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2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 3. Department Supervision. › Sec. 06.50.300. Suspension or revocation of license.

(a) The department may suspend or revoke a license under AS 44.62 (Administrative Procedure Act) if the department finds that
(1) the licensee has failed to pay the license fee, failed to maintain the required bond in effect, or failed to comply with a demand, ruling, or requirement of the department made under this chapter;
(2) the licensee has violated a provision of this chapter or a regulation adopted by the department under this chapter; or
(3) a fact or condition exists that, if it had existed at the time of the original application for the license, clearly would have constituted ground for denial of the issuance of the license.
(b) If the reason for suspension or revocation of a licensee's license at one location applies generally to all locations operated by the licensee, the department may suspend or revoke all licenses issued to the licensee.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 3. Department Supervision. › Sec. 06.50.310. Reports to department.

(a) On or before March 15 of each year, a licensee shall file with the department a composite annual report for the preceding calendar year in the form prescribed by the department relating to all advances made by the licensee. The department may require that the report be submitted under oath or affirmation, or with notice that false statements made are punishable as unsworn falsification in the second degree under AS 11.56.210.
(b) The report must include
(1) the total number and dollar amount of advances made by the licensee;
(2) the total number of individual customers who received advances;
(3) the minimum, maximum, and average amount of advances;
(4) the average annual percentage rate of the fee charged for advances;
(5) the average number of days of the advances;
(6) the total number and dollar amount of returned checks;
(7) the total number and dollar amount of checks paid by advance recipients;
(8) the total number and dollar amount of checks charged off as a loss;
(9) the total dollar amount of outstanding advances as of the last day of the calendar year;
(10) the total number of outstanding advances as of the last day of the calendar year; and
(11) any other information the department determines is required to conduct its review.
(c) Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the department describing the event and its expected effect on the activities of the licensee in the state:
(1) filing for bankruptcy or reorganization by the licensee;
(2) institution of suspension or revocation proceedings against the licensee by a state or other governmental authority;
(3) a felony indictment or felony conviction of the licensee and, if the licensee is not a natural person, of a member, partner, director, senior officer, or holder of 10 percent or more of the licensee's equity; and
(4) other events that the department determines and identifies by regulation that may impair the ability of the licensee to operate its business under this chapter.
(d) In the discretion of the department, the occurrence of an event in (c) of this section may constitute grounds for suspension or revocation of a license.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 3. Department Supervision. › Sec. 06.50.320. Records.

(a) A licensee shall maintain all records relating to this chapter at the location for which the licensee has a license. The records must conform to generally accepted accounting principles and practices in a manner that will enable the department to determine whether the licensee is complying with the provisions of this chapter. The department shall have unrestricted access to the records of the licensee.
(b) A licensee shall retain records relating to an advance for at least two years after the last entry on the advance, unless otherwise required by the department.
(c) A licensee shall retain records of an advance that is the subject of a court action for at least two years after a judgment or settlement of the court action.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 3. Department Supervision. › Sec. 06.50.330. Examinations and investigations.

(a) The department shall examine the business records of a licensee at intervals the department considers appropriate. In addition, for the purpose of discovering violations of this chapter or securing information lawfully required, the department may, at any time, investigate the advances, business transactions, and records of a licensee. For these purposes, the licensee shall provide the department with unrestricted access to the offices, places of business, and records of the licensee. Within 30 days after the department requests payment, the licensee shall pay the department the cost of examination at a rate of $75 an hour for each examiner.
(b) For the purposes of this section, the department may administer oaths or affirmations and, upon its own motion or upon request of a party, may subpoena witnesses, compel the attendance of witnesses, take evidence, and require the production of material that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of books, documents, and other tangible items, and the identity and location of persons having knowledge of relevant facts, or other material reasonably calculated to lead to the discovery of admissible evidence.
(c) Upon failure without lawful excuse to obey a subpoena or to give testimony, and upon reasonable notice to all persons affected by the failure, the department may apply to the superior court for an order compelling compliance.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.400. Advance agreement.

