AK SB264

Expands small loan company licensing to cover loans up to $25,000 with a uniform interest rate cap of 3% per month, replacing the previous tiered rate structure that varied by loan amount.

Requires small loan lenders to participate in the Nationwide Multistate Licensing System and Registry for license applications, renewals, and fee payments; allows the department to establish regulations for this participation.

Defines lender status to include persons who hold economic interest in, broker, arrange, or service small loans, and applies licensing requirements to transactions that evade chapter requirements or are disguised as property sales.

Changes examination frequency from a mandatory 18-month cycle to "as often as necessary" at the department's discretion.

Prohibits licensed lenders from threatening borrowers with criminal prosecution for default and repeals all deferred deposit advance (payday loan) provisions under AS 06.50, effective July 1, 2025.