Alaska Statutes.
Title 6. Banks and Financial Institutions
Chapter 20. Alaska Small Loans Act
Section 240. Loans For Purpose of Obtaining Higher Interest.
previous: Section 230. Maximum Interest Permitted.
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AS 06.20.240. Loans For Purpose of Obtaining Higher Interest.

A licensee may not induce or permit a person, or a husband and wife jointly or severally, to split up or divide a loan or to become obligated, directly or contingently or both, under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of interest than would otherwise be permitted by AS 06.20.230 . However, a licensee may enter into new or different loan transactions with the borrower or the borrower's spouse at a different time so long as the purpose of the additional transaction does not violate this section.

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