Legal Status
Legal
Citation
Alaska Stat. §§ 06.50.010
Loan Terms
Maximum Loan Amount: $500
Loan Term: Minimum of 14 days
Maximum Finance Rate and Fees: Origination Fee of $5 + the lesser of $15 per $100 or 15%
Finance Charge for 14-day $100 Loan: $20
APR for 14-day $100 Loan: 521%
Collection Limits
Collection Fees: $30 NSF fee (see Alaska Stat. 09.68.115). The licensee may initiate a court action against a defaulting recipient to recover damages and costs allowed under AS 09.68.115 if the licensee has complied with (a) of this section. Notwithstanding AS 09.68.115, the total of all damages and costs, including damages recovered under AS 09.68.115(a), may not exceed the amount of the payment by $700 (Alaska Stat. §06.50.550(b)).
Criminal Action: A licensee may not threaten an advance recipient with criminal action as a result of the recipient’s default. §06.50.560