State of Alaska
Fiscal Note
Bill Version: CSSB 84(FIN)
2024 Legislative Session
Fiscal Note Number: 2
(S) Publish Date: 4/26/2024
Identifier: SB084-DCCED-DBS-02-13-24 Department: Department of Commerce, Community and
Title: MONEY TRANSMISSION; VIRTUAL CURRENCY Economic Development
Sponsor: RLS BY REQUEST OF THE GOVERNOR Appropriation: Banking and Securities
Requester: (S) Finance Allocation: Banking and Securities
OMB Component Number: 2808
Expenditures/Revenues
Note: Amounts do not include inflation unless otherwise noted below. (Thousands of Dollars)
Included in
FY2025 Governor's
Appropriation FY2025 Out-Year Cost Estimates
Requested Request
OPERATING EXPENDITURES FY 2025 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030
Personal Services 373.6 629.9 629.9 629.9 629.9 629.9
Travel 7.5 12.5 12.5 12.5 12.5 12.5
Services 85.0 125.0 125.0 125.0 125.0 125.0
Commodities 30.0 20.0
Capital Outlay
Grants & Benefits
Miscellaneous
Total Operating 496.1 0.0 787.4 767.4 767.4 767.4 767.4
Fund Source (Operating Only)
1005 GF/Prgm (DGF) 496.1 787.4 767.4 767.4 767.4 767.4
Total 496.1 0.0 787.4 767.4 767.4 767.4 767.4
Positions
Full-time 3.0 5.0 5.0 5.0 5.0 5.0
Part-time
Temporary
Change in Revenues
1005 GF/Prgm (DGF) 110.0 787.4 767.4 767.4 767.4 767.4
Total 110.0 0.0 787.4 767.4 767.4 767.4 767.4
Estimated SUPPLEMENTAL (FY2024) cost: 0.0 (separate supplemental appropriation required)
Estimated CAPITAL (FY2025) cost: 0.0 (separate capital appropriation required)
Does the bill create or modify a new fund or account? No
(Supplemental/Capital/New Fund - discuss reasons and fund source(s) in analysis section)
ASSOCIATED REGULATIONS
Does the bill direct, or will the bill result in, regulation changes adopted by your agency? Yes
If yes, by what date are the regulations to be adopted, amended or repealed? 06/30/25
Why this fiscal note differs from previous version/comments:
Updated from SLA 2023 to SLA 2024 fiscal note template. Corrected position count and updated currency transmission count data for
statewide numbers.
Prepared By: Robert H. Schmidt, Director Phone: (907)269-5469
Division: Banking and Securities
REPORT Date: 02/13/2024
ED
SFC 04/2 OUT OF
Approved By: Hannah Lager, Administrative Services Director Date: 02/16/24
Agency: Commerce, Community, and Economic Development
5/2024
Printed 4/26/2024 Page 1 of 2 Control Code: TauPz
 CSSB 84(FIN) - Fiscal Note 2
FISCAL NOTE ANALYSIS
STATE OF ALASKA BILL NO. SB 84
2024 LEGISLATIVE SESSION
Analysis
This legislation allows the Division of Banking and Securities to become current with a rapidly changing money services
industry, including virtual currency/cryptocurrency. It modernizes AS 06.55, Alaska Uniform Money Services Act, by
adopting pertinent sections of a Uniform Money Transmission Modernization Act, a model law developed by the
Conference of State Bank Supervisors and industry representatives. Neither mobile payments (such as PayPal, Apple Pay,
Google Pay) nor cryptocurrency existed when the current law was drafted. This bill will reduce regulatory burden and
bring uniformity across states for core licensing and examination processes. Further, it will clarify the division's authority
to regulate virtual currencies. In calendar year 2022, Alaskans transmitted over $623 million in virtual currency, which is an
increase of 1,855% over calendar year 2019.
Adoption of this bill will clarify licensure requirements for companies conducting financial services activities in Alaska
particularly in the financial technology space such as online transmission of virtual currencies and payroll processing via
stored value cards. The bill expands and clarifies business activities exempt from licensure and supervision by the division.
The bill incorporates language that allows the division to fully utilize the Nationwide Multistate Licensing System (NMLS)
online registry including the system's criminal background checks. The changes allow the division to coordinate more
effectively with other states and leverage resources to reduce regulatory burden on licensees.
New program receipt revenue is estimated to be a minimum of $110.0 per year for 35 new license applications. The
division expects to adopt an assessment fee model through new regulations that would ensure actual costs of regulation
would be covered from existing program receipt collections.
