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. 06.55.202. Application for license.
(a) A person applying for a currency exchange license under AS 06.55.201 – 06.55.204 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 if the applicant is an individual or, if the applicant […]
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. 06.50.550. 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. 06.50.400. 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.
Sec. 06.50.420. Prohibition on dividing advance amount or increasing number of advances.
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).
Sec. 06.50.430. Prohibition on collateral and services.
The licensee may not accept collateral or services as security for or payment of an advance.
Sec. 06.50.440. Duration of advances.
The minimum duration of an advance is 14 days.