Idaho
Under Idaho law, Code § 28-43-201, payday lenders are required to disclose all information to the borrower. This includes but is not limited to:
- Fees and interest of the loan. Must be expressed in a dollar amounts (cost per one hundred dollars).
- The fees and interest schedule must be prominently displayed in the lender’s place of business.
The borrower must be provided as signed copy of the agreement form.
- The agreement has to identify the Idaho Department of Finance as the licensing agency, and provide the Idaho Department of Finance’s telephone number.
- If a payday loan lender fails to comply with this Idaho code of law, the Idaho Department of Finance has the authority to seek out injunctions against lenders who engage in fraudulent or unconscionable conduct by influencing debtors to borrow without fully understanding the terms. In order for the inunctions to be lawful, the lender must knowingly take advantage of the debtor’s inability to fully understand the loan or comprehend the language of the agreement.
Also, under Idaho law a payday loan institution cannot charge refinancing charges more than three times. However, a single refinance may be considered unconscionable it it’s clear to the lender there’s no probability the borrower will pay the debtor in full.