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ID H0649
Bill
Status
Introduced
2/12/2026
Primary Sponsor
Business Committee
Click for details
AI Summary
- Parties may agree in writing to interest rates and fees up to 30% or 10 percentage points above the Federal Reserve prime rate, whichever is greater
- The applicable prime rate is determined from the Federal Reserve's H.15 statistical release dated 3 business days before the agreement is signed
- Loan agreements that are not usurious when made remain lawful for the loan's duration unless substantially changed, though this protection does not extend to loan renewals
- Regulated lenders as defined in Idaho Code section 28-41-301 are exempt from these provisions
- Declared an emergency measure with an effective date of July 1, 2026
Legislative Description
Adds to existing law to provide for interest rates to be allowed by agreement subject to certain limitations.
MONEY OF ACCOUNT AND INTEREST
Last Action
Reported out of Committee, Recommend place on General Orders
3/6/2026
Committee Referrals
Business2/13/2026
Full Bill Text
No bill text available