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 a mandate for individuals or entities to obtain a license for money transmission or virtual currency activities, with specific exemptions outlined. The bill establishes a detailed application process, requiring applicants to submit comprehensive financial and operational information, and sets timelines for the approval or denial of applications. Additionally, it introduces new sections addressing virtual currency business activities, emphasizing consumer disclosures regarding fees and liabilities, and mandates record retention for transactions involving virtual currency for a minimum of five years.

The legislation also amends existing laws to clarify definitions and requirements related to money transmission, including extending record-keeping obligations from three to five years and specifying exemptions for certain individuals acquiring control of a licensee. It enhances regulatory oversight by requiring licensees to file audited financial statements annually and allows for inter-agency agreements to improve efficiency. The bill increases the maximum civil penalty for violations from $1,000 to $10,000 per day and introduces new procedural aspects for enforcement, including the ability for the department to issue cease and desist orders. Overall, the bill aims to create a more robust regulatory environment for money transmission and virtual currency operations in Alaska, ensuring consumer protection and compliance with federal laws.

Statutes affected:
HB0099A, AM HB 99, introduced 02/12/2025: 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
HB0099B, AM CSHB 99(L&C), introduced 03/19/2025: 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