Section 06.50.400. Advance agreement.

   (a) An advance shall be documented in a written agreement that is signed by the advance recipient and on a form approved by the department.
   (b) The agreement must clearly and conspicuously disclose
        (1) the name of the licensee;
        (2) the date of the advance;
        (3) the principal amount of the advance;
        (4) a statement of the total amount of fees that may be charged under AS 06.50.460(a) as a condition of making the advance, expressed both as a dollar amount and as an annual percentage rate;
        (5) the repayment terms;
        (6) the due date;
        (7) an itemization of all disbursements, including disbursements to third parties;
        (8) the name and title of the employee who signs the agreement on behalf of the licensee; and
        (9) any other item required to be disclosed under state or federal law.
   (c) The written agreement required by (a) of this section may not require an advance recipient to waive any rights under 15 U.S.C. 1692 - 1692o (Fair Debt Collection Practices Act) or other state or federal laws that regulate debt collection practices.

Authorities

6.50.510; 6.50.540

Notes

References

AS 6.50.510 .510">Sec. 06.50.510. Required disclosures before disbursement.
AS 6.50.540 .540">Sec. 06.50.540. Default fees.

History

(Sec. 3 ch 116 SLA 2004)