All Roll Calls
Yes: 67 • No: 33
AlaskaSB 3934th Legislature (2025-2026)SenateWALLET
LOANS UNDER $25,000; PAYDAY LOANS
Sponsored By: Forrest Dunbar (Democratic)
Vetoed
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Interest limits protect small-loan borrowers
Beginning July 1, 2025, covered loans up to $25,000 have a maximum interest rate of 3% per month. Open-end loans have the same ceiling on balances up to $25,000, with interest calculated actuarially on the full unpaid balance. Specified fees, costs, and premiums count toward the rate limit. Loans up to $25,000 with interest or other charges above the allowed limits cannot be enforced in Alaska. An exception covers loans legally made elsewhere under similar small-loan laws, but not lenders covered by Alaska's anti-evasion rules.
More lenders face Alaska loan protections
For loans up to $25,000 above the allowed rate, Alaska's rules also reach some companies behind the loan. Covered arrangements include holding the main financial stake, arranging or servicing loans with first rights to buy them, and disguised sales or leasebacks. Other arrangements designed to evade the rules are also covered. An Alaska resident's transaction counts as taking place in Alaska when completed in person or electronically while physically in the state. The law adds mutual savings banks to its financial-institution definition, removes the old deferred-deposit license category, and requires license-exempt banking businesses to follow the chapter's other rules.
State banks can match federal powers
The department can authorize state financial institutions to use powers or limits available to federally chartered institutions with federally insured deposits. Those federal institutions must do business in Alaska. The department must find that its authorization serves the public and equalizes and maintains competition. Small-loan and premium-finance licensees are excluded from this authority.
Lender fees, filings, and oversight change
Small-loan businesses must file separate applications for each branch, website, or mobile app; applicants also pay a $1,000 investigation fee. Annual license fees are $500 per location or $2,000 for a company license, payable when applying and covering a period ending December 31. The department can use a national licensing registry, pay participation fees, and set rules for applications, renewals, bonds, and reports. It can also create a process for licensees to challenge information it enters in the registry. Exams now occur as often as needed instead of at least every 18 months, and licensees still pay examination costs.
Sponsors & Cosponsors
Sponsor
Forrest Dunbar
Democratic • Senate
Cosponsors
Ted Eischeid
Democratic • House
Elvi Gray-Jackson
Democratic • Senate
Andy Josephson
Democratic • House
Scott Kawasaki
Democratic • Senate
Genevieve Mina
Democratic • House
Loki Tobin
Democratic • Senate
Roll Call Votes
House vote • 5/20/2025
EFFECTIVE DATE(S) ADOPTED Y29 N11
Yes: 29 • No: 11
House vote • 5/20/2025
PASSED Y24 N16
Yes: 24 • No: 16
Senate vote • 4/15/2025
PASSED Y14 N6
Yes: 14 • No: 6
Actions Timeline
(S) VETOED BY GOVERNOR 6/24/25
7/30/2025Senate(S) MANIFEST ERROR(S)
7/30/2025Senate(S) 9:17 A.M. 6/23/25 TRANSMITTED TO GOVERNOR
7/30/2025Senate(H) CROSS SPONSOR(S): MINA
5/20/2025House(H) VERSION: CSSB 39(FIN)
5/20/2025House(H) RETURN TO (S), TRANSMIT TO GOVERNOR NEXT
5/20/2025House(H) EFFECTIVE DATE(S) ADOPTED Y29 N11
5/20/2025House(H) PASSED Y24 N16
5/20/2025House(H) READ THE THIRD TIME CSSB 39(FIN)
5/20/2025House(H) CROSS SPONSOR(S): JOSEPHSON
5/19/2025House(H) ADVANCED TO THIRD READING 5/20 CALENDAR
5/19/2025House(H) READ THE SECOND TIME
5/19/2025House(H) RULES TO CALENDAR 5/19/2025
5/19/2025House(H) FN2: (CED)
5/19/2025House(H) AM: STAPP, TOMASZEWSKI
5/19/2025House(H) NR: BYNUM, SCHRAGE
5/19/2025House(H) DP: HANNAN, GALVIN, JIMMIE, FOSTER, JOSEPHSON
5/19/2025House(H) FIN RPT 5DP 2NR 2AM
5/19/2025House(H) Minutes (HFIN)
5/18/2025House(H) Moved CSSB 39(FIN) Out of Committee -- Recessed to a Call of the Chair --
5/18/2025House(H) FINANCE at 12:00 PM ADAMS 519
5/18/2025HouseAudio/Video
5/18/2025House(H) Minutes (HFIN)
5/15/2025House(H) Heard & Held -- Recessed to 8:00 am on 5/16 --
5/15/2025House(H) FINANCE at 01:30 PM ADAMS 519
5/15/2025House
Bill Text
Enrolled SB 39
5/20/2025
CSSB 39(FIN)
4/11/2025
CSSB 39(L&C)
2/26/2025
SB 39
1/22/2025