Alaska Administrative Code

Notes 3 AAC 12.260 In effect before 7/28/59; repealed 10/16/2003, Register 168 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will b…

No licensee shall solicit business by means of "credit cards," "letters of credit," or other similar devices which indicate that a holder has an established credit standing with the licensee unless such holder has made a bona fide application to the licensee and credit has actual…

(a) No licensee shall by any representation or device, either directly or indirectly, offer to any person anything of value by means of which he will be encouraged to become a borrower, or shall recommend, refer, or induce an applicant to apply for or secure a loan from any such …

When examples or tables of periodic payments under a flat payment plan are advertised, they shall include all charges to the borrower as well as interest and principal. If only principal and interest payments are advertised, a clear statement of the rate of charge or the total am…

A copy of all permanent signs and window displays that include any material other than the name of the licensee must be submitted to the department before or at the time they are placed into use. Notes 3 AAC 12.300 In effect before 7/28/59; am 6/30/77, Register 62 Authority:AS 06…

Each licensee shall retain for a period of two years from the date of use, with date of use indicated thereon, information disclosing the medium through which any advertisement was disseminated. Identical copies of all advertising materials which are published, distributed, or br…

The department considers all form letters designed to solicit additional loans as advertising, and copies of all such material must be retained for inspection by representatives of the department at any time. All advertising and business shall be conducted under the name on the l…

Each licensee shall maintain a permanent file for all official communications to and from the department. Notes 3 AAC 12.330 In effect before 7/28/59; am 6/30/77, Register 62 Authority:AS 06.20.340 State regulations are updated quarterly; we currently have two versions available.…

Each licensee shall be familiar with the laws and regulations relating to the business. Notes 3 AAC 12.340 In effect before 7/28/59; am 6/30/77, Register 62 Authority:AS 06.20.340 State regulations are updated quarterly; we currently have two versions available. Below is a compar…

The place of business designated in the license shall be open each business day during customary hours to receive payments from borrowers. Notes 3 AAC 12.350 In effect before 7/28/59 Authority:AS 06.20.340 State regulations are updated quarterly; we currently have two versions av…

If a borrower is also a guarantor or endorser on another loan, the file and account record of the borrower must be cross-referenced to the guaranteed or endorsed loan file. Notes 3 AAC 12.360 Eff. 6/30/77, Register 62; am 10/16/2003, Register 168 Authority:AS 06.20.240 AS 06.20.2…

(a) On the date the loan is made, loan proceeds must be delivered to the borrower or to a third party on behalf of the borrower. Loan proceeds delivered by mail must be sent by registered mail, by certified mail, or in another manner that allows the licensee to obtain written con…

(a) Whenever a loan is paid in full or renewed before maturity (except by insurance), the licensee shall cancel existing life insurance and refund all unearned premiums. (b) When a loan is paid in full or renewed before the first scheduled due date, the insurance is considered to…

A separate file must be maintained for each loan in the office of the licensee. The file must contain the note, the security agreement, the disclosure and acknowledgement required in 3 AAC 12.145, the financing statement, the termination statement, and all other evidence of indeb…

The debt collection procedures and requirements set out at ch. 01 of this title apply to licensees under this chapter. Notes 3 AAC 12.395 Eff. 4/13/79, Register 70 Authority:AS 06.20.320 AS 06.20.340 State regulations are updated quarterly; we currently have two versions availabl…

(a) In this chapter "department" means the Department of Commerce, Community, and Economic Development. (b) In this chapter and in AS 06.20 "releasing fee" means a fee taken to release a financing statement, mortgage, deed of trust, or a vehicle lien. Notes 3 AAC 12.900 Eff. 6/30…

An activity or transaction that would be covered as money transmission remains covered as money transmission if that activity or transaction is in the form of virtual currency. Notes 3 AAC 13.005 Eff. 1/1/2023, Register 244, January 2023 Authority:AS 06.55.990 State regulations a…

Beginning January 1, 2023, a person who is engaging in activities or transactions for which a license is required under AS 06.55 with activity or transactions in the form of virtual currency, shall submit an application for licensure through the registry. The department considers…

(a) A person applying for a money transmission or currency exchange license under AS 06.55.101 or 06.55.201 must submit an application that complies with AS 06.55.102 or 06.55.202 to the department through the registry. In addition to the information required by AS 06.55.102 or 0…

(a) A person seeking approval to engage in money transmission or currency exchange activities under AS 06.55 .103 without obtaining a license under AS 06.55.101 from the department must submit to the department (1) the items described in AS 06.55.103(a)(2) and 3 AAC 13.101(a); (2…

(a) An applicant for a money transmission license or for approval under AS 06.55.103 must provide, and must maintain at all times, security that satisfies the requirements of AS 06.55.104. The security must secure the faithful performance of the obligations of the money transmiss…

(a) Subject to (b) and (c) of this section, the department will deny a money services license application if the department determines that (1) the applicant has not submitted all the information required by AS 06.55 or this chapter; (2) the application is for a money transmissio…

(a) The department may deny renewal of a money transmission license, including an approval under AS 06.55.103, on the same grounds for which the license may be revoked or suspended under AS 06.55.601 or this chapter, including the failure to provide proof of adequate security. (b…