(a) An advance shall be documented in a written agreement that is signed by the advance recipient and on a form approved by the department.
(b) The agreement must clearly and conspicuously disclose
(1) the name of the licensee;
(2) the date of the advance;
(3) the principal amount of the advance;
(4) a statement of the total amount of fees that may be charged under AS 06.50.460(a) as a condition of making the advance, expressed both as a dollar amount and as an annual percentage rate;
(5) the repayment terms;
(6) the due date;
(7) an itemization of all disbursements, including disbursements to third parties;
(8) the name and title of the employee who signs the agreement on behalf of the licensee; and
(9) any other item required to be disclosed under state or federal law.
(c) The written agreement required by (a) of this section may not require an advance recipient to waive any rights under 15 U.S.C. 1692 - 1692p (Fair Debt Collection Practices Act) or other state or federal laws that regulate debt collection practices.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.410. Maximum amount of advances.

A licensee, including a licensee with more than one location, may not make advances to an advance recipient that exceed $500 outstanding in advances to the recipient at one time.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.420. Prohibition on dividing advance amount or increasing number of advances.

A licensee may not induce or permit an advance recipient to divide the amount of an advance, or to become obligated, directly, contingently, or both, for more than one advance at the same time, if the purpose or result is to obtain additional origination fees under AS 06.50.460(a)(1).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.460. Fees.

(a) Notwithstanding any other provision of law, except for the fee allowed under AS 06.50.510(b)(3) and where federal law provides otherwise, a licensee may only charge
(1) a nonrefundable origination fee in an amount not to exceed $5; and
(2) a fee that does not exceed $15 for each $100 of an advance, or 15 percent of the total amount of the advance, whichever is less.
(b) A licensee may not charge a fee other than the fees allowed under (a) of this section.
(c) The fees allowed by (a) of this section are considered earned at the time of the transaction and may not be prorated.
(d) A licensee may not charge the advance recipient an additional fee to access the proceeds of an advance.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.470. Renewal of advance.

(a) The minimum term of a renewal of an advance is 14 days.
(b) A licensee may not renew an advance more than two consecutive times, after which the licensee shall require the advance recipient to repay the advance in full.
(c) A licensee may not renew an advance for fees greater than the fees under AS 06.50.460(a).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.480. Rescission.

A person who receives an advance may rescind an advance without cause and without cost, except for the nonrefundable origination fee, at any time before the close of business on the business day following the day on which the advance was made by paying the principal amount of the advance to the licensee in cash or other immediately available funds.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.500. Posted fee notice.

A licensee shall post a notice in each business location that discloses the fees that the licensee charges for advances. The fees in the notice must be expressed as a dollar amount, as an annual percentage rate for 14 days for each $100, and as an annual percentage rate for 30 days for each $100. The notice must also contain any other reasonably necessary information required by the department by regulation. The notice shall be posted so that it is conspicuous to an advance recipient or a potential advance recipient. The lettering in the notice must be legible and at least one inch in height.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.510. Required disclosures before disbursement.

(a) Before disbursing funds under an advance, a licensee shall provide a clearly written statement that is separate from the written advance agreement required by AS 06.50.400(a). This disclosure statement must be reviewed and signed by the advance recipient. The licensee shall keep the signed original in the advance file for the recipient and give a copy to the recipient.
(b) The disclosure statement required by (a) of this section must
(1) indicate the advance is intended to address short-term, not long-term, financial needs;
(2) include an explanation of all fees for advances and renewals of advances;
(3) state that the licensee may charge an advance recipient a bad check fee for costs as allowed under AS 09.68.115(a)(2) if a payment is returned unpaid;
(4) state that, in the event of the advance recipient's default, the licensee may sue the recipient and recover up to $700 over the amount of the payment and, if the payment is a check, recover as permitted under AS 06.50.550(b);
(5) give the department's address and telephone number for receiving calls regarding customer complaints and concerns;
(6) state that the licensee may not accept collateral or services for an advance;
(7) state that the check given as security for the advance may be negotiated as part of the advance;
(8) state that
(A) the advance recipient may rescind the advance without cause at any time before the close of business on the business day following the day on which the licensee makes the advance by paying the principal amount of the advance to the licensee in cash or other immediately available funds;
(B) if the advance recipient rescinds under this paragraph, the origination fee is not refundable, but the licensee may not charge the recipient another fee, except for a bad check fee for costs as allowed under AS 09.68.115(a)(2) if the payment is returned unpaid;
(9) state that a criminal action may not be brought against the advance recipient for failure to pay the advance; and
(10) include other information reasonably required by the department to inform and protect advance recipients.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.520. Payment by licensee.

