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.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill, which was vetoed by Governor Dunleavy, proposed changes to Alaska’s regulations surrounding small loans, pawnbrokers, and deferred deposit advances. The proposed legislation aimed to lower interest rate limits for loans under $25,000 and introduce new compliance rules. However, the Governor believed these changes would limit access to short-term credit and create difficulties for state enforcement efforts.
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Sponsors
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6 on record
Primary sponsor
Cosponsors
Kawasaki REPRESENTATIVES Eischeid
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