Alaska payday loan laws

Legal Status: Legal

Citation: Alaska Stat. §§ 06.50.010 et seq.

Loan Terms:

Maximum Loan Amount: $500
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: $5 + the lesser of $15 per $100 or 15%
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Two (renewals)
Cooling-off Period:
Repayment Plan: Yes (Up to 6 months; no extra fees; must pay 5% of balance due when plan signed.)

Collection Limits:

Collection Fees: $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action: Prohibited (Unless check returned due to closed account)

Where to Complain, Get Information:
Regulator: Alaska Division of Banking and Securities
Address: P.O. Box 110807 Juneau AK 99811
Phone: (888) 925-2521 
Fax: (907) 465-2549

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