Section 06.20.240. Loans for purpose of obtaining higher interest.

Latest version.

A licensee may not induce or permit a person, or a husband and wife jointly or severally, to split up or divide a loan or to become obligated, directly or contingently or both, under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of interest than would otherwise be permitted by AS 06.20.230. However, a licensee may enter into new or different loan transactions with the borrower or the borrower's spouse at a different time so long as the purpose of the additional transaction does not violate this section.

Authorities

18.80.250

Notes

Recent Bills that will modify this

HB 15 MARRIAGE & SPOUSES
HB 342 MARRIAGE & SPOUSES

Implemented As

3 AAC 12.080
3 AAC 12.360
3 AAC 12.390

References

AS 18.80.250 Unlawful financing practice.

History

(Sec. 16(b) ch 73 SLA 1955; am Sec. 8 ch 134 SLA 1996)

                    
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