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. 06.50.550. 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. 06.50.600. Regulations.
The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this chapter.
Sec. 06.50.610. Relationship to federal and other state law.
(a) If a provision of this chapter is preempted by or conflicts with federal law in a particular situation, the provision does not apply to the extent of the preemption or conflict. (b) If a provision of this chapter conflicts with another state law in a particular situation, the provision in this chapter governs to […]
Sec. 06.50.900. Definitions.
In this chapter, unless the context requires otherwise, (1) “advance” means a deferred deposit advance; (2) “advance recipient” means a borrower to whom an advance is made; (3) “control,” in the case of a person who is not a natural person, means direct or indirect ownership, the right to vote or otherwise control 10 percent […]
Sec. 06.55.101. License required.
(a) A person may not engage in the business of money transmission or advertise, solicit, or hold the person out as providing money transmission unless the person (1) holds a money transmission license; or (2) is an authorized delegate of a person who holds a money transmission license. (b) A money transmission license is not […]
Sec. 06.55.102. Application for license.
(a) A person applying for a money transmission license shall apply in a form and in a medium prescribed by the department. The application must state or contain (1) the legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting the applicant’s business; […]
Sec. 06.55.103. Approval to engage in money transmission when licensed in another state.
(a) A person who is licensed to engage in money transmission in at least one other state, with the approval of the department and under this section, may engage in money transmission, currency exchange, or both money transmission and currency exchange in this state without being licensed under AS 06.55.102 if (1) the state in […]
Sec. 06.55.104. Security.
(a) Except as otherwise provided in (b) of this section, a surety bond, a letter of credit, or another similar security acceptable to the department in the amount of $25,000 plus $5,000 for each location, not exceeding a total addition of $125,000, must accompany an application for a money transmission license. (b) Security must be […]