Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
|
(a) A premium finance company may not charge, contract for, receive, or collect a service charge other than as permitted in AS 06.40.
(b) Repealed 11/14/80.
(c) If the service charge is to be computed monthly, the licensee may only charge up to 1.25 percent interest on the unpaid principal balance. The unpaid principal balance must not include the unpaid interest balance or any other unpaid charges.
(d) The service charge must not exceed a simple interest equivalent annual rate of 15 percent plus an additional charge of no more than $10 per premium finance agreement.
(e) If an additional charge of a maximum of $10 per premium finance agreement is charged as set out in (d) of this section, the licensee shall clearly disclose the charge to the borrower in the premium finance agreement.
History: Eff. 4/28/79, Register 70; am 11/14/80, Register 76; am 4/16/2000, Register 154
Authority: AS 06.40.120
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006