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(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
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Last modified 7/05/2006