AK
Alaska Senate Bill SB39

Alaska 2025-2026 Regular Session

Alaska Senate Bill SB39 Compare Versions

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10-CS FOR SENATE BILL NO. 39(FIN)
10+CS FOR SENATE BILL NO. 39(L&C)
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1212 IN THE LEGISLATURE OF THE STATE OF ALASKA
1313
1414 THIRTY-FOURTH LEGISLATURE - FIRST SESSION
1515
16-BY THE SENATE FINANCE COMMITTEE
16+BY THE SENATE LABOR AND COMMERCE COMMITTEE
1717
18-Offered: 4/11/25
19-Referred: Rules
18+Offered: 2/26/25
19+Referred: Finance
2020
2121 Sponsor(s): SENATORS DUNBAR, Tobin, Gray-Jackson, Kawasaki
2222 A BILL
2323
2424 FOR AN ACT ENTITLED
2525
26-"An Act relating to loans in an amount of $25,000 or less; relating to financial 1
27-institutions; relating to the Nationwide Multistate Licensing System and Registry; 2
28-relating to pawnbroker licensing exemptions; relating to deferred deposit advances; 3
29-relating to computing interest; and providing for an effective date." 4
30-BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 5
31- * Section 1. AS 06.01.020(a) is amended to read: 6
32-(a) Notwithstanding other provisions of this title, the department may by order 7
26+"An Act relating to loans in an amount of $25,000 or less; relating to the Nationwide 1
27+Multistate Licensing System and Registry; relating to deferred deposit advances; and 2
28+providing for an effective date." 3
29+BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
30+ * Section 1. AS 06.01.020(a) is amended to read: 5
31+(a) Notwithstanding other provisions of this title, the department may by order 6
3332 authorize state financial institutions, except licensees subject to AS 06.20 or [,]
34-8
35-AS 06.40 [, OR AS 06.50], to exercise any of the powers conferred on [UPON], or to 9
36-be subject to any of the limitations imposed on [UPON], a federally chartered 10
37-financial institution doing business in this state with deposits insured by an agency of 11
38-the federal government if the department finds that the exercise of the power or 12
39-imposition of the limitation both 13
40-(1) serves the public convenience and advantage; and 14 34-LS0357\I
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33+7
34+AS 06.40 [, OR AS 06.50], to exercise any of the powers conferred on [UPON], or to 8
35+be subject to any of the limitations imposed on [UPON], a federally chartered 9
36+financial institution doing business in this state with deposits insured by an agency of 10
37+the federal government if the department finds that the exercise of the power or 11
38+imposition of the limitation both 12
39+(1) serves the public convenience and advantage; and 13
40+(2) equalizes and maintains the quality of competition between state 14 34-LS0357\N
41+CSSB 39(L&C) -2- SB0039B
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44-(2) equalizes and maintains the quality of competition between state 1
45-financial institutions and federally chartered financial institutions. 2
46- * Sec. 2. AS 06.01.050(3) is amended to read: 3
47-(3) "financial institution" means an institution subject to the regulation 4
48-of the department under this title; in this paragraph, "institution" includes a 5
49-commercial bank, savings bank, mutual savings bank, credit union, premium finance 6
50-company, small loan company, bank holding company, financial holding company, 7
51-trust company, savings and loan association, [DEFERRED DEPOSIT ADVANCE 8
52-LICENSEE UNDER AS 06.50,] and a licensee under AS 06.60; 9
53- * Sec. 3. AS 06.20.010(b) is amended to read: 10
54-(b) A person who is doing business under and as permitted by any law of the 11
55-state or of the United States relating to banks, savings banks, mutual savings banks, 12
56-trust companies, building and loan associations, or credit unions and who is exempt 13
57-from the licensing requirement in (a) of this section shall comply with all other 14
58-provisions of this chapter. 15
59- * Sec. 4. AS 06.20.010 is amended by adding new subsections to read: 16
