HB 315 Summary

• Increases the threshold loan amount requiring a state financial institution denial letter from $35,000 to $50,000 for microloan applicants.

• Extends the maximum loan term from 12 years to 15 years, except for extensions under AS 44.33.955.

• Reduces the maximum interest rate markup from prime rate plus two percentage points to prime rate plus one percentage point, with a minimum of 4% and maximum of 8% annually.