Idaho Credit Laws

Triple amount of check up to $500 over the check amount

ADDING FEES

(1) Contracts between collection agency licensees or collection agencies required to be licensed under this act and creditor clients shall be in writing.  (2) It shall be a violation of this act for any collection agency contract to:    (a) Authorize a collection agency to retain any sums collected on behalf of a creditor client, other

than the regular collection fees or commissions authorized by this act;    (b) Penalize a creditor client for any unintentional error, mistake or omission in furnishing the

correct name or address of any debtor to a collection agency; or (c) Require the payment of any fee, commission or compensation in excess of fifty percent (50%) of the amount actually collected on any account, bill, claim or other indebtedness entrusted to the collection agency for collection. However, in the case that a collection agency collects interest on an account, the creditor client and the collection agency may agree in writing for division of such interest between them without such percentage limitation. Furthermore, in the case of the collection of checks dishonored by nonacceptance or nonpayment, the creditor client and the collection agency, by written agreement between them, may provide, in place of a percentage fee, for the payment of a set dollar amount collection fee not to exceed the amount provided in section 28-22-105, Idaho Code, which shall not be subject to the fifty percent (50% ) limitation. Collection agreements to proceed under section 1-2301A, Idaho Code, shall be subject to the fifty percent (50%) limitation. 

(3)(a) No debt counselor, credit counselor or credit repair organization licensed or required to be licensed under this act shall take or receive for services performed for any one (1) person more than fifteen percent (15% ) of the amount received by it at any one (1) time from or on behalf of that person for payment or prorating to creditors, and no other charges shall be made or received for any such service.  Idaho Code § 26-2229 (West, WESTLAW through Chs. 1-193 eff. on or before Mar. 18, 2008).  Fees for Payment Options (Collection Agencies) (4) No collection agency licensee, or collection agency required to be licensed under this act, or agent of such collection agency shall collect or attempt to collect any interest or other charges, fees, or expenses incidental to the principal obligation unless such interest or incidental fees, charges, or expenses:

(a) Are expressly authorized by statute; (b) Are allowed by court ruling against the debtor; (c) Have been judicially determined;  (d) Are provided for in a written form agreement, signed by both the debtor and the licensee, and which has the prior approval of the director with respect to the terms of the agreement and amounts of the fees, interest, charges and expenses (e) Reasonably relate to the actual cost associated with processing a demand draft or other form of electronic payment on behalf of a debtor for a debt payment, provided that the debtor has preauthorized the method of payment and has been notified in advance that such payment may be made by reasonable alternative means that will not result in additional charges, fees or expenses to the debtor.