60-(c) A person, including the agent or service provider of another person, is a 17
61-lender subject to the requirements of this chapter if the interest rate on a loan exceeds 18
62-the maximum interest rate permitted under AS 06.20.230 and 19
63-(1) the person directly or indirectly holds, acquires, or maintains the 20
64-predominant economic interest in a loan in the amount of $25,000 or less; 21
65-(2) the person offers, markets, brokers, arranges, facilitates, or services 22
66-a loan in the amount of $25,000 or less and holds the right, requirement, or first right 23
67-of refusal to purchase the loan, a receivable in the loan, or interest in the loan; 24
68-(3) the person makes a loan disguised as a personal property sale or 25
69-leaseback transaction; or 26
70-(4) the totality of the circumstances indicate that the person is a lender 27
71-in a loan in the amount of $25,000 or less and the transaction is structured to evade the 28
72-requirements of this chapter. 29
73-(d) For the purposes of this chapter, a loan or transaction takes place in the 30
74-state if the borrower is a resident of the state and the borrower completes the 31 34-LS0357\I
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44+financial institutions and federally chartered financial institutions. 1
45+ * Sec. 2. AS 06.01.050(3) is amended to read: 2
46+(3) "financial institution" means an institution subject to the regulation 3
47+of the department under this title; in this paragraph, "institution" includes a 4
48+commercial bank, savings bank, credit union, premium finance company, small loan 5
49+company, bank holding company, financial holding company, trust company, savings 6
50+and loan association, [DEFERRED DEPOSIT ADVANCE LICENSEE UNDER 7
51+AS 06.50,] and a licensee under AS 06.60; 8
52+ * Sec. 3. AS 06.20.010 is amended by adding new subsections to read: 9
53+(c) A person, including the agent or service provider of another person, is a 10
54+lender subject to the requirements of this chapter if the interest rate on a loan exceeds 11
55+the maximum interest rate permitted under AS 06.20.230 and 12
56+(1) the person directly or indirectly holds, acquires, or maintains the 13
57+predominant economic interest in a loan in the amount of $25,000 or less; 14
58+(2) the person offers, markets, brokers, arranges, facilitates, or services 15
59+a loan in the amount of $25,000 or less and holds the right, requirement, or first right 16
60+of refusal to purchase the loan, a receivable in the loan, or interest in the loan; 17
61+(3) the person makes a loan disguised as a personal property sale or 18
62+leaseback transaction; or 19
63+(4) the totality of the circumstances indicate that the person is a lender 20
64+in a loan in the amount of $25,000 or less and the transaction is structured to evade the 21
65+requirements of this chapter. 22
66+(d) For the purposes of this chapter, a loan or transaction takes place in the 23
67+state if the borrower is a resident of the state and the borrower completes the 24
68+transaction, either in person or electronically, while physically present in the state. 25
69+ * Sec. 4. AS 06.20 is amended by adding a new section to read: 26
70+Sec. 06.20.025. National registry. The department may 27
71+(1) participate in the registry and pay any fees required for 28
72+participation in the registry; 29
73+(2) establish by regulation a process for licensees under this chapter to 30
74+challenge information entered into the registry by the departme
75+nt; 31 34-LS0357\N
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78-transaction, either in person or electronically, while physically present in the state. 1
79- * Sec. 5. AS 06.20 is amended by adding a new section to read: 2
80-Sec. 06.20.025. National registry. The department may 3
81-(1) participate in the registry and pay any fees required for 4
82-participation in the registry; 5
83-(2) establish by regulation a process for licensees under this chapter to 6
84-challenge information entered into the registry by the department; 7
85-(3) contract with entities designated by the registry to collect and 8
