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.
Sec. 06.50.040. Bond.
(a) An applicant for a license shall file with the application a bond (1) in a form to be approved by the department; (2) in which the applicant is the obligor; and (3) in the sum of $25,000 for a business with one location and $50,000 for a business with more than one location. (b) […]
Sec. 06.50.050. Investigation by department.
Within 60 days after an applicant files a completed application, the bond, and an application fee, the department shall investigate whether the applicant satisfies the qualifications of AS 06.50.020(a). If the department finds that the applicant satisfies the qualifications, it shall approve the application and issue the applicant a license to engage in the business […]
Sec. 06.50.060. Conditions precedent to license.
The requirements of AS 06.50.030 – 06.50.050 are conditions precedent to the issuance of a license under this chapter. The license permits the applicant to make advances under this chapter at the location specified in the application.
Sec. 06.50.010. License required.
A person, including a person doing business from outside this state, may not engage in the business of making or offering to make deferred deposit advances in this state without having a license under this chapter. A separate license is required for each physical location or Internet website from which the person conducts the business.
Sec. 06.50.020. Qualifications for license.
(a) To qualify for a license, an applicant shall (1) have cash assets of at least $25,000, as determined under generally accepted accounting principles, except that an applicant who wants to engage in the business of making advances at more than one location in the state shall have cash assets of at least $25,000 for […]
Sec. 06.50.030. Application.
(a) An application for a license must be in writing and under oath, in a form prescribed by the department by regulation, and include at least (1) the legal name, residence, and business address of the applicant and, if the applicant is not a natural person, of each member, partner, director, senior officer, or owner […]