Idaho State Statutes - Idaho Attorney Directory

(1) As used in this act, unless the context
otherwise requires, "payday loan" means a transaction pursuant to a written
agreement between a creditor and the maker of a check whereby the creditor:
(a) Accepts a check from the maker;
(b) Agrees to hold the check for a period of time prior to negotiation,
deposit or presentment; and
(c) Pays to the maker of the check the amount of the check, less the fee
permitted by this chapter.
(2) Payday loans are regulated consumer credit transactions, and all
provisions of the Idaho credit code relating to regulated loans apply to
payday loans and to persons engaged in the business of payday loans except for
part 3, chapter 46, title 28, Idaho Code.
(3) As used in this section, "check" refers to a check or the electronic
equivalent of a check.

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