86-maintain records or process fees; 9
87-(4) adopt regulations to require a licensee to register with the registry 10
88-and submit applications, renewal applications, surety bonds, reports, and other 11
89-information and forms to the registry; 12
90-(5) adopt other regulations under AS 44.62 (Administrative Procedure 13
91-Act) to implement this section; 14
92-(6) request other information the department reasonably requires from 15
93-an applicant. 16
94- * Sec. 6. AS 06.20.030(a) is amended to read: 17
95-(a) Investigation expenses incurred by the department in processing an 18
96-application for licensure shall be charged to and paid by the applicant under 19
97-AS 06.01.010. At the time of submitting the application to the commissioner, the 20
98-applicant shall pay to the department or through the registry $1,000 in partial 21
99-payment of those investigation expenses incurred by the department. 22
100- * Sec. 7. AS 06.20.030(b) is amended to read: 23
101-(b) An applicant shall pay to the department or through the registry at the 24
102-time of submitting an application a sum, in addition to that specified in (a) of this 25
103-section, of $500 for each location of a branch, Internet website, or mobile 26
104-application [A SINGLE OFFICE LICENSE,] or $2,000 for a company [MULTIPLE 27
105-OFFICE] license as an annual license fee for a period terminating on the last day of 28
106-the current calendar year. 29
107- * Sec. 8. AS 06.20.090 is repealed and reenacted to read: 30
108-Sec. 06.20.090. Places of business. (a) To apply for a license under this 31 34-LS0357\I
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79+(3) contract with entities designated by the registry to collect and 1
80+maintain records or process fees; 2
81+(4) adopt regulations to require a licensee to register with the registry 3
82+and submit applications, renewal applications, surety bonds, reports, and other 4
83+information and forms to the registry; 5
84+(5) adopt other regulations under AS 44.62 (Administrative Procedure 6
85+Act) to implement this section; 7
86+(6) request other information the department reasonably requires from 8
87+an applicant. 9
88+ * Sec. 5. AS 06.20.030(a) is amended to read: 10
89+(a) Investigation expenses incurred by the department in processing an 11
90+application for licensure shall be charged to and paid by the applicant under 12
91+AS 06.01.010. At the time of submitting the application to the commissioner, the 13
92+applicant shall pay to the department or through the registry $1,000 in partial 14
93+payment of those investigation expenses incurred by the department. 15
94+ * Sec. 6. AS 06.20.030(b) is amended to read: 16
95+(b) An applicant shall pay to the department or through the registry at the 17
96+time of submitting an application a sum, in addition to that specified in (a) of this 18
97+section, of $500 for each location of a branch, Internet website, or mobile 19
98+application [A SINGLE OFFICE LICENSE,] or $2,000 for a company [MULTIPLE 20
99+OFFICE] license as an annual license fee for a period terminating on the last day of 21
100+the current calendar year. 22
101+ * Sec. 7. AS 06.20.090 is repealed and reenacted to read: 23
102+Sec. 06.20.090. Places of business. (a) To apply for a license under this 24
103+chapter, an applicant or person must submit a separate application to the department or 25
104+through the registry for each location, including a branch, Internet website, or mobile 26
105+application, through which the applicant or person conducts business. 27
106+(b) The department may establish by regulation information that must be 28
107+submitted by an applicant and licensee, the procedures for determining acceptable 29
108+criteria for approvals and denials, procedures for paying the fees in the registry, and 30
109+the effective period of a license. 31 34-LS0357\N
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112-chapter, an applicant or person must submit a separate application to the department or 1
