Alaska Statutes Title 06, Chapter 06.50, Article 04 - Licensee Practices and Recipient Rescission and Payment

• 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...
• 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...
• 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...
• 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.
• Sec. 06.50.450 Prohibition on Advances on Behalf of Another.
  A licensee may not make an advance to a person who purports to be acting on behalf of another person.
• Sec. 06.50.460 Fees.
  (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...
• Sec. 06.50.470 Renewal of Advance.
  (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...
• Sec. 06.50.480 Rescission.
  A person who receives an advance may rescind an advance without cause and without cost, except for the nonrefundable origination fee, at any time...
• 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...
• 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...
• 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,...
• 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...
• 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...
• 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...
• 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.

Last modified: November 15, 2016