Section 28-24-106 – SEVERABILITY.
28-24-106. SEVERABILITY. The provisions of this act are hereby declared to be severable and if any provision of this act or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of remaining portions of this act. History: [28-24-106, added 1990, ch. […]
Section 28-24-107 – EFFECTIVE DATE — APPLICATION TO AGREEMENTS.
28-24-107. EFFECTIVE DATE — APPLICATION TO AGREEMENTS. This act shall take effect on July 1, 1990, and shall apply to any dealer agreement then in effect which has no expiration date and which is a continuing agreement and all other dealer agreements entered into or renewed on or after such effective date. History: [28-24-107, added […]
Section 28-24-108 – JURISDICTION — VENUE.
28-24-108. JURISDICTION — VENUE. (1) The courts of this state shall have jurisdiction over any legal dispute between a wholesaler, manufacturer or distributor of farm implements or equipment, machinery, repair parts, stock parts and attachments located in or outside this state and an equipment dealer located in this state. The laws of the state of […]
Section 28-36-101 – SHORT TITLE AND PURPOSE.
28-36-101. SHORT TITLE AND PURPOSE. This act shall be known and may be cited as the "Idaho Lease-Purchase Agreement Act." The purpose of this act is to protect both consumers and businesses engaged in the lease-purchase of consumer goods against unfair or deceptive acts and practices, to provide certainty and regularity in the conduct of […]
Section 28-36-102 – DEFINITIONS.
28-36-102. DEFINITIONS. As used in this chapter: (1) "Advertisement" means a commercial message in any medium that promotes, directly or indirectly, a lease-purchase agreement. (2) "Consumer" means a natural person who rents personal property under a lease-purchase agreement to be used by the consumer primarily for personal, family or household purposes. (3) "Consummation" means the […]
Section 28-36-103 – INAPPLICABILITY OF OTHER LAWS — EXEMPTED TRANSACTIONS.
28-36-103. INAPPLICABILITY OF OTHER LAWS — EXEMPTED TRANSACTIONS. (1) Lease-purchase agreements are not governed by the laws relating to: (a) A home solicitation sale as defined in section 28-43-401, et seq., Idaho Code; (b) A regulated consumer credit transaction pursuant to section 28-41-101, et seq., Idaho Code; or (c) A security interest as defined in […]
Section 28-36-104 – GENERAL REQUIREMENTS OF DISCLOSURE.
28-36-104. GENERAL REQUIREMENTS OF DISCLOSURE. (1) The lessor shall disclose, or cause to be disclosed, to the consumer the information required in this chapter. In a transaction involving more than one (1) lessor, only one (1) lessor need make the disclosures, but all lessors shall be bound by such disclosures. (2) The disclosures shall be […]
Section 28-36-105 – DISCLOSURES.
28-36-105. DISCLOSURES. (1) For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable: (a) The total number, total dollar amount and frequency of all payments necessary to acquire ownership of the property; (b) A statement that the consumer will not own the property until the consumer has made the […]
Section 28-36-106 – PROHIBITED PRACTICES.
28-36-106. PROHIBITED PRACTICES. A lease-purchase agreement may not contain: (1) A confession of judgment; (2) A negotiable instrument; (3) A claim of a property interest in any goods except those goods delivered by the lessor pursuant to the lease-purchase agreement; (4) A wage assignment; (5) A waiver by the consumer of claims or defenses; or […]
Section 28-36-107 – REINSTATEMENT.
28-36-107. REINSTATEMENT. (1) A consumer who fails to make a timely rental payment and who fails to voluntarily return or surrender the leased property on or before the renewal date, may reinstate the agreement without losing any rights or options which exist under the agreement, by the payment, within five (5) days after the renewal […]