113-through the registry for each location, including a branch, Internet website, or mobile 2
114-application, through which the applicant or person conducts business. 3
115-(b) The department may establish by regulation information that must be 4
116-submitted by an applicant and licensee, the procedures for determining acceptable 5
117-criteria for approvals and denials, procedures for paying the fees in the registry, and 6
118-the effective period of a license. 7
119- * Sec. 9. AS 06.20.170 is amended to read: 8
120-Sec. 06.20.170. Periodic examination. The department shall examine the 9
121-affairs, business, office, and records of each licensee as often as necessary to carry 10
122-out the purposes of this chapter [AT LEAST ONCE EVERY 18 MONTHS]. 11
123-Examination fees are to be charged to and paid by the licensee in accordance with 12
124-AS 06.01.010. The department may maintain an action for the recovery of the costs in 13
125-any court of competent jurisdiction, with recourse to the bonds referred to in 14
126-AS 06.20.050 and 06.20.080. 15
127- * Sec. 10. AS 06.20.230 is amended to read: 16
128-Sec. 06.20.230. Maximum interest permitted. (a) A licensee may lend any 17
129-sum of money not exceeding $25,000 and may charge, contract for, and receive on the 18
130-loan interest at a rate not exceeding three percent a month [ON THAT PART OF THE 19
131-UNPAID PRINCIPAL BALANCE OF A LOAN NOT IN EXCESS OF $850; TWO 20
132-PERCENT A MONTH ON THE UNPAID PRINCIPAL BALANCE EXCEEDING 21
133-$850 BUT NOT EXCEEDING $10,000; AND AT A RATE AGREED BY 22
134-CONTRACT ON THE REMAINDER OF ANY UNPAID PRINCIPAL BALANCE 23
135-EXCEEDING $10,000 BUT NOT EXCEEDING $25,000]. 24
136-(b) Notwithstanding the provisions of (a) of this section, a licensee who makes 25
137-open-end loans under this chapter may charge, contract for, and receive interest at a 26
138-rate not exceeding three percent a month on that part of the unpaid principal balance of 27
139-a loan not in excess of [$850; TWO PERCENT A MONTH ON THE UNPAI D 28
140-PRINCIPAL BALANCE EXCEEDING $850 BUT NOT EXCEEDING $10,000; 29
141-AND AT A RATE AGREED BY CONTRACT ON THE REMAINDER OF ANY 30
142-UNPAID PRINCIPAL BALANCE EXCEEDING $10,000 BUT NOT EXCEEDING] 31 34-LS0357\I
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113+ * Sec. 8. AS 06.20.170 is amended to read: 1
114+Sec. 06.20.170. Periodic examination. The department shall examine the 2
115+affairs, business, office, and records of each licensee as often as necessary to carry 3
116+out the purposes of this chapter [AT LEAST ONCE EVERY 18 MONTHS]. 4
117+Examination fees are to be charged to and paid by the licensee in accordance with 5
118+AS 06.01.010. The department may maintain an action for the recovery of the costs in 6
119+any court of competent jurisdiction, with recourse to the bonds referred to in 7
120+AS 06.20.050 and 06.20.080. 8
121+ * Sec. 9. AS 06.20.230 is amended to read: 9
122+Sec. 06.20.230. Maximum interest permitted. (a) A licensee may lend any 10
123+sum of money not exceeding $25,000 and may charge, contract for, and receive on the 11
124+loan interest at a rate not exceeding three percent a month [ON THAT PART OF THE 12
125+UNPAID PRINCIPAL BALANCE OF A LOAN NOT IN EXCESS OF $850; TWO 13
126+PERCENT A MONTH ON THE UNPAID PRINCIPAL BALANCE EXCEEDING 14
127+$850 BUT NOT EXCEEDING $10,000; AND AT A RATE AGREED BY 15
128+CONTRACT ON THE REMAINDER OF ANY UNPAID PRINCIPAL BALANCE 16
129+EXCEEDING $10,000 BUT NOT EXCEEDING $25,000]. 17
130+(b) Notwithstanding the provisions of (a) of this section, a licensee who makes 18
131+open-end loans under this chapter may charge, contract for, and receive interest at a 19
132+rate not exceeding three percent a month on that part of the unpaid principal balance of 20
133+a loan not in excess of [$850; TWO PERCENT A MONTH ON THE UNPAI D 21
134+PRINCIPAL BALANCE EXCEEDING $850 BUT NOT EXCEEDING $10,000; 22
135+AND AT A RATE AGREED BY CONTRACT ON THE REMAINDER OF ANY 23
136+UNPAID PRINCIPAL BALANCE EXCEEDING $10,000 BUT NOT EXCEEDING] 24
137+$25,000. 25
