Idaho State Statutes - Idaho Attorney Directory

(1) 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.
(2) No payday loan shall be repaid by the proceeds of another payday loan
made by the same licensee or a person related to the licensee by common
control.
(3) 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.
(4) A licensee shall not threaten a borrower with criminal action as a
result of any payment deficit.
(5) No licensee shall engage in unfair or deceptive acts, practices or
advertising in the conduct of a payday loan business.
(6) 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. A
borrower may enter into a new loan transaction with the licensee at any time
after a prior loan to the borrower is completed. A loan secured by a
borrower's check is completed when the check is presented or deposited by the
licensee or redeemed by the borrower pursuant to section 28-46-412(6), Idaho
Code.
(7) Other than a borrower's check in a transaction pursuant to section
28-46-412(6), Idaho Code, a licensee shall not accept any property, title to
property, or other evidence of ownership as collateral for a payday loan.
(8) A licensee may conduct other business at a location where it engages
in payday lending unless it carries on such other business for the purpose of
evading or violating the provisions of this act.
(9) A borrower may rescind the payday loan at no cost at any time prior
to the close of business on the next business day following the day on which
the payday loan was made by paying the principal amount of the loan to the
licensee in cash or other immediately available funds.

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