The bill amends various sections of Alaska's financial regulations, specifically focusing on loans of $25,000 or less, and introduces new provisions related to the Nationwide Multistate Licensing System and Registry. Key changes include the definition of "financial institution" to exclude deferred deposit advance licensees, the establishment of criteria for identifying lenders based on interest rates and loan amounts, and the requirement for lenders to register with the national registry. Additionally, the bill allows the department to charge investigation expenses to applicants and mandates that interest rates on loans include all associated fees and costs.

Significant deletions from current law include the removal of specific interest rate structures for loans and the repeal of certain sections related to deferred deposit advance licensees. The bill also prohibits licensees from threatening borrowers with criminal prosecution for defaulting on loans. The effective date for the implementation of these changes is set for July 1, 2025.

Statutes affected:
SB0039A, AM SB 39, introduced 01/10/2025: 06.01.020, 06.01.050, 06.20.010, 06.20.230, 06.20.030, 06.01.010, 06.20.090, 06.20.170, 06.20.050, 06.20.080, 06.20.285, 06.20.260, 06.20.310, 06.20.900, 08.76.500, 45.45.020