Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.55.101 License required.
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(a) A person may not engage in the business of money transmission or advertise, solicit, or hold the person out as providing money transmission unless the person (1) holds a money transmission license; or (2) is an authorized delegate of a person who holds a money transmission li…
AS 06.55.102 Application for license.
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(a) A person applying for a money transmission license shall apply in a form and in a medium prescribed by the department. The application must state or contain (1) the legal name and residential and business addresses of the applicant and any fictitious or trade name used by the…
AS 06.55.103 Approval to engage in money transmission when licensed in another state.
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(a) A person who is licensed to engage in money transmission in at least one other state, with the approval of the department and under this section, may engage in money transmission, currency exchange, or both money transmission and currency exchange in this state without being …
AS 06.55.104 Security.
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(a) Except as otherwise provided in (b) of this section, a surety bond, a letter of credit, or another similar security acceptable to the department in the amount of $25,000 plus $5,000 for each location, not exceeding a total addition of $125,000, must accompany an application f…
AS 06.55.105 Issuance of license.
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(a) When an application is filed under AS 06.55.102, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct an on-site investigation of the applicant, t…
AS 06.55.106 Renewal of license.
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(a) A money transmission licensee shall pay an annual renewal fee not later than 30 days before the anniversary of the issuance of the money transmission license or, if the last day is not a business day, on the next business day. (b) A money transmission licensee shall submit a …
AS 06.55.107 Net worth.
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Article 2. Currency Exchange Licenses. A money transmission licensee shall maintain a net worth of at least $25,000 determined under generally accepted accounting principles.
AS 06.55.201 License required.
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(a) A person may not engage in currency exchange or advertise, solicit, or hold the person out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person (1) holds a currency exchange license; (2) h…
AS 06.55.202 Application for license.
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(a) A person applying for a currency exchange license under AS 06.55.201 — 06.55.204 shall apply in a form and in a medium prescribed by the department. The application must state or contain (1) the legal name and residential and business addresses of the applicant if the applica…
AS 06.55.203 Issuance of license.
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(a) When an application for a currency exchange license is filed under AS 06.55.201 — 06.55.204, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct …
AS 06.55.204 Renewal of license.
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Article 3. Authorized Delegates. (a) A currency exchange licensee shall pay a biennial renewal fee not later than 30 days before each biennial anniversary of the issuance of the currency exchange license or, if the last day is not a business day, on the next business day. (b) A c…
AS 06.55.301 Relationship between licensee and authorized delegate.
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(a) A contract between a money services licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The money services licensee shall furnish in a record to each authorized delegate policies and procedures sufficient f…
AS 06.55.302 Unauthorized activities.
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Article 4. Examinations, Reports, Records. A person may not act as an authorized delegate for, or otherwise provide money services on behalf of, a person who does not hold a money services license under this chapter.
AS 06.55.401 Authority to conduct examinations.
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(a) The department may conduct an annual examination of a money services licensee or of any of its authorized delegates upon 45 days' notice in a record to the money services licensee. (b) The department may examine a money services licensee or its authorized delegate, at any tim…
AS 06.55.402 Cooperation.
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The department may consult and cooperate with other state money services regulators in enforcing and administering this chapter. The department and other state money service regulators may jointly pursue examinations and take other official action that they are otherwise empowere…
AS 06.55.403 Reports.
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(a) A money services licensee shall file with the department within 15 business days any material changes in information provided in a money services licensee's application as prescribed by the department. (b) A money services licensee shall file with the department within 45 day…
AS 06.55.404 Change of control.
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(a) A money services licensee shall (1) give the department notice in a record of a proposed change of control within 15 days after learning of the proposed change of control; (2) request approval of the acquisition; and (3) submit a nonrefundable fee with the notice. (b) After r…
AS 06.55.405 Records.
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(a) A money services licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each payment instrument or stored-value obligation sold; (2) a general ledger posted at least monthly containing all asset…
AS 06.55.406 Money laundering reports.
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(a) A money services licensee and an authorized delegate shall file with the attorney general all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set out in 31 U.S.C. 5311 and other federal and state laws pertai…
AS 06.55.407 Confidentiality.
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Article 5. Permissible Investments. (a) Except as otherwise provided in (b) of this section, all information or reports obtained by the department from an applicant, a licensee, or an authorized delegate are confidential and not subject to disclosure under AS 40.25.100 — 40.25.29…
AS 06.55.501 Maintenance of permissible investments.
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(a) A money services licensee shall maintain at all times permissible investments that have a market value computed under generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issu…
AS 06.55.502 Types of permissible investments.
