03 AAC 23.900. DefinitionsRepealed. Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 03 AAC 23.999. Definitions Unless the context indicates otherwise, in this chapter, (1) "premium finance agreement" or "agreement to extend credit" means an agreement by which a borrower or prospective borrower promises to pay to a licensee the amount advanced or to be advanced under the agreement to an insurer in payment of premiums on an insurance policy together with a service charge; as security for the advanced sums, the licensee receives an assignment of the unearned premium; (2) "service charge" means the total cost charged by a licensee, including all charges, fees, interest, or cost differentials, for financing premiums or extending credit; "service charge" does not include a late charge permitted under 3 AAC 23.340. Authority: AS 21.06.090 AS 21.36.122 |