28-46-504 TITLE LOAN AGREEMENTS. - Idaho Statutes

TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 46

ADMINISTRATION

PART 5

TITLE LOAN ACT

28-46-504. Title loan agreements. (1) Every title lender shall keep a numbered record of each and every title loan agreement executed by the title lender and debtor. Such record, as well as the title loan agreement, shall include the following information:

(a) The make, model and year of the titled personal property;

(b) The vehicle identification number, or other comparable identification number, along with the license plate number, if applicable, of the titled personal property;

(c) The name, residential address and date of birth of the debtor;

(d) The date the title loan agreement is executed by the title lender and the debtor; and

(e) The maturity date of the title loan agreement.

(2) The following information shall also be printed on the title loan agreement:

(a) The name and physical address of the title loan office;

(b) In not less than twelve (12) point bold type, the name and address of the administrator as well as a telephone number to which consumers may address complaints;

(c) The following statement in not less than twelve (12) point bold type and in all capitalized letters:

"(1) This loan is not intended to meet long-term financial needs.

(2) You should use this loan only to meet short-term cash needs.

(3) You will be required to pay additional interest and fees if you renew this loan rather than pay the debt in full when due.

(4) This loan may be a higher interest loan. You should consider what other lower cost loans may be available to you.

(5) You are placing at risk your continued ownership of the titled personal property you are using as security for this loan.

(6) If you default under this loan the title lender may take possession of the titled personal property used as security for this loan and sell the property in the manner provided by law.

(7) If you enter into a title loan agreement, you have a legal right of rescission. This means you may cancel your contract at no cost to you by returning the money you borrowed by the next business day after the date of your loan.

(8) If you believe that the title lender has violated the provisions of the Idaho Title Loan Act, you have the right to file a written complaint with the Idaho Department of Finance and the Department will investigate your complaint."

(d) The statement that "The debtor represents and warrants, to the best of the debtor’s knowledge, that the titled personal property is not stolen and has no liens or encumbrances against it, the debtor has the right to enter into this transaction and will not apply for a duplicate certificate of title while the title loan agreement is in effect."

(3) The debtor shall sign the title loan agreement and shall be provided with a copy of such agreement. The title loan agreement shall also be signed by the title lender or the title lender’s employee or agent. If the debtor has been issued a social security number, the title lender shall keep on file the social security number of the debtor.