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Unless the context indicates otherwise, in this chapter,
(1) "premium finance agreement" or "agreement to extend credit" means an agreement by which a borrower or prospective borrower promises to pay to a licensee the amount advanced or to be advanced under the agreement to an insurer in payment of premiums on an insurance policy together with a service charge; as security for the advanced sums, the licensee receives an assignment of the unearned premium;
(2) "service charge" means the total cost charged by a licensee, including all charges, fees, interest, or cost differentials, for financing premiums or extending credit; "service charge" does not include a late charge permitted under 3 AAC 23.340.
History: Eff. 3/11/98, Register 145
Authority: AS 21.06.090
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Last modified 7/05/2006