(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.”
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Terms Used In Idaho Code 28-46-504

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Title lender: means a regulated lender authorized pursuant to this part to make title loans. See Idaho Code 28-46-502
  • 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. See Idaho Code 28-46-502
  • 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. See Idaho Code 28-46-502
  • 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. See Idaho Code 28-46-502
(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.