Alaska § 06.20.270 - Requirements for making and payment of loans.
Full text of Alaska Alaska Statutes § 06.20.270 — Requirements for making and payment of loans., with citation guidance and answers to common questions.
§ 06.20.270. Requirements for making and payment of loans.
Except as provided in AS 06.20.285 for open-end loans, every licensee shall (1) deliver to the borrower at the time a loan is made a statement containing a printed copy of AS 06.20.230 — 06.20.260 in the English language and showing in clear and distinct terms the amount and date of the loan and its maturity, the nature of the security, if any, for the loan, the name and address of the borrower and the licensee, and the agreed rate of charge;
(2) give to the borrower a plain and complete receipt for all payments made on account of the loan at the time payments are made, specifying the amount applied to interest and the amount, if any, applied to principal, and stating the unpaid principal balance, if any, of the loan;
(3) permit payment to be made in advance in any amount on a contract of loan at any time, but the licensee may apply the advance payment first to all interest in full at the agreed rate up to the date of payment;
(4) upon repayment of the loan in full, mark indelibly every obligation and security signed by the borrower with the word “Paid” or “Cancelled,” and release any mortgage, restore any pledge, cancel and return any note, and cancel and return any assignment given to the licensee by the borrower;
(5) display prominently in each licensed place of business a full and accurate schedule, approved by the department, of the charges to be made and the method of computing them.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 06.20.270
What does Alaska Statutes § 06.20.270 cover?
Section 06.20.270 ("Requirements for making and payment of loans.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 06.20.270?
A common citation format is "Alaska Statutes § 06.20.270" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 06.20.270 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.