(a) A licensee may give an advance recipient the amount of the advance in cash, by the licensee's business check, by a money order, or by a reasonable electronic payment mechanism, including an electronic funds transfer to the advance recipient's account.
(b) A licensee may not use another form of payment than the form of payment authorized in (a) of this section to make an advance to an advance recipient. In this subsection, “another form of payment” includes coupons, merchandise, services, or chattel of any kind.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.530. Payment by advance recipient.

(a) An advance recipient may repay an advance
(1) in cash;
(2) by negotiation of the recipient's check that secures the advance; or
(3) with the agreement of the licensee, a debit card, a cashier's check, an electronic funds transfer from the recipient's bank account, or a reasonable electronic payment mechanism to which the parties agree.
(b) An advance is paid in full when the advance recipient repays the advance under (a) of this section, or when the advance recipient rescinds the advance under AS 06.50.480.
(c) A licensee may not accept payment of an advance from the proceeds of another advance provided by the same licensee.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.540. Default fees.

If a payment received from an advance recipient is returned unpaid to a licensee, the licensee may not collect the fees allowed by this chapter unless the fees are disclosed in the agreement for the advance under AS 06.50.400.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 4. Licensee Practices and Recipient Rescission and Payment. › Sec. 06.50.550. Collection or court action after default.

(a) If an advance recipient defaults, before assigning the payment obligation to a third party for collection and before initiating a court action against the recipient, a licensee
(1) shall attempt in good faith to contact the advance recipient at reasonable times by telephone or mail to discuss the delinquency and to offer the recipient a payment plan under (2) of this subsection;
(2) shall offer the recipient a payment plan under which
(A) the recipient may repay the delinquent advance over an extended period of time, which may not exceed six months;
(B) at least five percent of the outstanding balance is due when the payment plan is signed;
(C) an additional fee by the licensee is not allowed, except for a bad check fee for costs as allowed under AS 09.68.115(a)(2);
(3) in addition to the contact required by (1) of this subsection, shall send a certified letter to the recipient's last known address at least 15 days before the action that makes the offer described in (2) of this subsection and that informs the recipient of the licensee's intent to proceed with a court action.
(b) The licensee may initiate a court action against a defaulting recipient to recover damages and costs allowed under AS 09.68.115 if the licensee has complied with (a) of this section. Notwithstanding AS 09.68.115, the total of all damages and costs, including damages recovered under AS 09.68.115(a), may not exceed the amount of the payment by $700.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 5. Miscellaneous Provisions. › Sec. 06.50.610. Relationship to federal and other state law.

(a) If a provision of this chapter is preempted by or conflicts with federal law in a particular situation, the provision does not apply to the extent of the preemption or conflict.
(b) If a provision of this chapter conflicts with another state law in a particular situation, the provision in this chapter governs to the extent of the conflict.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 6. General Provisions. › Sec. 06.50.900. Definitions.

In this chapter, unless the context requires otherwise,
(1) “advance” means a deferred deposit advance;
(2) “advance recipient” means a borrower to whom an advance is made;
(3) “control,” in the case of a person who is not a natural person, means direct or indirect ownership, the right to vote or otherwise control 10 percent or more of the governance interests of the entity, or the ability of a person to elect a majority of the directors;
(4) “deferred deposit advance” means a transaction in which a person
(A) accepts a dated check from a person seeking an advance;
(B) agrees to hold the check for a specified period of time before depositing or otherwise negotiating the check; and
(C) pays to the advance recipient, credits to the account of the advance recipient, or pays to another person on behalf of the advance recipient the amount of the check less the charges allowed under this chapter;
(5) “department” means the Department of Commerce, Community, and Economic Development;
(6) “license” means a license issued under this chapter;
(7) “licensee” means a person to whom a license has been issued under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 1. Money Transmission Licenses. › Sec. 06.55.101. License required.

(a) A person may not engage in the business of money transmission or advertise, solicit, or hold the person out as providing money transmission unless the person
(1) holds a money transmission license; or
(2) is an authorized delegate of a person who holds a money transmission license.
(b) A money transmission license is not transferable or assignable.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 1. Money Transmission Licenses. › Sec. 06.55.103. Approval to engage in money transmission when licensed in another state.

