This bill amends various sections of Alaska's financial regulations, specifically focusing on loans of $25,000 or less, and introduces new provisions related to financial institutions and pawnbroker licensing exemptions. Key changes include the addition of definitions and requirements for lenders, particularly those offering loans under $25,000, and the establishment of a process for participation in the Nationwide Multistate Licensing System and Registry. The bill also modifies the maximum interest rates that can be charged on such loans, allowing for a flat rate of three percent per month, while ensuring that all fees and costs are included in the interest calculation.

Additionally, the bill repeals and reenacts certain sections to clarify the licensing process for financial institutions and to specify the obligations of applicants and licensees. It introduces new regulations to prevent predatory lending practices, such as prohibiting licensees from threatening borrowers with criminal prosecution for defaulting on loans. The effective date for these changes is set for July 1, 2025. Overall, the bill aims to enhance consumer protection and ensure fair lending practices within the state.

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
SB0039B, AM CSSB 39(L&C), introduced 02/26/2025: 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, 06.20.330, 08.76.100, 08.76.590, 06.20.900, 08.76.500, 45.45.020
SB0039C, AM CSSB 39(FIN), introduced 04/11/2025: 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, 06.20.330, 08.76.100, 08.76.590, U.S.C, 06.20.900, 08.76.500, 45.45.020
SB0039Z, AM Enrolled SB 39, introduced 05/20/2025: 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, 06.20.330, 08.76.100, 08.76.590, U.S.C, 06.20.900, 08.76.500, 45.45.020