Section 28-46-501 – SHORT TITLE.
28-46-501. SHORT TITLE. This part shall be known and may be cited as the "Title Loan Act." History: [28-46-501, added 2006, ch. 323, sec. 1, p. 1023.]
Section 28-46-502 – DEFINITIONS.
28-46-502. DEFINITIONS. As used in this part, unless the context otherwise requires: (1) "Title lender" means a regulated lender authorized pursuant to this part to make title loans. (2) "Title loan" means a loan for a consumer purpose that is secured by a nonpurchase money security interest in titled personal property and that is scheduled […]
Section 28-46-503 – LICENSE REQUIRED.
28-46-503. LICENSE REQUIRED. (1) No person shall engage in the business of making title loans without having first obtained a license from the administrator pursuant to this chapter authorizing the person to make regulated consumer loans. (2) Any title loan made without first having obtained a license is void, in which case the person making […]
Section 28-46-504 – TITLE LOAN AGREEMENTS.
28-46-504. TITLE LOAN AGREEMENTS. (1) Every title lender shall keep a numbered record of each and every title loan agreement executed by the title lender and debtor. Such record, as well as the title loan agreement, shall include the following information: (a) The make, model and year of the titled personal property; (b) The vehicle […]
Section 28-46-505 – DISCLOSURE.
28-46-505. DISCLOSURE. (1) Notwithstanding the provisions of section 28-46-103, Idaho Code, or any other law to the contrary, in accordance with the Idaho administrative procedure act, chapter 52, title 67, Idaho Code, the administrator may promulgate rules requiring each title lender to issue a standardized consumer notification and disclosure form in compliance with federal truth-in-lending […]
Section 28-46-506 – RENEWAL OF TITLE LOAN AGREEMENTS.
28-46-506. RENEWAL OF TITLE LOAN AGREEMENTS. (1) Title loan agreements shall not exceed thirty (30) days in length. However, such agreements may provide for renewals, which may occur automatically, unless one (1) of the following has occurred: (a) The debtor has paid all principal and finance charges due in accordance with the title loan agreement; […]
Section 28-46-507 – DEFAULT.
28-46-507. DEFAULT. (1) Before exercising any of its rights upon a default by a debtor under a title loan agreement, the title lender shall mail a "Notice to Cure Default" to the debtor at the debtor’s last address shown in the title lender’s file, notifying the debtor that the debtor has ten (10) days from […]
Section 28-46-508 – PROHIBITED ACTIONS.
28-46-508. PROHIBITED ACTIONS. No title lender licensee under this part or person required under this part to have such license shall: (1) Enter into a title loan agreement with a person less than eighteen (18) years of age, or with anyone who appears to be intoxicated; (2) Make any agreement giving the title lender any […]
Section 28-46-509 – EXEMPTION.
28-46-509. EXEMPTION. The provisions of this part shall not apply to any person licensed or chartered under the laws of any state or of the United States as a bank, savings and loan association, credit union, insurance company, or industrial loan company. The terms "bank," "savings and loan association," "credit union," "insurance company" and "industrial […]