{"data":{"id":"us-ak/as-06.40.130","jurisdiction":"us-ak","citation":"AS 06.40.130","heading":"Delinquency charge; separate financing.","body":"(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 following limits:\n(1) for delinquent payments of less than $250, five percent of the payment or $5, whichever is less; or\n(2) for delinquent payments of $250 or more, two percent of the payment.\n(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 charge.","path":["Title 6. Banks and Financial Institutions.","Chapter 40. Premium Financing Act.","Article 2. Operations."],"source_url":"https://www.akleg.gov/basis/statutes.asp#06.40.130","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:15Z","sha256":"60aedcd7c0daf15713bfeb3a2b9734a9d5191f4c2371e6e437fac962cabd8854","source_id":"us-ak","stale":false,"prev":"us-ak/as-06.40.120","next":"us-ak/as-06.40.140"},"notice":"GroundRules: Original legal text. Not legal advice."}