Alaska Statutes > Title 45 > Chapter 25 – Motor Vehicle Transactions
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Terms Used In Alaska Statutes > Title 45 > Chapter 25 - Motor Vehicle Transactions
- 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
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation.
- Probate: Proving a will
- Venue: The geographical location in which a case is tried.