{"id":372980,"date":"2016-03-31T21:35:08","date_gmt":"2016-04-01T02:35:08","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/state\/idaho-law\/idaho-interest-rates-laws.html"},"modified":"2016-06-20T19:48:47","modified_gmt":"2016-06-21T00:48:47","slug":"idaho-interest-rates-laws","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/idaho-law\/idaho-interest-rates-laws.html","title":{"rendered":"Idaho Interest Rates Laws"},"content":{"rendered":"\n
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Idaho Interest Rates Laws<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

The rate of interest a lender may legally charge<\/a> borrowers is dictated by state law, although these limits typically have several exceptions. While most states provide a single percentage limit for interest rates, they often only apply to transactions without a contract — which could be as complex as signing a mortgage document or as simple as clicking on an online agreement. It’s also important to mention the U.S. Supreme Court’s 1978 Marquette National Bank v. First of Omaha Corp.<\/i><\/a> ruling that national banks may charge the highest rate allowed in their home state, regardless of where the borrower lives. And even local banks are permitted to "import" higher interest rate limits from other states, such as Delaware.<\/p>\n

A Brief Overview of Statutory Interest Rate Limits in Idaho<\/h2>\n

The state of Idaho imposes a 12 percent limit on interest rates in most cases, although credit cards and other debt products imported from other states may have much higher rates.<\/p>\n

The following table lists additional details about interest rate limits in Idaho. See FindLaw’s Debt Collection Laws<\/a> and Personal Finance<\/a> sections to learn more.<\/p>\n\n
Legal Maximum Rate of Interest<\/td>\n

12% unless express contract (\u00a728-22-104), applicable to:<\/p>\n

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  • Money due by express contract<\/li>\n
  • Money after the same becomes due<\/li>\n
  • Money lent<\/li>\n
  • Money received to the use of another and retained beyond a reasonable time without the owner’s consent, express or implied<\/li>\n
  • Money due on the settlement of mutual accounts from the date the balance is ascertained<\/li>\n
  • Money due upon open accounts after three (3) months from the date of the last item<\/li>\n<\/ul>\n<\/td>\n<\/tr>
Penalty for Usury (Unlawful Interest Rate)<\/td>\nPlaintiff may recover amount of actual injury (\u00a76-807, 1602)<\/td>\n<\/tr>
Interest Rates on Judgments<\/td>\n5.125% plus annual average yield on U.S. Treasury securities as determined by Idaho state treasurer (\u00a728-22-104)<\/td>\n<\/tr>
Exceptions<\/td>\n–<\/td>\n<\/tr><\/tbody><\/table>\n

Note:<\/i><\/b> State laws are subject to change at any time through the enactment of newly signed legislation or voter-approved ballot initiatives, decisions from higher courts, and other means. While we strive to ensure the accuracy of these pages, you may also want to contact an Idaho consumer protection attorney<\/a> or conduct your own legal research to verify the state law(s) you are researching.<\/i><\/p>\n

Research the Law<\/h2>\n