AK Stat § 06.55.990 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 55. Alaska Uniform Money Services Act|Article 9. General Provisions.|Sec. 06.55.990. Definitions.

In this chapter, unless the context indicates otherwise, (1) “authorized delegate” means a person whom a money services licensee designates to provide money services on behalf of the money services licensee; (2) “bank” means an institution organized under federal or state law that (A) accepts demand deposits or deposits that the depositor may use for payment to third parties and engages in the business of making commercial loans; or (B) engages in credit card operations and maintains only one office that accepts deposits, does not accept demand deposits or deposits that the depositor may use for payments to third parties, does not accept a savings or time deposit less than $100,000, and does not engage in the business of making commercial loans; (3) “control” means (A) the ownership of, or the power to vote, directly or indirectly, at least 25 percent of a class of voting securities or voting interests of a money services licensee or person in control of a money services licensee; (B) the power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a money services licensee or person in control of a money services licensee; or (C) the power to exercise directly or indirectly, a controlling influence over the management or policies of a money services licensee or person in control of a money services licensee; (4) “currency exchange” means receipt of revenues from the exchange of money of one government for money of another government; (5) “currency exchange license” means a license under AS 06.55.201 - 06.55.204; (6) “currency exchange licensee” means a person who holds a currency exchange license; (7) “department” means the Department of Commerce, Community, and Economic Development; (8) “executive officer” means a president, a chair of the executive committee, a chief financial officer, a responsible individual, or another individual who performs similar functions; in this paragraph, “responsible individual” means an individual who is employed by a money services licensee and has principal managerial authority over the provision of money services by the money services licensee in this state; (9) “mobile location” means a vehicle or a movable facility where currency exchange occurs; (10) “monetary value” means a medium of exchange, whether or not redeemable in money; (11) “money” means a medium of exchange that is authorized or adopted by the United States or a foreign government, including a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments; (12) “money services” means money transmission or currency exchange; (13) “money services license” means a currency exchange license or a money transmission license; (14) “money services licensee” means a person who holds a currency exchange license or a money transmission license; (15) “money transmission” means selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission, but does not include the provision solely of delivery, online services, telecommunications services, or network access; (16) “money transmission license” means a license under AS 06.55.101 - 06.55.107 or an approval under AS 06.55.103; (17) “money transmission licensee” means a person who holds a money transmission license; (18) “outstanding” with respect to a payment instrument, means issued or sold by or for the money services licensee and reported as sold but not yet paid by or for the licensee; (19) “payment instrument” means a check, a draft, a money order, a traveler's check, or another instrument for the transmission or payment of money or monetary value, whether or not negotiable, but does not include a credit card voucher, a letter of credit, or an instrument that is redeemable by the issuer in goods or services; (20) “person” means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a government, a governmental subdivision, an agency, or an instrumentality, a public corporation, or any other legal or commercial entity; (21) “record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; (22) “state” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States; (23) “stored value” means monetary value that is evidenced by an electronic record; (24) “unsafe or unsound practice” means a practice or conduct by a money transmission licensee or an authorized delegate of the money transmission licensee if the practice creates the likelihood of material loss, insolvency, or dissipation of the money transmission licensee's assets, or otherwise materially prejudices the interests of the money transmission licensee's customers.