Section 06.50.530. Payment by advance recipient.

   (a) An advance recipient may repay an advance
        (1) in cash;
        (2) by negotiation of the recipient's check that secures the advance; or
        (3) with the agreement of the licensee, a debit card, a cashier's check, an electronic funds transfer from the recipient's bank account, or a reasonable electronic payment mechanism to which the parties agree.
   (b) An advance is paid in full when the advance recipient repays the advance under (a) of this section, or when the advance recipient rescinds the advance under AS 06.50.480.
   (c) A licensee may not accept payment of an advance from the proceeds of another advance provided by the same licensee.

Notes

History

(Sec. 3 ch 116 SLA 2004)