The proposed bill seeks to modernize Alaska's money transmission laws by updating licensing requirements, incorporating regulations for virtual currency, and enhancing the Department of Commerce's oversight capabilities. Key changes include the introduction of new licensing provisions for virtual currency business activities, which will require entities to be licensed or exempt from licensing. The bill establishes clearer guidelines for the application process, including the submission of detailed personal and financial information from individuals in control of a licensee, and mandates comprehensive disclosures to consumers regarding fees and transaction confirmations. Additionally, it extends record-keeping requirements from three to five years for outstanding money transmission obligations and clarifies the approval process for acquiring control of a licensee.

Further amendments enhance the confidentiality of information obtained by the department and introduce requirements for audited financial statements from licensees. The bill also revises the criteria for the suspension or revocation of licenses, allowing for relief applications and specifying requirements for letters of credit. Notably, the bill increases civil penalties for violations from a maximum of $1,000 to $10,000 per day and clarifies penalties for unlicensed money transmission activities. It mandates that licensees inform customers about complaint filing procedures and includes provisions for refunds. Overall, the legislation aims to strengthen regulatory oversight, protect consumers, and adapt to the evolving landscape of money transmission and virtual currency, with an effective date set for July 1, 2026.

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