Idaho Code 28-46-503 – License Required
Current as of: 2023 | Check for updates
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(1) No person shall engage in the business of making title loans without having first obtained a license from the administrator pursuant to this chapter authorizing the person to make regulated consumer loans.
(2) Any title loan made without first having obtained a license is void, in which case the person making the loan forfeits the right to collect any moneys, including principal, interest, and any other fee paid by the debtor in connection with the title loan agreement. The person making the title loan shall release its security interest in the titled personal property used as security for the title loan and shall return to the debtor:
(a) The certificate of title for such titled personal property;
(b) Such titled personal property if the person making the loan took possession of such property;
(c) The fair market value of such titled personal property if the person making the loan took possession of such property and is not able to return such property; and
(d) All principal, interest, and any other fees paid by the debtor.
Terms Used In Idaho Code 28-46-503
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114 Personal property: All property that is not real property. Property: includes both real and personal property. See Idaho Code 73-114 Title loan: means a loan for a consumer purpose that is secured by a nonpurchase money security interest in titled personal property and that is scheduled to be repaid in either a single installment or in multiple installments that are not fully amortized. See Idaho Code 28-46-502 Title loan agreement: means a written agreement whereby a title lender agrees to make a title loan to a debtor, and the debtor agrees to give the title lender a security interest in unencumbered titled personal property owned by the debtor. See Idaho Code 28-46-502 Titled personal property: means any motor vehicle, the ownership of which is evidenced and delineated by a state issued certificate of title, but does not include a motor home, mobile home or manufactured home. See Idaho Code 28-46-502