(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.
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Terms Used In Alaska Statutes 06.50.400

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(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 Alaska Stat. § 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 – 1692p (Fair Debt Collection Practices Act) or other state or federal laws that regulate debt collection practices.
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