This bill seeks to modernize Alaska's money transmission laws by updating licensure requirements, incorporating regulations for virtual currency, and enhancing the Department of Commerce's oversight capabilities. Key provisions include the establishment of a licensing framework for virtual currency activities, stringent background checks for individuals in control of licensees, and requirements for clear consumer disclosures regarding fees and transaction confirmations. The bill also outlines the process for license application, renewal, and maintenance, ensuring that licensees meet ongoing qualifications. Significant changes include the introduction of new sections addressing virtual currency business activities, clarifying property interests in virtual currency held by licensees, and extending record-keeping requirements from three to five years.

Additionally, the bill amends existing laws to enhance regulatory clarity and consumer protection, including the insertion of "transmission" in place of "services" in several instances and increasing the maximum civil penalty for violations from $1,000 to $10,000 per day. It mandates that licensees provide receipts for transactions with specific information and establishes guidelines for determining in-state transactions. The bill also introduces a new section requiring licensees to forward all money received for transmission according to their agreements, with a revised refund process stipulating that refunds must be issued within ten days of a written request. Overall, the bill aims to strengthen regulatory oversight and consumer protection in the money transmission industry while modernizing the legal framework to reflect current financial technologies.

Statutes affected:
SB0086A, AM SB 86, introduced 02/05/2025: 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
SB0086B, AM CSSB 86(FIN), introduced 04/14/2025: 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