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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 40. Premium Financing Act
- Section 130. Delinquency Charge; Separate Financing.
previous: Section 120
. Service Charge; Interest Rate; Prepayment.
next: Section 140
. Cancellation of Policy.
AS 06.40.130. Delinquency Charge; Separate Financing.
- (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
- (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
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