Statutes, codes, and regulations
Alaska Administrative Code
Title 3 - Commerce, Community, and Economic DevelopmentPart 2 - Division of InsuranceChapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters
Article 2 - Premium Financing
Section 3 AAC 23.340 - Late charge

3 Alaska Admin. Code § 23.340

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Current through September 25, 2024
Section 3 AAC 23.340 - Late charge

A premium finance agreement or agreement to extend credit may require the borrower to pay a late charge for any payment that is not made within 10 days after it is due. A late charge may be imposed for each month or fraction of a month that the payment is late. The charge allowed is a minimum of $1 and a maximum of,

(1) for a delinquent payment of less than $250, five percent of the payment or $5, whichever is less; or
(2) for a delinquent payment of $250 or more, two percent of the payment.

3 AAC 23.340

Eff. 4/22/79, Register 70; am 3/11/98, Register 145

In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.122 as AS 21.36.490. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 23.340, so that the citation to former AS 21.36.122 now refers to the renumbered statute, AS 21.36.490.

Authority:AS 21.06.090

AS 21.36.490