Idaho State Statutes - Idaho Attorney Directory

(1) "Actuarial method" means the method,
defined by rules adopted by the administrator, of allocating payments made on
a debt between principal or amount financed and loan finance charge or credit
service charge pursuant to which a payment is applied first to the accumulated
loan finance charge or credit service charge and the balance is applied to the
unpaid principal or unpaid amount financed.
(2) "Administrator" means the administrator designated in section
28-46-103, Idaho Code.
(3) "Agreement" means the bargain of the parties in fact as found in
their language or by implication from other circumstances including course of
dealing or usage of trade or course of performance.
(4) "Agricultural purpose" means a purpose related to the production,
harvest, exhibition, marketing, transportation, processing, or manufacture of
agricultural products by a natural person who cultivates, plants, propagates,
or nurtures the agricultural products. "Agricultural products" includes
agricultural, horticultural, viticultural, and dairy products, livestock,
wildlife, poultry, bees, forest products, fish and shellfish, and any products
thereof, including processed and manufactured products, and any and all
products raised or produced on farms and any processed or manufactured
products thereof.
(5) "Amount financed" means the total of the following items:
(a) In the case of a sale, the cash price of the goods, services, or
interest in land, less the amount of any down payment made in cash or in
property traded in, and the amount actually paid or to be paid by the
seller pursuant to an agreement with the buyer to discharge a security
interest in, a lien on, or a debt with respect to property traded in;
(b) In case of a loan, the net amount paid to, receivable by, or paid or
payable for the account of the debtor, plus the amount of any discount
excluded from the finance charge, paragraph (b)(iii) of subsection (19)
[paragraph (b) 3. of subsection (18)]; and
(c) In the case of a loan, to the extent that payment is, or payments
are, deferred and the amount is not otherwise included and is authorized
and disclosed to the debtor as required by law, amounts actually paid or
to be paid by the creditor for registration, certificate of title, or
license fees.
(6) "Billing cycle" means the time interval between periodic billing
statement dates.
(7) "Business purpose" means any purpose except a consumer purpose. For
purposes of this act, a credit transaction:
(a) Engaged in by a debtor for an agricultural purpose; or
(b) Engaged in by a debtor for an investment purpose; or
(c) Creating a debt secured by a first mortgage or first deed of trust on
real property; or
(d) In which the debtor is an organization, rather than a natural person;
is considered to be for a business purpose.
(8) "Card issuer" means a person who issues a credit card.
(9) "Cardholder" means a person to whom a credit card is issued or who
has agreed with the card issuer to pay obligations arising from the issuance
to or use of the card by another person.
(10) "Cash price" means the price of goods, services, or an interest in
land at which the goods, services, or interest in land are offered for sale by
the seller to cash buyers in the ordinary course of business, except as the
administrator may otherwise prescribe by rule, and may include:
(a) Applicable sales, use, and excise and documentary stamp taxes;
(b) The cash price of accessories or related services such as delivery,
installation, servicing, repairs, alterations, and improvements; and
(c) Amounts actually paid or to be paid by the seller for registration,
certificate of title, or license fees.
The cash price stated by the seller to the buyer pursuant to the
provisions on disclosure, part 2 of chapter 43, title 28, Idaho Code, is
presumed to be the cash price.
(11) "Conspicuous" means a term or clause is conspicuous when it is so
written that a reasonable person against whom it is to operate ought to have
noticed it. Whether a term or clause is conspicuous or not is for decision by
the court.
(12) "Consumer purpose" means primarily a personal, family or household
purpose. For purposes of this act, consumer purpose does not include a credit
transaction:
(a) Engaged in by a debtor for an agricultural purpose; or
(b) Engaged in by a debtor for an investment purpose; or
(c) Creating a debt secured by a first mortgage or first deed of trust on
real property; or
(d) In which the debtor is an organization, rather than a natural person.
(13) "Credit" means the right granted by a creditor to a debtor to defer
payment of debt, to incur debt and defer its payment, or to purchase property
or services and defer payment therefor.
(14) "Credit card" means a card or device issued under an arrangement
pursuant to which a card issuer gives to a cardholder the privilege of
obtaining credit from the card issuer or other person in purchasing or leasing
property or services, obtaining loans, or otherwise. A transaction is
"pursuant to a credit card" only if credit is obtained according to the terms
of the arrangement by transmitting information contained on the card or device
orally, in writing, by mechanical or electronic methods, or in any other
manner. A transaction is not "pursuant to a credit card" if the card or device
is used solely in that transaction to:
(a) Identify the cardholder or evidence his credit-worthiness and credit
is not obtained according to the terms of the arrangement;
(b) Obtain a guarantee of payment from the cardholder's deposit account,
whether or not the payment results in a credit extension to the cardholder
by the card issuer; or
(c) Effect an immediate transfer of funds from the cardholder's deposit
account by electronic or other means, whether or not the transfer results
in a credit extension to the cardholder by the card issuer.
