Idaho H0649 amends existing law to allow parties to agree on interest rates subject to certain limitations.

Idaho H0649 adds a new section to Chapter 22, Title 28, Idaho Code, allowing parties to agree in writing to interest rates and fees up to 30% or 10 percentage points above the prime rate. The agreement must be in writing and interest must be allowed according to its terms. The law does not apply to regulated lenders or to loan renewals. The act declares an emergency and will take effect on July 1, 2026.

Idaho H0649 amends existing law to allow parties to agree on interest rates subject to certain limitations.

Idaho H0649 adds a new section to Chapter 22, Title 28, Idaho Code, allowing parties to agree in writing to interest rates and fees up to 30% or 10 percentage points above the prime rate. The agreement must be in writing and interest must be allowed according to its terms. The law does not apply to regulated lenders or to loan renewals. The act declares an emergency and will take effect on July 1, 2026.