(a) Notwithstanding any other law, the service charge included in a retail installment contract, retail charge agreement, revolving charge agreement, or other retail charge agreement must be at the rate agreed upon by the retail seller and the buyer.

Terms Used In Alaska Statutes 45.10.120

  • buyer: means a person who buys or agrees to buy goods or obtain services or agrees to have services rendered or furnished from a retail seller. See Alaska Statutes 45.10.220
  • charge agreement: means an instrument
    (A) entered into or performed in the state that sets out the terms of retail installment transactions that may be made under the agreement from time to time. See Alaska Statutes 45.10.220
  • contract: means a contract, other than a retail charge agreement or an instrument reflecting a sale price made under a retail charge agreement, entered into or performed in the state for a retail installment transaction. See Alaska Statutes 45.10.220
  • Contract: A legal written agreement that becomes binding when signed.
  • rate: means the percentage that, when multiplied by the outstanding balance for each month or other installment period, yields the amount of the service charge for the month or period. See Alaska Statutes 45.10.220
  • seller: means a person engaged in the business of selling goods or services to retail buyers. See Alaska Statutes 45.10.220
(b) This section does not limit or restrict the method of computing the service charge, whether by way of add-on, simple interest, or otherwise, so long as that method is disclosed in the contract and agreed upon by the retail seller and the buyer.
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