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Title 3 . Commerce, Community, and Economic Development
Chapter 23 . Miscellaneous
Section 340. Late charge

3 AAC 23.340. Late charge

(a) A premium finance agreement or agreement to extend credit may require the borrower to pay a late charge for any payment that is not made within 10 days after it is due. A late charge may be imposed for each month or fraction of a month that the payment is late. The charge allowed is a minimum of $1 and a maximum of:

(1) for a delinquent payment of less than $250, five percent of the payment or $5, whichever is less; or

(2) for a delinquent payment of $250 or more, two percent of the payment.

History: Eff. 4/22/79, Register 70; am 3/11/98, Register 145

Authority: AS 21.06.090

AS 21.36.122

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Last modified 7/05/2006