Alaska Payday Loan Laws
 | Min/Max Term of Payday Loan: | 14 Days Minimum | | Max Fees and Finance Charges: | $5 Fee + the lesser of: $15 per $100 or 15% | | Maximum Loan Amount: | $500 | | Number of Rollovers: | 2 (Renewals) | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Yes | | Limits on collection and presentment: | Not specified | | Collection fees: | $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement) | | Presentment Limit: | Not specified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order | | Private right of action: | Not specified |
Alaska Payday Loan Laws:
S.B. 272 Signed by governor 6/29/04, (Chapter 116) gives: - Department of Community and Economic Development additional licensing and regulatory authority over payday lenders
- gives borrowers the right to rescind the advance without cost before the end of the following business day
- prohibits onerous collection practices by both payday lenders and payday third-party collectors, including the threat of criminal charges
- prohibits the acceptance of collateral other than a check or other instrument
- and defines the additional disclosures that lenders are required to make to clearly describe the advances and their uses for the borrowers.
| Payday Loan Laws: |
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