(a) The department may deny renewal of a currency exchange license on the same grounds for which the license may be revoked or suspended under AS 06.55.601 or this chapter. (b) If the currency exchange licensee fails to make a timely request for renewal of the license, the depart…

(a) An application is considered abandoned if the department does not receive any response from the applicant or licensee for 60 days after the department assigns a notice of deficiency to the record of the applicant or licensee in the registry. (b) An abandoned application is de…

(a) A money transmission licensee may conduct business regulated under AS 06.55 through an authorized delegate designated by the money transmission licensee in accordance with AS 06.55 and this chapter. (b) Before a money transmission licensee is authorized to conduct business th…

(a) A request for approval of change of control required by AS 06.55.404 must include a comprehensive description of the proposed change and be submitted to the department through the registry. The description must set out (1) the identity of each person acquiring control under t…

(a) When the department conducts an on-site investigation under AS 06.55.105(a) l06.55.103(b), or 06.55.203(a) or an examination under AS 06.55.401, (1) the applicant, money services licensee, or authorized delegate shall provide the department free access to the place of busines…

In addition to the records required to be maintained under AS 06.55.405(a), a money transmission licensee shall maintain a record of money transmittals in accordance with 31 C.F.R. 103.33(f). Notes 3 AAC 13.220 Eff. 7/12/2008, Register 187 Authority:AS 06.55.405 AS 44.33.020 Stat…

(a) Before disclosing confidential information under AS 06.55.407(b), the department will send written notice to the applicant, money services licensee, or authorized delegate with a confidentiality interest in the information of the department's intent to release the information…

In addition to the assets and securities listed in AS 06.55.502, a permissible investment for purposes of AS 06.55 includes (1) commercial paper within the top three rating categories of a nationally recognized rating service; (2) interest-bearing bills, notes, or bonds that bear…

The sign required by AS 06.55.810 must utilize a large enough font to be easily read by persons visiting the location where it is displayed. Notes 3 AAC 13.820 Eff. 7/12/2008, Register 187 Authority:AS 06.55.810 AS 44.33.020 State regulations are updated quarterly; we currently h…

A money services licensee shall provide electronic notice to the department through the registry of its decision to cease operations as a money services licensee or the cessation of operations of any of its authorized delegates not later than seven days after that decision or ces…

(a) The following nonrefundable fees are established for services provided under AS 06.55 or this chapter and shall be paid to the department through the registry: (1) an application fee for a money transmission license under AS 06.55.102, approval under AS 06.55.103, or currency…

When the department conducts an investigation under AS 06.55.103(b), 06.55.105(a).i or 06.55.203(a) or an examination under AS 06.55.401, the applicant, money services licensee, or authorized delegate shall pay the actual expenses of required travel, including transportation, lod…

(a) An application for department action under AS 06.55 and this chapter will be considered filed or submitted at the time the filing or submission is received in electronic form by the department through the registry. (b) Repealed 11/22/2017. Notes 3 AAC 13.910 Eff. 7/12/2008, R…

(a) A money services licensee shall maintain a current, valid, mailing address and electronic mail address on file with the department through the registry at all times. An applicant or licensee shall monitor its record in the registry and its electronic mail address filed with t…

In AS 06.55 and this chapter, (1) "business day" means a day other than Saturday, Sunday, or a state or federal holiday; (2) "department" means the Department of Commerce, Community, and Economic Development; (3) "Form MUI" means the uniform money services license application dev…

Notes 3 AAC 130.011 Eff. 8/20/81, Register 79; am 10/18/87, Register 104; am 8/19/88, Register 107; am 12/1/2002, Register 164; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our mo…

Notes 3 AAC 130.021 Eff. 8/20/81, Register 79; am 10/18/87, Register 104; am 8/19/88, Register 107; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the pr…

Notes 3 AAC 130.042 Eff. 10/18/87, Register 104; am 8/19/88, Register 107; am 12/1/2002, Register 164; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the…

Notes 3 AAC 130.043 Eff. 10/18/87, Register 104; am 12/1/2002, Register 164; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. …

Notes 3 AAC 130.044 Eff. 10/18/87, Register 104; am 12/1/2002, Register 164; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. …

Notes 3 AAC 130.052 Eff. 10/18/87, Register 104; am 8/19/88, Register 107; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. Mo…

Notes 3 AAC 130.053 Eff. 10/18/87, Register 104; am 8/19/88, Register 107; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. Mo…

Notes 3 AAC 130.054 Eff. 10/18/87, Register 104; am 8/19/88, Register 107; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. Mo…

Notes 3 AAC 130.055 Eff. 10/18/87, Register 104; am 8/19/88, Register 107; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. Mo…

Notes 3 AAC 130.061 Eff. 8/20/81, Register 79; am 10/18/87, Register 104; repealed 12/1/2002, Register 164 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. Mor…

Notes 3 AAC 130.071 Eff. 8/20/81, Register 79; am 10/18/87, Register 104; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. Mor…

Notes 3 AAC 130.072 Eff. 10/18/87, Register 104; am 12/1/2002, Register 164; repealed 3/14/2012, Register 201 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. …