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Can you summarize AKST 06.05.209?
Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. > Credit cards.
Short Summary
This provision, part of the Alaska Banking Code, governs the issuance and use of credit cards or similar credit granting devices by banks. It states that a bank is allowed to issue unsolicited credit cards or devices, but the customer cannot be held liable for charges made before accepting the card. The customer must provide a written statement of acceptance to the bank. Additionally, a state bank can issue credit cards or devices to customers for obtaining money, goods, services, or anything else of value. The bank can impose a monthly service charge as agreed upon in the contract. Furthermore, a bank can charge an annual fee for the issuance of a credit card or similar device. No specific exemptions or penalties are mentioned in this provision.
Whom does it apply to?
Banks and their customers
What does it govern?
Issuance and use of credit cards or similar credit granting devices by banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Alaska