T28CH22
Title 28 > T28CH22
Sections (4)
28-22-104
TITLE 28 COMMERCIAL TRANSACTIONS CHAPTER 22 MONEY OF ACCOUNT AND INTEREST 28-22-104. Legal rate of interest. (1) When there is no express contract in writing fixing a different rate of interest, interest is allowed at the rate of twelve cents (12¢) on the hundred by the year on: 1. Money due by express contract. 2. Money after the same becomes due. 3. Money lent. 4. Money received to the use of another and retained beyond a reasonable time without the owner’s consent, express or implied. 5. Money due on the settlement of mutual accounts from the date the balance is ascertained. 6. Money due upon open accounts after three (3) months from the date of the last item. (2) The legal rate of interest on money due on the judgment of any competent court or tribunal shall be the rate of five percent (5%) plus the base rate in effect at the time of entry of the judgment. The base rate shall be determined on July 1 of each year by the Idaho state treasurer and shall be the weekly average yield on United States treasury securities as adjusted to a constant maturity of one (1) year and rounded up to the nearest one-eighth percent (1/8%). The base rate shall be determined by the Idaho state treasurer utilizing the published interest rates during the second week in June of the year in which such interest is being calculated. The legal rate of interest as announced by the treasurer on July 1 of each year shall operate as the rate applying for the succeeding twelve (12) months to all judgments declared during such succeeding twelve (12) month period. The payment of interest and principal on each judgment shall be calculated according to a three hundred sixty-five (365) day year. History: [(28-22-104) 1879, p. 7, sec. 4; R.S., sec. 1263; am. 1897, p. 95, sec. 1; reen. 1899, p. 315, sec. 1; reen. R.C. & C.L., sec. 1537; C.S., sec. 2551; I.C.A., sec. 26-1904; am. 1933, ch. 197, sec. 1, p. 390; am. 1974, ch. 229, sec. 1, p. 1586; am. 1981, ch. 157, sec. 1, p. 269; am. 1987, ch. 278, sec. 7, p. 579; am. 1995, ch. 304, sec. 1, p. 1053; am. 1996, ch. 94, sec. 1, p. 280.]
28-22-105
TITLE 28 COMMERCIAL TRANSACTIONS CHAPTER 22 MONEY OF ACCOUNT AND INTEREST 28-22-105. Checks dishonored by nonacceptance or nonpayment — Liability for interest — Collection costs and attorney’s fees. Whenever a check, as defined in section 28-3-104 , Idaho Code, has been dishonored by nonacceptance or nonpayment and has not been paid within fifteen (15) days and after the holder of such check sends such notice of dishonor as provided in section 28-22-106 , Idaho Code, to the drawer, then if the check does not provide for the payment of interest, or collection costs and attorney’s fees, the drawer of such check shall also be liable for payment of interest at the rate of twelve percent (12%) per annum from the date of dishonor and cost of collection not to exceed twenty dollars (20.00). In addition, in the event of court action on the check, the court, after such notice and the expiration of said fifteen (15) days, shall award reasonable attorney’s fees as part of the damages payable to the holder of the check. No attorney’s fees may be awarded to a collection agency in a proceeding pursuant to section 1-2301A , Idaho Code. The provisions of this section shall not apply to any check which has been dishonored by reason of any justifiable stop payment order. History: [28-22-105, added 1994, ch. 185, sec. 1, p. 604; am. 1996, ch. 373, sec. 5, p. 1271; am. 2002, ch. 288, sec. 2, p. 834.]
28-22-106
TITLE 28 COMMERCIAL TRANSACTIONS CHAPTER 22 MONEY OF ACCOUNT AND INTEREST 28-22-106. Statutory form for notice of dishonor. The notice of dishonor shall be sent either: (1) By certified mail to the drawer at his last known address, or (2) By regular mail, supported by an affidavit of service by mailing, to the address printed or written on the check. (a) The affidavit of service by mailing shall be retained by the payee or holder of the check. (b) Notice shall be deemed conclusive three (3) days following the date the affidavit is executed. (c) The affidavit of service shall be substantially in the following form: STATE OF ) AFFIDAVIT OF SERVICE ) BY MAIL COUNTY OF ) ……………….., being first duly sworn on oath, deposes and states that he/she is of legal age and that on (date)………., …., he/she served the attached Notice of Dishonor, by placing a true and correct copy thereof securely enclosed in an envelope addressed as follows: ………………………… ………………………… ………………………… ………………………… and deposited the same, with postage prepaid, in the United States mail at ………………….., …………………. Subscribed and sworn to before me this …. day of …………, ….. (SEAL) (3) The notice of dishonor shall be substantially in the following form: NOTICE OF DISHONOR OF CHECK A check drawn by you and made payable by you to ………. in the amount of ………. has not been accepted for payment by ………., which is the drawee bank designated on your check. This check is dated ………., and it is numbered, No. ……… You are CAUTIONED that unless you pay the amount of this check within fifteen (15) days after the date this letter is postmarked, you may very well have to pay the following additional amounts: (1) Costs of collecting the amount of the check, including an attorney fee which will be set by the court; and (2) Interest on the amount of the check which shall accrue at the rate of twelve percent (12%) per annum from the date of dishonor. You are advised to make your payment to ………. at the following address: ……….. (4) The issuance of a check with an address printed or written on it is a representation by the drawer that the address is the correct address for receipt of mail concerning the check. Failure of the drawer to receive a regular or certified mail notice sent to that address is not a defense to liability under this section provided the drawer has had actual notice for fifteen (15) days that the check has been dishonored. (5) The check is prima facie evidence of the identity of the drawer if the name, home or work address, and home or work telephone number of the drawer are either recorded by the person receiving the check or printed on the face of the check. History: [28-22-106, added 1994, ch. 185, sec. 2, p. 605; am. 2002, ch. 288, sec. 3, p. 835.]
28-22-107
TITLE 28 COMMERCIAL TRANSACTIONS CHAPTER 22 MONEY OF ACCOUNT AND INTEREST 28-22-107. Consequences for failing to comply with requirements. No interest, collection costs and attorney’s fees shall be recovered on any dishonored check under the provisions of section 28-22-105 , Idaho Code, where the holder of such check or any agent, employee or assignee of the holder has demanded: (1) Interest or collection costs in excess of that provided in section 28-22-105 , Idaho Code; or (2) Interest or collection costs prior to the expiration of fifteen (15) days after the mailing of notice of dishonor, as provided in sections 28-22-105 and 28-22-106 , Idaho Code; or (3) Attorney’s fees, either without having such fees set by the court, or prior to the expiration of fifteen (15) days after the mailing of notice of dishonor, as provided in sections 28-22-105 and 28-22-106 , Idaho Code. The provisions of this section shall not prohibit the collection of a set collection fee which does not exceed twenty dollars ($20.00), if the holder has the right to collect a set fee under a written agreement or has notified the drawer at the point of sale that the drawer will be required to pay the set collection fee in the event a check is dishonored. History: [28-22-107, added 1994, ch. 185, sec. 3, p. 605; am. 1996, ch. 373, sec. 6, p. 1272; am. 2002, ch. 288, sec. 4, p. 836.]