Idaho State Statutes - Idaho Attorney Directory

(1) Except as
provided in subsection (2) of this section, if a creditor contracts for or
receives a separate charge for insurance, the amount charged to the debtor for
the insurance may not exceed the premium to be charged by the insurer, as
computed at the time the charge to the debtor is determined, conforming to any
rate filings required by law and made by the insurer with the director of the
department of insurance.
(2) A creditor who provides credit insurance in relation to open-end
consumer credit, subsection (25) of section 28-41-301, Idaho Code, may
calculate the charge to the debtor in each billing cycle by applying the
current premium rate to:
(a) The average daily unpaid balance of the debt in the cycle;
(b) The unpaid balance of the debt or a median amount within a specified
range of unpaid balances of debt on approximately the same day of the
cycle. The day of the cycle need not be the day used in calculating the
finance charge, section 28-42-201, Idaho Code, but the specified range
shall be the range used for that purpose; or
(c) The unpaid balances of principal calculated according to the
actuarial method.

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