Alaska Stat. § 06.50.550
This is the official text of Alaska Stat. § 06.50.550, part of Alaska’s Stat — part of the compiled statutory law of Alaska, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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Collection or court action after default.
Official statutory text
(a) If an advance recipient defaults, before assigning the payment obligation to a third party for collection and before initiating a court action against the recipient, a licensee (1) shall attempt in good faith to contact the advance recipient at reasonable times by telephone or mail to discuss the delinquency and to offer the recipient a payment plan under (2) of this subsection;
(2) shall offer the recipient a payment plan under which (A) the recipient may repay the delinquent advance over an extended period of time, which may not exceed six months;
(B) at least five percent of the outstanding balance is due when the payment plan is signed;
(C) an additional fee by the licensee is not allowed, except for a bad check fee for costs as allowed under AS 09.68.115 (a)(2);
(3) in addition to the contact required by (1) of this subsection, shall send a certified letter to the recipient's last known address at least 15 days before the action that makes the offer described in (2) of this subsection and that informs the recipient of the licensee's intent to proceed with a court action.
(b) The licensee may initiate a court action against a defaulting recipient to recover damages and costs allowed under AS 09.68.115 if the licensee has complied with (a) of this section. Notwithstanding AS 09.68.115 , the total of all damages and costs, including damages recovered under AS 09.68.115 (a), may not exceed the amount of the payment by $700.
(2) shall offer the recipient a payment plan under which (A) the recipient may repay the delinquent advance over an extended period of time, which may not exceed six months;
(B) at least five percent of the outstanding balance is due when the payment plan is signed;
(C) an additional fee by the licensee is not allowed, except for a bad check fee for costs as allowed under AS 09.68.115 (a)(2);
(3) in addition to the contact required by (1) of this subsection, shall send a certified letter to the recipient's last known address at least 15 days before the action that makes the offer described in (2) of this subsection and that informs the recipient of the licensee's intent to proceed with a court action.
(b) The licensee may initiate a court action against a defaulting recipient to recover damages and costs allowed under AS 09.68.115 if the licensee has complied with (a) of this section. Notwithstanding AS 09.68.115 , the total of all damages and costs, including damages recovered under AS 09.68.115 (a), may not exceed the amount of the payment by $700.
Status: in_force · Read it on the official government site
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