Alaska Statutes 06.20.240 – Loans for purpose of obtaining higher interest
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 06.20.240
- Contract: A legal written agreement that becomes binding when signed.
- person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
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 Alaska Stat. § 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.