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: https://www.commerce.state.ak.us/bsc/
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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