(a) A lender who, in the making of any contract, loan, or premium finance agreement or the collection of interest or charges, does any act that violates Alaska Stat. § 06.40.010 – 06.40.020, 06.40.090, or 06.40.110 – 06.40.130 shall at the option of the commissioner reimburse that portion of the interest and charges in excess of that provided in those sections, or, in the case of repeated violations of those sections by the lender, the lender shall adjust the contract, loan, or premium finance agreement interest and other charges down to the contract interest limitation specified in Alaska Stat. § 45.45.010(a).
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Terms Used In Alaska Statutes 06.40.160

  • commissioner: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 06.40.190
  • Contract: A legal written agreement that becomes binding when signed.
  • premium finance agreement: means an agreement by which a borrower or prospective borrower promises to pay to a licensee or to its assignee the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance policy sold in this state or covering risks located in this state together with a service charge, and as a security for it the premium finance company receives an assignment of the unearned premium. See Alaska Statutes 06.40.190
(b)[Repealed, Sec. 102 ch 26 SLA 1993].
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