138+(c) Interest on loans under (b) of this section shall be computed according to 26
139+the actuarial method on the entire unpaid principal balance as determined under 27
140+AS 06.20.285(b). The interest rate on loans under (a) or (b) of this section shall be 28
141+computed by including all fees, costs, and premiums charged und er 29
142+AS 06.20.260(a)(1) and (3) - (5). 30
143+ * Sec. 10. AS 06.20.310 is amended to read: 31 34-LS0357\N
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145146
146-$25,000. 1
147-(c) Interest on loans under (b) of this section shall be computed according to 2
148-the actuarial method on the entire unpaid principal balance as determined under 3
149-AS 06.20.285(b). The interest rate on loans under (a) or (b) of this section shall be 4
150-computed by including all fees, costs, and premiums charged und er 5
151-AS 06.20.260(a)(1) and (3) - (5). 6
152- * Sec. 11. AS 06.20.310 is amended to read: 7
153-Sec. 06.20.310. Effect of illegal interest rate. A loan of the amount or value 8
154-of $25,000 or less for which a greater rate of interest, consideration, or charge than is 9
155-permitted by this chapter has been charged, contracted for, or received, wherever 10
156-made, may not be enforced in the state, and every person participating in such a loan 11
157-in the state is subject to this chapter. This section does not apply to loans legally made 12
158-in a state or territory of the United States that has in effect a regulatory small loan law 13
159-similar in principle to this chapter but does apply to loans made by a person subject 14
160-to this chapter under AS 06.20.010(c). 15
161- * Sec. 12. AS 06.20 is amended by adding a new section to read: 16
162-Sec. 06.20.325. Criminal threats. A licensee under this chapter may not 17
163-threaten a borrower with criminal prosecution as a result of the borrower's default. 18
164- * Sec. 13. AS 06.20.330(b) is amended to read: 19
165-(b) This chapter does not apply to [INDIVIDUAL LOANS BY] 20
166-(1) pawnbroker transactions by a pawnbroker licensed under 21
167-AS 08.76 [PAWNBROKERS WHERE SEPARATE AND INDIVIDUAL LOANS 22
168-DO NOT EXCEED $750; IN THIS PARAGRAPH, "PAWNBROKER" MEANS A 23
169-PERSON WHO IS REGULATED UNDER AS 08.76.100 - 08.76.590]; or 24
170-(2) a financial institution chartered under 12 U.S.C. 38 (National 25
171-Bank Act) or 12 U.S.C. 1751 - 1795k (Federal Credit Union Act) [LOAN SHOPS 26
172-WHERE SEPARATE AND INDIVIDUAL LOANS DO NOT EXCEED $500]. 27
173- * Sec. 14. AS 06.20.900 is amended by adding a new paragraph to read: 28
174-(4) "registry" means the Nationwide Multistate Licensing System and 29
175-Registry. 30
176- * Sec. 15. AS 08.76.500 is amended to read: 31 34-LS0357\I
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147+Sec. 06.20.310. Effect of illegal interest rate. A loan of the amount or value 1
148+of $25,000 or less for which a greater rate of interest, consideration, or charge than is 2
149+permitted by this chapter has been charged, contracted for, or received, wherever 3
150+made, may not be enforced in the state, and every person participating in such a loan 4
151+in the state is subject to this chapter. This section does not apply to loans legally made 5
152+in a state or territory of the United States that has in effect a regulatory small loan law 6
153+similar in principle to this chapter but does apply to loans made by a person subject 7
154+to this chapter under AS 06.20.010(c). 8
155+ * Sec. 11. AS 06.20 is amended by adding a new section to read: 9
156+Sec. 06.20.325. Criminal threats. A licensee under this chapter may not 10
157+threaten a borrower with criminal prosecution as a result of the borrower's default. 11
158+ * Sec. 12. AS 06.20.330(b) is amended to read: 12
159+(b) This chapter does not apply to a financial institution chartered under 12 13
160+U.S.C. 38 (National Bank Act) or 12 U.S.C. 1751 - 1795k (Federal Credit Union 14
161+Act) [INDIVIDUAL LOANS BY 15
162+(1) PAWNBROKERS WHERE SEPARATE AND INDIVIDUAL 16
163+LOANS DO NOT EXCEED $750; IN THIS PARAGRAPH, "PAWNBROKER" 17
