Late Charges
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Statutes
If authority to do so is contained in the contract or agreement, the holder of a retail installment contract or retail charge agreement may collect any delinquency, collection or dishonored check charges, attorney fees, court costs, and disbursements. In this case, the charge must be reasonable, and no attorney fee may be recovered unless the contract is referred for collection to an attorney not a salaried employee of the holder. (AS 45.10.080)
Cases
Alaska law does not explicitly discuss “late charges” regarding usury. The Alaska Supreme Court has noted that loan fees may in some circumstance be classified as interest under the usury statute. Fikes v. First Federal Sav. & L. Ass’n., 533 P.2d 251 (Alaska 1975).
Comments
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Contributors
Michael J. Parise, Esq.
The statutory information was edited and reviewed with the support of MultiState
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