The Act states that most conditions for the Idaho Credit Code concerning regulated customer loans pertains to title loans in Idaho aswell. Under this legislation, name loans produced by an Idaho lender without first having obtained a regulated loan provider license are void, that is a positive thing for customers who’ve been tricked into taking right out high interest loans having a loan provider who’s perhaps perhaps perhaps not legit.
The law does not go very far in helping to protect Idaho residents from potentially losing their vehicle to title lenders while this is a step in the right direction.
Idaho Title Loan Limitations
Effective in 2006, the Idaho Title Loan Act includes the regulations that are following name financing:
- Title loans made without very first obtaining a lender that is regulated are void.
- Title loan agreements must consist of 12-point capitalized type that is bold easy-to-read disclosures. Continue reading