(15) "Creditor" means the person who grants credit in a regulated credit
transaction or, except as otherwise provided, an assignee of a creditor's
right to payment, but use of the term does not itself impose on an assignee
any obligation of his assignor. In case of credit granted pursuant to a credit
card, "creditor" means the card issuer and not another person honoring the
credit card.
(16) "Debtor" means the person to whom credit is granted in a regulated
credit transaction.
(17) "Earnings" means compensation paid or payable by an employer to an
employee, or for his account, for personal services rendered or to be rendered
by him, whether denominated as wages, salary, commission, bonus, or otherwise,
and includes periodic payments pursuant to a pension, retirement, or
disability program.
(18) "Finance charge":
(a) Except as provided in paragraph (b) of this subsection, "finance
charge" means the sum of any of the following types of charges payable
directly or indirectly by the debtor and imposed directly or indirectly by
the creditor as an incident to or as a condition of the extension of
credit, as applicable:
1. Interest or any amount payable under a point, discount, or other
system of charges, however denominated;
2. Time-price differential, credit service, service, carrying, or
other charge, however denominated;
3. Premium or other charge for any guarantee or insurance protecting
the creditor against the debtor's default or other credit loss; and
4. Charges incurred for investigating the collateral or
credit-worthiness of the debtor or for commissions or brokerage for
obtaining the credit, irrespective of the person to whom the charges
are paid or payable, unless the creditor had no notice of the charges
when the credit was granted.
(b) The term does not include:
1. Charges as a result of default or delinquency if made for actual
unanticipated late payment, delinquency, default, or other like
occurrence, unless the parties agree that these charges are finance
charges; a charge is not made for actual unanticipated late payment,
delinquency, default or other like occurrence if imposed on an
account that is or may be debited from time to time for purchases or
other debts and, under its terms, payment in full or of a specified
amount is required when billed, and in the ordinary course of
business the debtor is permitted to continue to have purchases or
other debts debited to the account after imposition of the charge;
2. Deferral charges, section 28-42-303 [28-42-302], Idaho Code; or
3. A discount, if a creditor purchases or satisfies obligations of a
cardholder pursuant to a credit card and the purchase or satisfaction
is made at less than the face amount of the obligation.
(19) "Goods" include goods not in existence at the time the transaction
is entered into and merchandise certificates, but excludes money, chattel
paper, documents of title, and instruments.
(20) "Insurance premium loan" means a regulated consumer loan that:
(a) Is made for the sole purpose of financing the payment by or on behalf
of an insured of the premium on one or more policies or contracts issued
by or on behalf of an insurer;
(b) Is secured by an assignment by the insured to the lender of the
unearned premium on the policy or contract; and
(c) Contains an authorization to cancel the policy or contract financed.
(21) "Lender," except as otherwise provided, includes an assignee of a
lender's right to payment, but use of the term does not in itself impose on an
assignee any obligation of the lender.
(22) "Lender credit card" means a credit card issued by a regulated
lender.
(23) (a) "Loan" means, except as provided in paragraph (b) of this
subsection:
1. The creation of debt by the lender's payment of or agreement to
pay money to the debtor or to a third person for the account of the
debtor;
2. The creation of debt pursuant to a lender credit card in any
manner, including a cash advance or the card issuer's honoring a
draft or similar order for the payment of money drawn or accepted by
the debtor, paying or agreeing to pay the debtor's obligation, or
purchasing or otherwise acquiring the debtor's obligation from the
obligee or his assignees;
3. The creation of debt by a cash advance to a debtor pursuant to a
seller credit card;
4. The creation of debt by a credit to an account with the lender
upon which the debtor is entitled to draw immediately; and
5. The forbearance of debt arising from a loan.
(b) "Loan" does not include:
1. A card issuer's payment or agreement to pay money to a third
person for the account of a debtor if the debt of the debtor arises
from a sale and results from use of a seller credit card; or
2. The forbearance of debt arising from a sale.
(24) "Merchandise certificate" means a writing not redeemable in cash and
usable in its face amount in lieu of cash in exchange for goods or services.
(25) "Open-end credit" means an arrangement pursuant to which:
(a) A creditor may permit a debtor, from time to time, to purchase on
credit from the creditor or pursuant to a credit card, or to obtain loans
from the creditor or pursuant to a credit card;
(b) The amounts financed and the finance and other appropriate charges
are debited to an account;
(c) The finance charge, if made, is computed on the account periodically;
and
(d) Either the debtor has the privilege of paying in full or in
installments or the creditor periodically imposes charges computed on the
account for delaying payment and permits the debtor to continue to
purchase on credit.
(26) "Organization" means a corporation, government or governmental
subdivision or agency, trust, estate, partnership, cooperative, or
association.
