Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 12 - Small Loans
3 AAC 12.145 - Due date of first payment
Universal Citation: 3 AK Admin Code 3 AAC 12.145
Current through February 24, 2025
(a) If the first loan payment is proposed to be due 31 days or more after the date the loan is made, the licensee shall disclose to the borrower in writing and before the borrower signs any loan documents, the
(1)
amount due as the first payment if payment is made within 30 days after the
date the loan is made;
(2) amount
due as the first payment if payment is made 31 days or more after the date the
loan is made; and
(3) the
difference between the amounts disclosed under (1) and (2) of this
subsection.
(b) The licensee shall allow the borrower to elect the date of the first loan payment if the
(1) payment date complies with
AS
06.20.250(d); and
(2) borrower's election is made in writing
after receipt of the disclosure required by (a) of this section.
Authority:AS 06.20.250
AS 06.20.340
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