(a) Before disbursing funds under an advance, a licensee shall provide a clearly written statement that is separate from the written advance agreement required by Alaska Stat. § 06.50.400(a). This disclosure statement must be reviewed and signed by the advance recipient. The licensee shall keep the signed original in the advance file for the recipient and give a copy to the recipient.
Terms Used In Alaska Statutes 06.50.510
action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) The disclosure statement required by (a) of this section must
(1) indicate the advance is intended to address short-term, not long-term, financial needs;(2) include an explanation of all fees for advances and renewals of advances;(3)state that the licensee may charge an advance recipient a bad check fee for costs as allowed under Alaska Stat. § 09.68.115(a)(2) if a payment is returned unpaid;(4) state that, in the event of the advance recipient’s default, the licensee may sue the recipient and recover up to $700 over the amount of the payment and, if the payment is a check, recover as permitted under Alaska Stat. § 06.50.550(b);(5) give the department’s address and telephone number for receiving calls regarding customer complaints and concerns;(6) state that the licensee may not accept collateral or services for an advance;(7) state that the check given as security for the advance may be negotiated as part of the advance;(8) state that
(A) the advance recipient may rescind the advance without cause at any time before the close of business on the business day following the day on which the licensee makes the advance by paying the principal amount of the advance to the licensee in cash or other immediately available funds;(B) if the advance recipient rescinds under this paragraph, the origination fee is not refundable, but the licensee may not charge the recipient another fee, except for a bad check fee for costs as allowed under Alaska Stat. § 09.68.115(a)(2) if the payment is returned unpaid;(9) state that a criminal action may not be brought against the advance recipient for failure to pay the advance; and(10) include other information reasonably required by the department to inform and protect advance recipients.
