Idaho

The relevant statute is Insurance-Trade Practices and Frauds, Idaho Code §§41-1310 et seq. (“ID-INS”).

A. Actions lender may take: ID-INS §§41-1310, 41-1312 - Lenders may not require that borrowers purchase any required insurance from a particular insurer, agent or broker, but the lender may furnish or renew any required insurance if the borrower fails:

(1) to furnish the insurance within such reasonable time or form as specified in the loan agreement, or

(2) to deliver such insurance at least 30 days before any existing policy expires.

B. Notices required: No express statutory provision.

C. Coverage required: No express statutory provision.

D. Charges permitted: ID-INS §41-1312 - If the borrower fails to deliver to the lender any required insurance at least 30 days before any existing policy expires, the lender may furnish or renew any required insurance and charge the borrower's account with the costs of that insurance, including a reasonable service charge. If the borrower later substitutes an insurance policy for one then in force, the lender may impose a reasonable service charge as determined by the Director of the Department of Insurance for the transaction.

E. Finance charge allowed on lender's payment: Yes - ID-INS §41-1312.

Click here to view relevant Idaho Code and Regulations.