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Alaska Statutes Title 6. Banks and Financial Institutions § 06.40.130. Delinquency charge; separate financing

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A premium finance agreement may provide for the payment by the borrower of a delinquency charge for any payment that is in default for a period of 10 days or more. The charge may be made for each month or fraction of a month that the payment is in default. The amount of the charge may be a minimum of $1 and as a maximum shall be subject to the following limits:

(1) for delinquent payments of less than $250, five percent of the payment or $5, whichever is less; or

(2) for delinquent payments of $250 or more, two percent of the payment.

(b) A borrower has the option to separate the financing of the premiums for one insurance policy from a premium finance agreement by requesting in writing that the premium finance company provide that service and by paying a $10 separate charge.

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Cite this article: FindLaw.com - Alaska Statutes Title 6. Banks and Financial Institutions § 06.40.130. Delinquency charge; separate financing - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-6-banks-and-financial-institutions/ak-st-sect-06-40-130/

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