(a) A person who is licensed to engage in money transmission in at least one other state, with the approval of the department and under this section, may engage in money transmission, currency exchange, or both money transmission and currency exchange in this state without being licensed under AS 06.55.102 if
(1) the state in which the person is licensed has enacted the Uniform Money Services Act or the department determines that the money transmission laws of the state in which the person is licensed are substantially similar to those imposed by this chapter;
(2) the person submits to, and in the form required by, the department
(A) in a record, an application for approval to engage in money transmission, currency exchange, or both money transmission and currency exchange in this state without being licensed under AS 06.55.102;
(B) a nonrefundable application fee;
(C) a fee for the first year of operating with the approval given under this section; this fee shall be refunded if the application is denied; and
(D) a certification of license history in the other state.
(b) Before granting a person approval under this section to engage in money transmission, currency exchange, or both money transmission and currency exchange in this state, the department shall make findings and conclusions as required by regulation.
(c) When an application for approval under this section is complete, the department shall promptly notify the applicant, in a record, of the date on which the request was determined to be complete, and
(1) the department shall approve or deny the request within 120 days after that date; or
(2) if the request is not approved or denied within 120 days after that date,
(A) the request is approved; and
(B) the approval takes effect as of the first business day after expiration of the 120-day period.
(d) An applicant whose application under this section is denied by the department may appeal, within 30 days after receipt of the notice of the denial, and request a hearing.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 1. Money Transmission Licenses. › Sec. 06.55.104. Security.

(a) Except as otherwise provided in (b) of this section, a surety bond, a letter of credit, or another similar security acceptable to the department in the amount of $25,000 plus $5,000 for each location, not exceeding a total addition of $125,000, must accompany an application for a money transmission license.
(b) Security must be in a form satisfactory to the department and payable to the state for the benefit of a claimant against the money transmission licensee to secure the faithful performance of the obligations of the money transmission licensee with respect to money transmission.
(c) The aggregate liability on a surety bond may not exceed the principal sum of the bond. A claimant against a money transmission licensee may maintain an action on the bond, or the department may maintain an action on behalf of the claimant.
(d) A surety bond must cover claims for as long as the department specifies, but for at least five years after the money transmission licensee ceases to provide money services in this state. However, the department may permit the amount of security to be reduced or eliminated before the expiration of that time to the extent the amount of the money transmission licensee's payment instruments or stored-value obligations outstanding in this state is reduced. The department may permit a money transmission licensee to substitute another form of security acceptable to the department for the security effective at the time the money transmission licensee ceases to provide money services in this state.
(e) Instead of the security prescribed in this section, an applicant for a money transmission license or a money transmission licensee may provide security in a form prescribed by the department.
(f) The department may increase the amount of security required to a maximum of $500,000 if the financial condition of a money transmission licensee requires the increase, as evidenced by reduction of net worth, financial losses, or other relevant criteria.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 1. Money Transmission Licenses. › Sec. 06.55.105. Issuance of license.

(a) When an application is filed under AS 06.55.102, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The department shall issue a license to an applicant under AS 06.55.102 if the department finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with AS 06.55.102, 06.55.104, and 06.55.107; and
(2) the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(b) When an application for an original money transmission license under AS 06.55.102 is complete, the department shall promptly notify the applicant in a record of the date on which the application was determined to be complete, and
(1) the department shall approve or deny the application within 120 days after that date; or
(2) if the application is not approved or denied within 120 days after that date,
(A) the application is approved; and
(B) the money transmission license takes effect as of the first business day after expiration of the 120-day period.
(c) The department may for good cause extend the application period.
(d) An applicant whose application under AS 06.55.102 is denied by the department under AS 06.55.101 - 06.55.107 may appeal, within 30 days after receipt of the notice of the denial, and request a hearing.
(e) In this section, “money transmission license” does not include an approval under AS 06.55.103.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 1. Money Transmission Licenses. › Sec. 06.55.106. Renewal of license.

