TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 43

REGULATION OF AGREEMENTS AND PRACTICES

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-301.  Security in sales. (1) With respect to a regulated consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to which the goods are affixed or which is maintained, repaired or improved as a result of the sale of the goods or services, if in the case of a security interest in land the debt secured is one thousand dollars ($1,000) or more, or, in the case of a security interest in goods, the debt secured is one hundred dollars ($100) or more. Except as provided with respect to cross-collateral, section 28-43-302, Idaho Code, a seller may not otherwise take a security interest in property to secure the debt arising from a regulated consumer credit sale.

(2)  A security interest taken in violation of this section is void.

History:

[28-43-301, added 1983, ch. 119, sec. 3, p. 283.]