Alaska HB132 regulates loans up to $25,000, setting interest rates and prohibiting certain practices.

Alaska HB132 amends state laws to regulate loans up to $25,000, setting specific interest rates and prohibiting certain practices. The bill establishes a maximum interest rate of three percent a month on loans up to $25,000, with different rates for different loan amounts. It also prohibits lenders from threatening borrowers with criminal prosecution for default. The bill repeals previous interest rate laws and includes provisions for the Nationwide Multistate Licensing System and Registry. It takes effect July 1, 2025.

Alaska HB132 regulates loans up to $25,000, setting interest rates and prohibiting certain practices.

Alaska HB132 amends state laws to regulate loans up to $25,000, setting specific interest rates and prohibiting certain practices. The bill establishes a maximum interest rate of three percent a month on loans up to $25,000, with different rates for different loan amounts. It also prohibits lenders from threatening borrowers with criminal prosecution for default. The bill repeals previous interest rate laws and includes provisions for the Nationwide Multistate Licensing System and Registry. It takes effect July 1, 2025.