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 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 outlines the criteria for determining when a person is considered a lender, particularly in relation to loans under $25,000, and specifies that loans must be processed through the registry.

Additionally, the bill modifies 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 in the interest calculation. It prohibits licensees from threatening borrowers with criminal prosecution for defaulting on loans and clarifies that certain federal financial institutions are exempt from these regulations. The bill repeals outdated provisions and establishes new requirements for licensing and regulatory compliance, with an effective date set for July 1, 2025.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