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Alaska2026Vetoed

SB39

Rules for Small Loans Under $25,000

Last scannedSep 21, 2026, 12:32 AM

In one sentence

This bill proposes new rules and interest rate limits for lenders offering loans of $25,000 or less in Alaska.

What it does

  • Sets a maximum interest rate of three percent per month on loans up to $25,000.
  • Requires that all fees, costs, and premiums be included when calculating the total interest rate charged to borrowers.
  • Allows the state department to require lenders to register with the Nationwide Multistate Licensing System and Registry.
  • Defines who counts as a lender based on their economic interest in loans of $25,000 or less.
  • Requires separate license applications for each physical location, website, or mobile app used to lend money.

Who it affects

  • Lenders offering loans of $25,000 or less
  • Borrowers who take out small loans in Alaska

Limits and unknowns

  • The governor vetoed this bill, so it did not become law unless lawmakers overrode the veto.
  • The text does not state if a veto override occurred or when any rules would take effect.
  • The official source material is truncated and may not contain all details about enforcement penalties.

Plain language

Terms to know

Nationwide Multistate Licensing System and Registry
A national database where the state may require lenders to register.
Actuarial method
A specific way of calculating interest on open-end loans based on the entire unpaid principal balance.

Official record

Sources

Validated
Official bill pageIntroduced textCurrent bill text

Official summary

LOANS UNDER $25,000; PAYDAY LOANS An Act relating to loans in an amount of $25,000 or less; relating to financial institutions; relating to the Nationwide Multistate Licensing System and Registry; relating to pawnbroker licensing exemptions; relating to deferred deposit advances; relating to computing interest; and providing for an effective date.

Official activity

Bill history

  1. (S) VETOED BY GOVERNOR 6/24/251412
  2. (S) MANIFEST ERROR(S)1386
  3. (S) 9:17 A.M. 6/23/25 TRANSMITTED TO GOVERNOR1385
  4. (H) CROSS SPONSOR(S): MINA1358
  5. (H) VERSION: CSSB 39(FIN)1341
  6. (H) RETURN TO (S), TRANSMIT TO GOV NEXT1341
  7. (H) EFFECTIVE DATE(S) ADOPTED Y29 N111341
  8. (H) PASSED Y24 N161340
  9. (H) READ THE THIRD TIME CSSB 39(FIN)1340
  10. (H) CROSS SPONSOR(S): JOSEPHSON1329
  11. (H) ADVANCED TO THIRD READING 5/20 CALENDAR1316
  12. (H) READ THE SECOND TIME1315
  13. (H) RULES TO CALENDAR 5/19/20251315
  14. (H) FN2: (CED)1310
  15. (H) AM: STAPP, TOMASZEWSKI1310
  16. (H) NR: BYNUM, SCHRAGE1310
  17. (H) DP: HANNAN, GALVIN, JIMMIE, FOSTER, JOSEPHSON1310
  18. (H) FIN RPT 5DP 2NR 2AM1310
  19. (H) Minutes (HFIN)Min
  20. (H) Moved CSSB 39(FIN) Out of Committee -- Recessed to a Call of the Chair --Text