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Article 6. Enforcement. (a) Except to the extent otherwise limited by the department under AS 06.55.501, the following investments are permissible under AS 06.55.501: (1) cash, a certificate of deposit, or a senior debt obligation of an insured depository institution; in this par…
AS 06.55.601 Suspension and revocation; receivership.
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(a) The department may suspend or revoke a money services license, place a money services licensee in receivership, or order a money services licensee to revoke the designation of an authorized delegate if (1) the money services licensee violates this chapter or a regulation adop…
AS 06.55.602 Suspension and revocation of authorized delegates.
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(a) The department may issue an order suspending or revoking the designation of an authorized delegate if the department finds that (1) the authorized delegate violated this chapter or a regulation adopted or an order issued under this chapter; (2) the authorized delegate did not…
AS 06.55.603 Orders to cease and desist.
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(a) If the department determines that a violation of this chapter or of a regulation adopted or an order issued under this chapter by a money services licensee or authorized delegate is likely to cause immediate and irreparable harm to the money services licensee, its customers, …
AS 06.55.604 Consent orders.
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The department may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a regulation adopted or order issued under this chapter. A consent order shall be signed by the person to whom it is issued or by the person's authorized repr…
AS 06.55.605 Civil penalties.
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The department may assess a civil penalty against a person who violates this chapter or a regulation adopted or an order issued under this chapter in an amount not to exceed $1,000 each day for each day the violation is outstanding.
AS 06.55.606 Criminal penalties.
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(a) A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or who intentionally makes a false entry or omits a material entry in a record filed or required to be maintained un…
AS 06.55.607 Unlicensed persons.
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Article 7. Administrative Procedures. (a) If the department has reason to believe that a person has violated or is violating AS 06.55.101 or 06.55.201, the department may issue an order to show cause why an order to cease and desist should not issue requiring that the person ceas…
AS 06.55.701 Administrative proceedings.
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All administrative proceedings under this chapter shall be conducted under AS 44.62 (Administrative Procedure Act), except that hearings shall be conducted by the office of administrative hearings (AS 44.64.010).
AS 06.55.702 Hearings.
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(a) Except as otherwise provided in AS 06.55.603 and 06.55.607 and in (b) of this section, the department may not suspend or revoke a money services license, place a money services licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of …
AS 06.55.703 Investigative powers.
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Article 8. Miscellaneous Provisions. (a) In its investigations under this chapter, the department may administer oaths or affirmations and, on its own motion or on the request of a party to a proceeding, may subpoena witnesses, compel the attendance of witnesses, take evidence, a…
AS 06.55.801 Uniformity of application and construction.
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In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
AS 06.55.802 Exclusions.
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This chapter does not apply to (1) the United States or a department, an agency, or an instrumentality of the United States; (2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service; (3) a state, a municipality, a…
AS 06.55.810 Notices required.
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(a) A money services licensee shall display a sign at each location where the money services licensee (1) provides money services under this chapter; and (2) has not designated an authorized delegate to provide money services on behalf of the money services licensee at the locati…
AS 06.55.820 Transmission.
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Within 10 business days after receiving the money or equivalent value for money transmission, unless otherwise ordered by the customer or unless the money transmission licensee has reason to believe a crime has occurred, is occurring, or may occur as a result of the money transmi…
AS 06.55.830 Receipt.
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(a) A money transmission licensee who receives money or equivalent value for a money transmission shall provide a receipt to the customer that clearly states the amount of the money or the equivalent value presented by the customer for the money transmission and the total fees ch…
AS 06.55.840 Refunds.
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Within 10 days after receiving a written request for a refund, a money transmission licensee shall refund to a customer money equal to the money or equivalent value received from the customer for a money transmission, unless (1) before receiving the written request (A) the money …
AS 06.55.850 Establishment of fees and other charges.
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(a) The department shall adopt regulations that establish the amount and manner of payment of fees required under this chapter. (b) The department shall establish fee levels under (a) of this section so that the total amount of fees collected for both money transmission licenses …
AS 06.55.890 Definitions.
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Article 9. General Provisions. In AS 06.55.820 — 06.55.840, (1) “fees” does not include revenue that a money services licensee generates from a money transmission when converting the currency of one government into the currency of another government; (2) “monetary equivalent” mea…
AS 06.55.990 Definitions.
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In this chapter, unless the context indicates otherwise, (1) “authorized delegate” means a person whom a money services licensee designates to provide money services on behalf of the money services licensee; (2) “bank” means an institution organized under federal or state law tha…
AS 06.55.995 Short title.
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[Repealed or reserved.]