(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.
(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 AS 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.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 50. Deferred Deposit Advances
Article 4. Licensee Practices and Recipient Rescission and Payment.
Sec. 06.50.400. Advance agreement.
Sec. 06.50.410. Maximum amount of advances.
Sec. 06.50.420. Prohibition on dividing advance amount or increasing number of advances.
Sec. 06.50.430. Prohibition on collateral and services.
Sec. 06.50.440. Duration of advances.
Sec. 06.50.450. Prohibition on advances on behalf of another.
Sec. 06.50.470. Renewal of advance.
Sec. 06.50.490. Prohibited arbitration requirement.
Sec. 06.50.500. Posted fee notice.
Sec. 06.50.510. Required disclosures before disbursement.
Sec. 06.50.520. Payment by licensee.
Sec. 06.50.530. Payment by advance recipient.