(a) An advance shall be documented in a written agreement that is signed by the advance recipient and on a form approved by the department. (b) The agreement must clearly and conspicuously disclose (1) the name of the licensee; (2) the date of the advance; (3) the principal amount of the advance; (4) a statement […]
A licensee, including a licensee with more than one location, may not make advances to an advance recipient that exceed $500 outstanding in advances to the recipient at one time.
A licensee may not induce or permit an advance recipient to divide the amount of an advance, or to become obligated, directly, contingently, or both, for more than one advance at the same time, if the purpose or result is to obtain additional origination fees under AS 06.50.460(a)(1).
The licensee may not accept collateral or services as security for or payment of an advance.
The minimum duration of an advance is 14 days.
A licensee may not make an advance to a person who purports to be acting on behalf of another person.
(a) Notwithstanding any other provision of law, except for the fee allowed under AS 06.50.510(b)(3) and where federal law provides otherwise, a licensee may only charge (1) a nonrefundable origination fee in an amount not to exceed $5; and (2) a fee that does not exceed $15 for each $100 of an advance, or 15 […]
(a) The minimum term of a renewal of an advance is 14 days. (b) A licensee may not renew an advance more than two consecutive times, after which the licensee shall require the advance recipient to repay the advance in full. (c) A licensee may not renew an advance for fees greater than the fees […]
A person who receives an advance may rescind an advance without cause and without cost, except for the nonrefundable origination fee, at any time before the close of business on the business day following the day on which the advance was made by paying the principal amount of the advance to the licensee in cash […]
A licensee may not require a recipient to agree to mandatory arbitration.
A licensee shall post a notice in each business location that discloses the fees that the licensee charges for advances. The fees in the notice must be expressed as a dollar amount, as an annual percentage rate for 14 days for each $100, and as an annual percentage rate for 30 days for each $100. […]
(a) Before disbursing funds under an advance, a licensee shall provide a clearly written statement that is separate from the written advance agreement required by AS 06.50.400(a). This disclosure statement must be reviewed and signed by the advance recipient. The licensee shall keep the signed original in the advance file for the recipient and give […]
(a) A licensee may give an advance recipient the amount of the advance in cash, by the licensee’s business check, by a money order, or by a reasonable electronic payment mechanism, including an electronic funds transfer to the advance recipient’s account. (b) A licensee may not use another form of payment than the form of […]
(a) An advance recipient may repay an advance (1) in cash; (2) by negotiation of the recipient’s check that secures the advance; or (3) with the agreement of the licensee, a debit card, a cashier’s check, an electronic funds transfer from the recipient’s bank account, or a reasonable electronic payment mechanism to which the parties […]
If a payment received from an advance recipient is returned unpaid to a licensee, the licensee may not collect the fees allowed by this chapter unless the fees are disclosed in the agreement for the advance under AS 06.50.400.
(a) If an advance recipient defaults, before assigning the payment obligation to a third party for collection and before initiating a court action against the recipient, a licensee (1) shall attempt in good faith to contact the advance recipient at reasonable times by telephone or mail to discuss the delinquency and to offer the recipient […]
A licensee may not threaten an advance recipient with criminal action as a result of the recipient’s default.
