AK SB157

Changes the loan amount threshold from "$35,000 or more" to "more than $35,000" for requiring applicants to provide documentation of denial or contingency from a state financial institution.

Extends the maximum loan term from 6 years to 15 years, except for extensions under AS 44.33.955.

Increases the interest rate cap from prime rate plus one percentage point to prime rate plus two percentage points, with a minimum of 4 percent and maximum of 8 percent annually.

Applies amendments only to loan applications made on or after the effective date of the Act.