Regulatory Alerts2006-06-16
Added · Updated
Idaho Title Loan Act Guidance for Licensed Automobile Title Lenders
The Idaho Department of Finance issued guidance on the Idaho Title Loan Act, effective July 1, 2006, which regulates automobile title lending under the existing Regulated Lender license. The law mandates specific contract disclosures, a maximum 30-day loan term, and a 10% principal reduction requirement starting at the third renewal. Additionally, lenders must conduct ability-to-repay assessments, provide a one-day right of rescission, and adhere to strict prohibitions against unfair practices and excessive lending.