AK HB132

Repeals Alaska's entire deferred deposit advance (payday loan) statute (AS 06.50), eliminating the separate regulatory framework for payday lenders effective July 1, 2025

Establishes a uniform maximum interest rate of 3% per month (36% APR) on all loans of $25,000 or less, replacing the previous tiered rate structure that allowed unregulated rates on portions above $10,000

Expands the definition of "lender" to capture entities that hold predominant economic interest in loans, broker or facilitate loans with purchase rights, or structure transactions to evade lending regulations

Increases annual license fees from $500 to $10,000 per branch/website/app location and from $2,000 to $40,000 for company-wide licenses

Authorizes the Department of Commerce to participate in the Nationwide Multistate Licensing System and Registry (NMLS) for processing license applications and maintaining lender records