Restrictions On Fees

If a covered person imposes fees authorized by Section 26-31-210 of the Act, the following restrictions apply, subject to the Director’s authority to set limits on fees and charges pursuant to Section 26-31-204(6) of the Act: (7-1-24) IDAHO ADMINISTRATIVE CODE IDAPA 12.01.10 Idaho Department of Finance Rules Pursuant to Idaho Residential Mortgage Practices Act Section 060 Page 4 01. Application Fee. An application fee shall include only the actual costs incurred by a covered person in connection with the taking of an application and transcribing application information. (7-1-24) 02. Cancellation Fee. A cancellation fee may only be charged at the time of, or subsequent to, a request or instruction by a borrower to a covered person to cancel a request for services authorized under the Act. Such fee must bear a reasonable relationship to the actual costs incurred by the covered person for services provided to a borrower up to the borrower’s request or instruction to cancel the request for services. A cancellation fee must comply with the requirements of Regulation Z, when applicable. (7-1-24) 052. -- 059. (RESERVED)