Idaho § 28-45-110 RESTRICTION ON ACTIONS ARISING FROM A REGULATED CREDIT TRANSACTION PRIMARILY SECURED BY A MORTGAGE OR DEED OF TRUST ON RESIDENTIAL REAL PROPERTY

Idaho Statutes

§ 28-45-110 — RESTRICTION ON ACTIONS ARISING FROM A REGULATED CREDIT TRANSACTION PRIMARILY SECURED BY A MORTGAGE OR DEED OF TRUST ON RESIDENTIAL REAL PROPERTY

Idaho § 28-45-110

Title 28COMMERCIAL TRANSACTIONS

Part 1.LIMITATIONS ON CREDITORS’ REMEDIES

Ch. 45REMEDIES AND PENALTIES

This text of Idaho § 28-45-110 (RESTRICTION ON ACTIONS ARISING FROM A REGULATED CREDIT TRANSACTION PRIMARILY SECURED BY A MORTGAGE OR DEED OF TRUST ON RESIDENTIAL REAL PROPERTY) is published on Counsel Stack Legal Research, covering Idaho primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Idaho Code § 28-45-110 (2026).

Text

(1)The provisions of this section shall apply to a regulated credit transaction made on or after July 1, 2022, that is secured by a subordinate lien on real property that is improved with a residence consisting of one (1) to four (4) family dwelling units, one (1) of which the owner occupies as the owner’s principal place of residency.

(2)If a senior mortgage or other senior secured interest on the real property is foreclosed and a consumer is in default under the terms of an existing obligation as described in subsection (1) of this section:

(a)Within ninety (90) days after the date of a foreclosure sale, a creditor or assignee of a lien described in subsection (1) of this section must send to the consumer’s last known address written notice to the consumer of the consumer’s liability

Free access — add to your briefcase to read the full text and ask questions with AI

(1) The provisions of this section shall apply to a regulated credit transaction made on or after July 1, 2022, that is secured by a subordinate lien on real property that is improved with a residence consisting of one (1) to four (4) family dwelling units, one (1) of which the owner occupies as the owner’s principal place of residency.
(2) If a senior mortgage or other senior secured interest on the real property is foreclosed and a consumer is in default under the terms of an existing obligation as described in subsection (1) of this section:
(a) Within ninety (90) days after the date of a foreclosure sale, a creditor or assignee of a lien described in subsection (1) of this section must send to the consumer’s last known address written notice to the consumer of the consumer’s liability under the outstanding regulated credit transaction. A notice required under this paragraph must include the following statement:
"Your liability under this account is subject to a statute of limitations, which may bar recovery after a date certain. This notification is not intended to provide legal advice, and you should seek your own legal counsel to determine your rights and obligations."; and
(b) Upon sale or assignment of an account subject to the notice requirement in paragraph (a) of this subsection, a creditor or assignee must send written notice to the consumer, at the consumer’s last known address, notifying the consumer of his obligation under the outstanding regulated credit transaction. A notice delivered under this paragraph must contain the statement required in paragraph (a) of this subsection.
(3) The failure to provide the notification required by subsection (2) of this section shall not invalidate or otherwise alter or impair a creditor’s right to attempt to collect the obligation owed by the consumer.