Payday loan laws in Alaska

  • Status: Legal (06.50.010 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Minimum 14 days
  • Fees and finance charges: $5 + $15 or 15% on per $100; whichever is less.
  • Finance charge on a 14-day $100 loan: $20
  • APR on 14-day $100 loan: 520%

Collection restrictions:

  • Collection fees: A $30 NSF fee; court costs of up to $700 over the amount of the payment (if disclosed in loan agreement).
  • Criminal procedures: Prohibited (unless check returned due to closed account)
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: NA
  • Rollovers allowed: Two (renewals)
  • Cooling-off phase: Not specified
  • Repayment plan: Available

Complaint cell:

  • Regulator: Alaska Division of Banking and Securities
  • Address: P.O. Box 110807 Juneau AK 99811
  • Phone: Toll-Free: (888) 925-2521
  • Fax: (907) 465-2549
  • Regulatory contact: Patrice Walsh, Chief Examiner, (907) 269-5496, Section Chief.
  • Website: http://www.commerce.state.ak.us/bsc/



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