Legal Status
Legal
Citation
Idaho Code §§ 28-46-401 et seq.
Loan Terms
Maximum Loan Amount: $1000. Loan cannot exceed 25% of gross monthly income of borrower.
Loan Term: Not specified
Maximum Finance Rate and Fees: No limit
Finance Charge for 14-day $100 Loan: No limit
APR for 14-day $100 Loan: No limit
Debt Limits
Maximum Number of Outstanding Loans at One Time: Not specified. However, no licensee or person related to a licensee by common control may have outstanding at any time to a single borrower a loan or loans with an aggregate principal balance exceeding one thousand dollars ($ 1,000), plus allowable fees. Idaho Code § 28-46-413(1).
Rollovers Permitted: A licensee may renew a payday loan no more than three (3) consecutive times, after which the payday loan shall be repaid in full by the borrower. Idaho Code §28-46-413(9).
Cooling-off Period: A borrower may enter into a new loan transaction with the licensee at any time after a prior loan to the borrower is completed. Idaho Code § 28-46-413(9).
Repayment Plan: An extended payment plan shall be in writing and must be executed not later than the day the payday loan is due. The plan shall provide a payment schedule that allows at least four (4) equal payments over a time period of not less than sixty (60) days and shall include the disclosures required under section 28-46-415, Idaho Code. Idaho Code §28-46-414(2).
Collection Limits
Collection Fees: If the borrower's check is returned unpaid to the licensee from a payor financial institution, the licensee shall have the right to collect charges authorized by section 28-22-105, Idaho Code, provided such charges are disclosed in the loan agreement. A licensee may not charge treble damages. If the borrower's obligation is assigned to any third party for collection, the provisions of this section shall apply to such third party collector. Idaho Code § 28-46-413(6).
Criminal Action: Prohibited.