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 interest rates and loan amounts, and specifies that loans must comply with the new interest rate calculations that include all fees and costs.

Additionally, the bill repeals and reenacts certain sections to streamline the licensing process, including the requirement for separate applications for each business location and the establishment of regulations for periodic examinations of licensees. It also introduces a prohibition against licensees 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 regulatory oversight and consumer protection in the small loan market while aligning state laws with federal standards.

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