**Alaska (AK) — Rate-Cap Debate** {#alaska-(ak)-—-rate-cap-debate}

**Where We Are Currently** SB 39 (2025) proposed 36 % APR cap for small business/consumer lending; **vetoed June 24 2025**.

**How We Got Here** Bill advanced both chambers; veto issued Jun 24 2025.

**What Funders Need to Know** No CFDL enacted—but pricing regulation discussions may affect small-business financing.

**Official Documents (links)**

• Bill page: Alaska Legislature – Bill SB 39 (34th Legislature) [akleg.gov](http://akleg.gov)

• Bill text/enrolled PDF: SB 39 Enrolled PDF (05/20/2025) [akleg.gov](https://www.akleg.gov/basis/Bill/Detail/?Root=SB++39&utm_source=chatgpt.com)

• Bill status summary: [LegiScan – AK SB 39 (2025) LegiScan](https://legiscan.com/AK/bill/SB39/2025?utm_source=chatgpt.com)

**Section C — States with No Commercial Financing Disclosure Law or Bill Activity** {#section-c-—-states-with-no-commercial-financing-disclosure-law-or-bill-activity}

As of **October 2025**, the following 28 states have no enacted commercial-financing disclosure law and no active bill specifically targeting commercial-financing disclosures. Providers should still comply with relevant federal requirements and maintain transparent practices while monitoring for new state activity.

**States (28):** Alabama (AL), Arizona (AZ), Colorado (CO), Delaware (DE), Hawaii (HI), Idaho (ID), Indiana (IN), Iowa (IA), Maine (ME), Massachusetts (MA), Michigan (MI), Minnesota (MN), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Mexico (NM), Ohio (OH), Oklahoma (OK), Oregon (OR), Rhode Island (RI), South Dakota (SD), Tennessee (TN), Vermont (VT), Washington (WA), West Virginia (WV), Wisconsin (WI), Wyoming (WY).

**Visual brief**: *Section header in navy — “Section C: States with No Commercial Financing Disclosure Law or Bill Activity.” Teal divider line below the heading; light gray background or faint U.S. map texture to signal national coverage. Intro paragraph in dark gray text with compact spacing and a small icon (e.g., document or alert symbol) emphasizing “No active laws — federal rules still apply.”*

***Content Layout Visual Brief (applies to all of Section C)**: Single-column layout with generous spacing; two main parts visually separated:* *State List Block — Compact grid or multi-column list of state names in alphabetical order with small teal dots or map markers for clarity.* *Federal Framework & Checklist — Use light teal shaded boxes for each sub-section (“Federal framework,” “Voluntary disclosure checklist,” “Notes & caveats”).* *Headings in teal, concise bullets with subtle checkmark or document icons.* *Keep federal agency names (e.g., CFPB, FTC) bolded for quick scanning.* *Overall look: reference-manual clarity, minimal color, high legibility.*