Section 45.35.040. Prohibited provisions.

A lease-purchase agreement may not contain
        (1) a confession of judgment;
        (2) a negotiable instrument;
        (3) a security interest in, or another claim on, real or personal property that is not the subject of the agreement;
        (4) a wage assignment;
        (5) an assignment of an Alaska permanent fund dividend;
        (6) a waiver by the consumer of claims or defenses relating to the agreement;
        (7) a provision authorizing the lessor or a person acting on the lessor's behalf to enter the consumer's premises or to commit a breach of the peace in the repossession of personal property;
        (8) an agreement by the consumer to pay attorney fees and costs, except as allowed under court rules.

Notes

Recent Bills that will modify this

HB 365 INCOME TAX; PERMANENT FUND TAX CREDIT

History

(Sec. 2 ch 10 SLA 1999)