A licensee may not induce or permit a person, or a husband and wife jointly or severally, to split up or divide a loan or to become obligated, directly or contingently or both, under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of interest than would otherwise be permitted by AS 06.20.230. However, a licensee may enter into new or different loan transactions with the borrower or the borrower's spouse at a different time so long as the purpose of the additional transaction does not violate this section.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 20. Alaska Small Loans Act
Article 4. Business Practices.
Sec. 06.20.200. Advertising of misleading statements prohibited.
Sec. 06.20.210. Use of premises restricted.
Sec. 06.20.220. Transactions limited to licensed premises.
Sec. 06.20.230. Maximum interest permitted.
Sec. 06.20.240. Loans for purpose of obtaining higher interest.
Sec. 06.20.250. Payments and interest.
Sec. 06.20.260. Charges prohibited.
Sec. 06.20.270. Requirements for making and payment of loans.
Sec. 06.20.280. Maximum charge by licensee.
Sec. 06.20.285. Open-end loans.
Sec. 06.20.287. Insurance on open-end loans.
Sec. 06.20.290. Purchase of wages or other compensation for $25,000 or less.