The Money Transmission Modernization Act aims to update Alaska's money transmission laws by introducing a comprehensive regulatory framework for virtual currency and enhancing the oversight capabilities of the Department of Commerce, Community, and Economic Development. Key provisions include the establishment of licensing requirements for virtual currency business activities, mandating that individuals or entities must be licensed or exempt to engage in such activities. The bill also outlines detailed application processes, renewal requirements, and consumer disclosures regarding fees and transaction confirmations. Significant changes include new language clarifying conditions for engaging in money transmission, specific requirements for individuals in control of a licensee, and enhanced consumer protection measures.

Additionally, the bill revises existing laws related to permissible investments for money transmission licensees, establishing a statutory trust framework and introducing new categories of permissible investments, including virtual currency. It also expands exemptions from licensing requirements and mandates that receipts for money transmission include specific information. The Act further addresses the timely transmission of funds, refund processes, and the reporting of unclaimed virtual currency. With provisions set to take effect on July 1, 2027, the legislation aims to create a more robust and transparent regulatory environment for money transmission and virtual currency activities in Alaska, ensuring greater protection for consumers and the financial system.

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
SB0086C, AM HCS CSSB 86(FIN), introduced 05/06/2026: 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, 06.55.502, 06.55.165, 06.55.403, 06.55.170, 06.55.150, 45.08.102, 45.29.102, 06.55.301, 06.55.302, 06.55.401, U.S.C, 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, 06.55.503, 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, 34.45.280, 34.45.110, 34.45.430, 34.45.320, 34.45.410, 34.45.380, 34.45.390, 34.45.760, 23.20.130, 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
SB0086Z, AM Enrolled SB 86, introduced 05/15/2026: 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, 06.55.502, 06.55.165, 06.55.403, 06.55.170, 06.55.150, 45.08.102, 45.29.102, 06.55.301, 06.55.302, 06.55.401, U.S.C, 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, 06.55.503, 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, 34.45.280, 34.45.110, 34.45.430, 34.45.320, 34.45.410, 34.45.380, 34.45.390, 34.45.760, 23.20.130, 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