The division will require additional staff and support costs to respond to the growth in money services activities, the
complexity of new business models, and the use of third‐party partnerships. The positions will allow the division to
implement the new law, incorporate changes in the operation of the NMLS, develop proficiency in the examination of
electronic systems, and assessment of cybersecurity measures in a high‐risk environment.
Personal services:
$373.6 In FY2025 only for three positions:
Financial Registration Examiner (range 14), Juneau
Financial Examiner 1/2 flex (range 17/19), Juneau
Financial Examiner 4 (range 23), Juneau
$629.9 Beginning in FY2026, for five positions total:
The above three positions added in FY2025 plus
Financial Examiner 3 (range 21), Juneau
Program Coordinator 1 (range 18), Juneau
Travel: $2.5 Per position per year - out‐of‐state trainings necessary for implementation
Services: $10.0 In FY2025 only Department of Law regulations review
$75.0 In FY2025 and beyond for core services and allocated costs ($25.0/position/year)
$50.0 In FY2026 and beyond for core services and allocated costs ($25.0/position/year)
Commodities: $30.0 In FY2025 only for initial setup costs – $10.0/position
$20.0 In FY2026 only for initial setup costs – $10.0/position
(Revised 10/31/2023 OMB/LFD) Page 2 of 2
SB084-DCCED-DBS-02-13-24 Page 2 of 2 Control Code: TauPz


Statutes affected:
SB0084A, AM SB 84, introduced 02/24/2023: 06.55.101, 06.55.802, 06.55.102, 06.55.505, 06.55.105, 06.55.109, 06.55.106, 06.55.155, 06.55.160, 06.55.165, 06.55.403, 06.55.170, 06.55.150, U.S.C, 45.56.100, 45.56.995, 45.08.102, 45.29.102, 06.55.301, 06.55.302, 06.55.401, 06.55.407, 06.55.404, 06.55.412, 06.55.501, 06.55.510, 06.55.405, 06.55.406, 40.25.100, 40.25.295, 06.55.410, 06.55.411, 06.55.502, 06.55.503, 06.55.601, 06.55.602, 06.55.603, 06.55.605, 06.55.606, 06.55.607, 06.55.201, 06.55.701, 06.55.702, 06.55.810, 06.55.830, C.F.R, 06.55.840, 06.55.850, 06.55.990, 06.55.995, 12.62.400, 06.55.103, 06.55.104, 06.55.107, 06.55.202, 06.55.203, 06.55.204, 06.55.402, 06.55.820, 06.55.890
SB0084B, AM CSSB 84(JUD), introduced 05/09/2023: 06.55.101, 06.55.802, 06.55.102, 06.55.505, 06.55.105, 06.55.109, 06.55.106, 12.62.400, 06.55.110, 06.55.155, 06.55.160, 06.55.165, 06.55.403, 06.55.170, 06.55.150, U.S.C, 45.56.100, 45.56.995, 45.08.102, 45.29.102, 06.55.301, 06.55.302, 06.55.401, 06.55.407, 06.55.404, 06.55.412, 06.55.501, 06.55.510, 06.55.405, 06.55.406, 40.25.100, 40.25.295, 06.55.410, 06.55.411, 06.55.502, 06.55.601, 06.55.602, 06.55.603, 06.55.605, 06.55.606, 06.55.607, 06.55.201, 06.55.701, 06.55.702, 06.55.810, 06.55.830, C.F.R, 06.55.840, 06.55.850, 06.55.990, 06.55.995, 06.55.103, 06.55.104, 06.55.107, 06.55.202, 06.55.203, 06.55.204, 06.55.402, 06.55.820, 06.55.890
SB0084C, AM CSSB 84(FIN), introduced 04/26/2024: 06.55.101, 06.55.802, 06.55.102, 06.55.505, 06.55.105, 06.55.109, 06.55.106, 06.55.155, 06.55.160, 06.55.165, 06.55.403, 06.55.170, 06.55.150, U.S.C, 45.56.100, 45.56.995, 45.08.102, 45.29.102, 06.55.301, 06.55.302, 06.55.401, 06.55.407, 06.55.404, 06.55.412, 06.55.501, 06.55.510, 06.55.405, 06.55.406, 40.25.100, 40.25.295, 06.55.410, 06.55.411, 06.55.502, 06.55.503, 06.55.601, 06.55.602, 06.55.603, 06.55.605, 06.55.606, 06.55.607, 06.55.201, 06.55.701, 06.55.702, 06.55.810, 06.55.830, C.F.R, 06.55.840, 06.55.850, 06.55.990, 06.55.995, 12.62.400, 06.55.103, 06.55.104, 06.55.107, 06.55.202, 06.55.203, 06.55.204, 06.55.402, 06.55.820, 06.55.890