Bill
Bill > H0649
ID H0649
ID H0649Adds to existing law to provide for interest rates to be allowed by agreement subject to certain limitations.
summary
Introduced
02/12/2026
02/12/2026
In Committee
02/13/2026
02/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
RELATING TO MONEY OF ACCOUNT AND INTEREST; AMENDING CHAPTER 22, TITLE 28, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 28-22-103, IDAHO CODE, TO PROVIDE FOR INTEREST RATES TO
AI Summary
This bill, by adding a new section to Idaho Code, allows parties to agree in writing to any interest rate and fees, as long as they do not exceed the greater of thirty percent (30%) per year or ten (10) percentage points above the prime rate published by the Federal Reserve System for bank prime loans, calculated three business days before the agreement is made. The bill also clarifies that a loan agreement that is not usurious (charging an illegally high interest rate) when it is made will remain lawful for its entire duration, unless it is substantially changed, though this exception does not apply to loan renewals. Importantly, these provisions do not apply to "regulated lenders," which are defined elsewhere in Idaho Code. The bill is set to take effect on July 1, 2026.
Committee Categories
Business and Industry
Sponsors (5)
Other Sponsors (1)
Business Committee (House)
Last Action
Reported Printed and Referred to Business (on 02/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2026/legislation/H0649/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2026/legislation/H0649.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2026/legislation/H0649SOP.pdf |
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