This bill amends various sections of Alaska's financial regulations, particularly 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 authorization for state financial institutions to exercise powers similar to federally chartered institutions, the definition of "financial institution" to include various types of lenders, and the establishment of a national registry for licensing purposes. The bill also specifies that lenders are subject to certain requirements if they hold a predominant economic interest in loans of $25,000 or less, and it clarifies the conditions under which a loan is considered to take place in the state.

Additionally, the bill revises the maximum interest rates that can be charged on loans, allowing a flat rate of three percent per month on loans up to $25,000, while also including all fees and costs in the interest calculation. It prohibits licensees from threatening borrowers with criminal prosecution for defaulting on loans and clarifies that the chapter does not apply to certain federally chartered financial institutions. The bill also repeals several outdated provisions and establishes a new fee structure for licensing applications. The effective date for these changes is set for July 1, 2025.

Statutes affected:
HB0132A, AM HB 132, introduced 03/11/2025: 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, 06.20.900, 08.76.500, 45.45.020
HB0132B, AM CSHB 132(L&C), introduced 03/28/2025: 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