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.
Senate Bill 39 caps payday loan interest rates at 36% APR, protecting Alaskan consumers from predatory lending while potentially limiting access to credit options.