronic presentments of a borrower's check to a depository institution.

  • Becomes effective July 1, 2024.

Legislative Description

Amends existing law to provide a limitation on the APR of payday loans.

PAYDAY LOANS

Last Action

Reported Printed; referred to Commerce & Human Resources

2/8/2024

Committee Referrals

Commerce and Human Resources2/8/2024
Judiciary and Rules2/7/2024

Full Bill Text

No bill text available