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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 50. Deferred Deposit Advances
- Section 400. Advance Agreement.
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. Examinations and Investigations.
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. Maximum Amount of Advances.
AS 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 of the total amount of fees that may be charged under AS 06.50.460
(a) as a condition of making the advance, expressed both as a dollar amount and as an annual percentage rate;
- (5) the repayment terms;
- (6) the due date;
- (7) an itemization of all disbursements, including disbursements to third parties;
- (8) the name and title of the employee who signs the agreement on behalf of the licensee; and
- (9) any other item required to be disclosed under state or federal law.
- (c) The written agreement required by (a) of this section may not require an advance recipient to waive any rights under
15 U.S.C. 1692 - 1692o (Fair Debt Collection Practices Act) or other state or federal laws that regulate debt
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