1998 Alaska Statutes
Title 06 BANKS AND FINANCIAL INSTITUTIONS
Chapter 06.20. ALASKA SMALL LOANS ACT
Sec. 06.20.290. Purchase of wages for ,000 or less.
Sec. 06.20.290. Purchase of wages for $25,000 or less.
For purposes of this chapter, the payment of $25,000 or less in money, credit, goods, or things in action, as consideration for the sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services whether earned or to be earned is considered a loan, and the difference between the payment and the amount of the compensation sold or assigned is considered interest or a charge upon the loan from the date of payment to the date the compensation is payable. Such a transaction is governed by this chapter.
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