TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 46

ADMINISTRATION

PART 5

TITLE LOAN ACT

28-46-502.  Definitions. As used in this part, unless the context otherwise requires:

(1)  "Title lender" means a regulated lender authorized pursuant to this part to make title loans.

(2)  "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. Title loans are regulated consumer loans and, except as otherwise provided in this part, all provisions of the Idaho credit code relating to regulated consumer loans apply to title loans and to persons engaged in the business of making title loans.

(3)  "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. Except as otherwise provided in this part, all provisions of chapter 9, title 28, Idaho Code, apply to title loans and to persons engaged in the business of making title loans.

(4)  "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.

History:

[28-46-502, added 2006, ch. 323, sec. 1, p. 1024.]