HB 364 Summary

• Establishes the Alaska State Bank as a public corporation under the Department of Commerce, Community, and Economic Development to increase access to capital, provide financial sector stability, reduce banking service costs, and promote long-term economic growth.

• Creates a board of directors consisting of the governor (chair), commissioner of commerce/community/economic development, commissioner of revenue, and commissioner of labor/workforce development, with a separate seven-member advisory board representing financial, business, agricultural, and labor sectors.

• Grants the bank broad lending powers including making loans to businesses and state agencies, purchasing loan participation interests, issuing bank loans to financial institutions, making infrastructure and school loans, and providing clearinghouse services.

• Exempts the bank from state banking regulations (AS 06.01 and AS 06.05), Alaska Corporations Code, and state/municipal taxation; establishes confidentiality protections for customer financial information and examination reports.

• Takes effect July 1, 2017, with the Department of Commerce authorized to adopt implementing regulations no earlier than that date.