Sec. 06.50.550. Collection or court action after default.
(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 […]
Sec. 06.50.560. Threat of criminal action prohibited.
A licensee may not threaten an advance recipient with criminal action as a result of the recipient’s default.
Sec. 06.50.490. Prohibited arbitration requirement.
A licensee may not require a recipient to agree to mandatory arbitration.
Sec. 06.50.500. Posted fee notice.
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. […]
Sec. 06.50.510. Required disclosures before disbursement.
(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 […]
Sec. 06.50.520. Payment by licensee.
(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 […]
Sec. 06.50.530. Payment by advance recipient.
(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 […]
Sec. 06.50.540. Default fees.
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.
Sec. 06.50.400. Advance agreement.
(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 […]
Sec. 06.50.410. Maximum amount of advances.
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.