(27) "Payable in installments" means that payment is required or
permitted by agreement to be made in:
(a) Two (2) or more periodic payments, excluding a down payment, with
respect to a debt arising from a regulated consumer credit sale pursuant
to which a finance charge is made;
(b) Four (4) or more periodic payments, excluding a down payment, with
respect to a debt arising from a regulated consumer credit sale pursuant
to which no finance charge is made; or
(c) Two (2) or more periodic payments with respect to a debt arising from
a regulated consumer loan. If any periodic payment other than the down
payment under an agreement requiring or permitting two (2) or more
periodic payments is more than twice the amount of any other periodic
payment, excluding the down payment, the regulated consumer credit sale or
regulated consumer loan is "payable in installments."
(28) "Person" includes a natural person or an individual, and an
organization.
(29) "Person related to" with respect to an individual means:
(a) The spouse of the individual;
(b) A brother, brother-in-law, sister, sister-in-law of the individual;
(c) An ancestor or lineal descendant of the individual or his spouse; and
(d) Any other relative, by blood or marriage, of the individual or his
spouse who shares the same home with the individual.
"Person related to" with respect to an organization means:
(a) A person directly or indirectly controlling, controlled by or under
common control with the organization;
(b) An officer or director of the organization or a person performing
similar functions with respect to the organization or to a person related
to the organization;
(c) The spouse of a person related to the organization; and
(d) A relative by blood or marriage of a person related to the
organization who shares the same home with him.
(30) "Precomputed credit transaction" means a credit transaction in which
the debt is a sum comprising the amount financed and the amount of the finance
charge computed in advance. A disclosure required by the Federal Consumer
Credit Protection Act does not in itself make a finance charge or transaction
precomputed.
(31) "Presumed" or "presumption" means that the trier of fact must find
the existence of the fact presumed unless and until evidence is introduced
which would support a finding of its nonexistence.
(32) "Regulated consumer credit sale" means a regulated credit sale,
subsection (35) of this section, and for a consumer purpose, subsection (12)
of this section.
(33) "Regulated consumer credit transaction" means a regulated credit
transaction, subsection (36) of this section, and for a consumer purpose,
subsection (12) of this section.
(34) "Regulated consumer loan" means a regulated loan, subsection (38) of
this section, and for a consumer purpose, subsection (12) of this section.
(35) "Regulated credit sale" means a sale of goods, services, or an
interest in land in which:
(a) Credit is granted either pursuant to a seller credit card or by a
seller who regularly engages as a seller in credit transactions of the
same kind; and
(b) The debt is payable in installments or a finance charge is made.
A "regulated credit sale" does not include a sale in which the seller
allows the buyer to purchase goods or services pursuant to a lender credit
card.
(36) "Regulated credit transaction" means a regulated credit sale or
regulated loan or a refinancing or consolidation thereof.
(37) "Regulated lender" means a person authorized to make, or take
assignments of, regulated consumer loans, as a regular business, under a
license issued by the administrator, section 28-46-301, et. seq., Idaho Code.
(38) "Regulated loan" means a loan made by a creditor regularly engaged
in the business of making loans in which the debt is payable in installments
or a finance charge is made. A "regulated loan" does not include a sale in
which the seller allows the buyer to purchase pursuant to a seller credit
card.
(39) "Sale of goods" includes an agreement in the form of a bailment or
lease of goods if the bailee or lessee pays or agrees to pay as compensation
for use a sum substantially equivalent to or in excess of the aggregate value
of the goods involved and it is agreed that the bailee or lessee will become,
or for no other or a nominal consideration has the option to become, the owner
of the goods upon full compliance with the terms of the agreement.
(40) "Sale of an interest in land" includes a lease in which the lessee
has an option to purchase the interest and all or a substantial part of the
rental or other payments previously made by him are applied to the purchase
price.
(41) "Sale of services" means furnishing or agreeing to furnish services
and includes making arrangements to have services furnished by another.
(42) "Seller" includes, except as otherwise provided, an assignee of the
seller's right to payment, but use of the term does not in itself impose on an
assignee any obligation of the seller.
(43) "Seller credit card" means either:
(a) A credit card issued primarily for the purpose of giving the
cardholder the privilege of using the card to purchase property or
services from the card issuer, persons related to the card issuer, or
persons licensed or franchised to do business under the card issuer's
business or trade name or designation, or both from any of these persons
and from other persons; or
(b) A credit card issued by a person except a regulated lender primarily
for the purpose of giving the cardholder the privilege of using the credit
card to purchase property or services from at least one hundred (100)
persons not related to the card issuer.
(44) "Services" include:
(a) Work, labor, and other personal services;
(b) Privileges with respect to transportation, hotel and restaurant
accommodations, education, entertainment, recreation, physical culture,
hospital accommodations, funerals, cemetery accommodations, and the like;
and
(c) Insurance provided by a person other than the insurer.
(45) "Supervised financial organization" means a person, except an
insurance company or other organization primarily engaged in an insurance
business:
(a) Organized, chartered, or holding an authorization certificate under
the laws of this state or of the United States that authorizes the person
to make loans and to receive deposits, including a savings, share,
certificate or deposit account; and
(b) Subject to supervision by an official or agency of this state or of
the United States.

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