164+MEANS A PERSON WHO IS REGULATED UNDER AS 08.76.100 – 08.76.590; 18
165+OR 19
166+(2) LOAN SHOPS WHERE SEPARATE AND INDIVIDUAL 20
167+LOANS DO NOT EXCEED $500]. 21
168+ * Sec. 13. AS 06.20.900 is amended by adding a new paragraph to read: 22
169+(4) "registry" means the Nationwide Multistate Licensing System and 23
170+Registry. 24
171+ * Sec. 14. AS 08.76.500 is amended to read: 25
172+Sec. 08.76.500. Exemptions. This chapter does not apply to 26
173+(1) a financial institution that is subject to the regulation of the 27
174+department under AS 06, including a commercial bank, savings bank, credit union, 28
175+premium finance company, small loan company, bank holding company, financial 29
176+holding company, trust company, or savings and loan association [, AND 30
177+DEFERRED DEPOSIT ADVANCE LICENSEE UNDER AS 06.50]; or 31 34-LS0357\N
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180-Sec. 08.76.500. Exemptions. This chapter does not apply to 1
181-(1) a financial institution that is subject to the regulation of the 2
182-department under AS 06, including a commercial bank, savings bank, mutual savings 3
183-bank, credit union, premium finance company, small loan company, bank holding 4
184-company, financial holding company, trust company, or savings and loan association 5
185-[, AND DEFERRED DEPOSIT ADVANCE LICENSEE UNDER AS 06.50]; or 6
186-(2) a financial institution organized under federal law. 7
187- * Sec. 16. AS 45.45.020 is amended by adding a new subsection to read: 8
188-(b) Interest under AS 45.45.010 - 45.45.070 shall be computed by including 9
189-all service charges paid by the borrower, debtor, or mortgagor. In this subsection, 10
190-"service charge" means a fee charged by the lender, creditor, or mortgagee for 11
191-opening, renewing, or continuing an account but does not include a late payment fee, a 12
192-fee for a dishonored check, reasonable attorney fees or other actual expenses and costs 13
193-incurred in connection with the collection of a delinquent debt or a foreclosure, or 14
194-actual expenses and costs incurred in connection with a repossession. 15
195- * Sec. 17. AS 06.01.035(j); AS 06.20.030(c); AS 06.50.010, 06.50.020, 06.50.030, 16
196-06.50.040, 06.50.050, 06.50.060, 06.50.070, 06.50.080, 06.50.090, 06.50.200, 06.50.210, 17
197-06.50.220, 06.50.230, 06.50.300, 06.50.310, 06.50.320, 06.50.330, 06.50.400, 06.50.410, 18
198-06.50.420, 06.50.430, 06.50.440, 06.50.450, 06.50.460, 06.50.470, 06.50.480, 06.50.490, 19
199-06.50.500, 06.50.510, 06.50.520, 06.50.530, 06.50.540, 06.50.550, 06.50.560, 06.50.600, 20
200-06.50.610, 06.50.900; AS 44.62.330(a)(40); and AS 47.24.900(10)(K) are repealed. 21
201- * Sec. 18. This Act takes effect July 1, 2025. 22
181+(2) a financial institution organized under federal law. 1
182+ * Sec. 15. AS 45.45.020 is amended by adding a new subsection to read: 2
183+(b) Interest under AS 45.45.010 - 45.45.070 shall be computed by including 3
184+all service charges paid by the borrower, debtor, or mortgagor. In this subsection, 4
185+"service charge" means a fee charged by the lender, creditor, or mortgagee for 5
186+opening, renewing, or continuing an account but does not include a late payment fee, a 6
187+fee for a dishonored check, reasonable attorney fees or other actual expenses and costs 7
188+incurred in connection with the collection of a delinquent debt or a foreclosure, or 8
189+actual expenses and costs incurred in connection with a repossession. 9
190+ * Sec. 16. AS 06.01.035(j); AS 06.20.030(c); AS 06.50.010, 06.50.020, 06.50.030, 10
191+06.50.040, 06.50.050, 06.50.060, 06.50.070, 06.50.080, 06.50.090, 06.50.200, 06.50.210, 11
192+06.50.220, 06.50.230, 06.50.300, 06.50.310, 06.50.320, 06.50.330, 06.50.400, 06.50.410, 12
193+06.50.420, 06.50.430, 06.50.440, 06.50.450, 06.50.460, 06.50.470, 06.50.480, 06.50.490, 13
194+06.50.500, 06.50.510, 06.50.520, 06.50.530, 06.50.540, 06.50.550, 06.50.560, 06.50.600, 14
195+06.50.610, 06.50.900; AS 44.62.330(a)(40); and AS 47.24.900(10)(K) are repealed. 15
196+ * Sec. 17. This Act takes effect July 1, 2025. 16