Alaska SB39 regulates loans under $25,000, sets interest rate limits, and establishes licensing requirements.

Alaska SB39 amends state laws to regulate loans under $25,000, setting interest rate limits and establishing licensing requirements for lenders. The bill defines a "service charge" and limits the interest rate on loans up to $25,000 to three percent a month. It also mandates annual licensing fees for lenders and prohibits them from threatening borrowers with criminal prosecution. The bill repeals certain sections and amends others to clarify the scope of the law, including exemptions for certain financial institutions. It takes effect on July 1, 2025.

Alaska SB39 regulates loans under $25,000, sets interest rate limits, and establishes licensing requirements.

Alaska SB39 amends state laws to regulate loans under $25,000, setting interest rate limits and establishing licensing requirements for lenders. The bill defines a "service charge" and limits the interest rate on loans up to $25,000 to three percent a month. It also mandates annual licensing fees for lenders and prohibits them from threatening borrowers with criminal prosecution. The bill repeals certain sections and amends others to clarify the scope of the law, including exemptions for certain financial institutions. It takes effect on July 1, 2025.