(a) A lessor may not charge a consumer more than $5 for each payment that is late under a lease-purchase agreement.
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Terms Used In Alaska Statutes 45.35.030

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b) When calculating time for the purpose of determining whether a lease payment is late and subject to a late fee under a lease-purchase agreement, a lessor may not include any period of time when the personal property has been repossessed by the lessor or voluntarily surrendered by the consumer.
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