(a) A money transmission licensee shall pay an annual renewal fee not later than 30 days before the anniversary of the issuance of the money transmission license or, if the last day is not a business day, on the next business day.
(b) A money transmission licensee shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the department. The renewal report must state or contain
(1) a copy of the money transmission licensee's most recent audited annual financial statement or, if the money transmission licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the money transmission licensee's most recent audited consolidated annual financial statement;
(2) the number and monetary amount of payment instruments and stored value sold by the money transmission licensee in this state that have not been included in a renewal report, and the monetary amount of payment instruments and stored value currently outstanding;
(3) a description of each material change in information submitted by the money transmission licensee in its original license application that has not been reported to the department on any required report;
(4) a list of the money transmission licensee's permissible investments and a certification that the money transmission licensee continues to maintain permissible investments according to the requirements set out in AS 06.55.501 and 06.55.502;
(5) proof that the money transmission licensee continues to maintain adequate security as required by AS 06.55.104; and
(6) a list of the locations in this state where the money transmission licensee or an authorized delegate of the money transmission licensee engages in money transmission or provides other money services.
(c) If a money transmission licensee does not file a renewal report or pay its renewal fee by the renewal date or any extension of time granted by the department, the department shall send the money transmission licensee a notice of suspension. Unless the money transmission licensee files the report and pays the renewal fee before expiration of 10 days after the notice is sent, the money transmission licensee's license is suspended 10 days after the department sends the notice of suspension. The suspension shall be lifted if, within 20 days after its money transmission license is suspended, the money transmission licensee
(1) files the report and pays the renewal fee; and
(2) pays a late fee for each day after suspension that the department did not receive the renewal report and the renewal fee.
(d) The department for good cause may grant an extension of the renewal date.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 2. Currency Exchange Licenses. › Sec. 06.55.201. License required.

(a) A person may not engage in currency exchange or advertise, solicit, or hold the person out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person
(1) holds a currency exchange license;
(2) holds a money transmission license; or
(3) is an authorized delegate of a person who holds a money transmission license.
(b) A currency exchange license is not transferable or assignable.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 2. Currency Exchange Licenses. › Sec. 06.55.202. Application for license.

(a) A person applying for a currency exchange license under AS 06.55.201 - 06.55.204 shall apply in a form and in a medium prescribed by the department. The application must state or contain
(1) the legal name and residential and business addresses of the applicant if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director;
(2) the location of the principal office of the applicant;
(3) the complete addresses of other locations in this state where the applicant proposes to engage in currency exchange, including all mobile locations;
(4) a description of the source of money and credit to be used by the applicant to engage in currency exchange; and
(5) other information the department reasonably requires with respect to the applicant, but not more than the department may require under AS 06.55.101 - 06.55.107.
(b) A nonrefundable application fee and a currency exchange license fee must accompany an application for a currency exchange license. The currency exchange license fee shall be refunded if the application is denied.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 2. Currency Exchange Licenses. › Sec. 06.55.203. Issuance of license.

(a) When an application for a currency exchange license is filed under AS 06.55.201 - 06.55.204, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The department shall issue a currency exchange license to an applicant under AS 06.55.201 - 06.55.204 if the department finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with AS 06.55.202; and
(2) the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.
(b) When an application for an original currency exchange license under AS 06.55.201 - 06.55.204 is complete, the department shall promptly notify the applicant in a record of the date on which the application was determined to be complete, and
(1) the department shall approve or deny the application within 120 days after that date; or
(2) if the application is not approved or denied within 120 days after that date,
(A) the application is approved; and
(B) the department shall issue the currency exchange license under AS 06.55.201 - 06.55.204 to take effect as of the first business day after expiration of the period.
(c) The department may for good cause extend the application period.
(d) An applicant whose application is denied by the department under AS 06.55.201 - 06.55.204 may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 2. Currency Exchange Licenses. › Sec. 06.55.204. Renewal of license.

(a) A currency exchange licensee shall pay a biennial renewal fee not later than 30 days before each biennial anniversary of the issuance of the currency exchange license or, if the last day is not a business day, on the next business day.
(b) A currency exchange licensee under AS 06.55.201 - 06.55.204 shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the department. The renewal report must state or contain
(1) a description of each material change in information submitted by the currency exchange licensee in its original currency exchange license application that has not been reported to the department on any required report; and
(2) a list of the locations in this state where the currency exchange licensee or an authorized delegate of the currency exchange licensee engages in currency exchange, including mobile locations.
(c) If a currency exchange licensee does not file a renewal report and pay its renewal fee by the renewal date or any extension of time granted by the department, the department shall send the currency exchange licensee a notice of suspension. Unless the currency exchange licensee files the report and pays the renewal fee before expiration of 10 days after the notice is sent, the currency exchange license is suspended 10 days after the department sends the notice of suspension.
(d) The department for good cause may grant an extension of the renewal date.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 3. Authorized Delegates. › Sec. 06.55.301. Relationship between licensee and authorized delegate.

(a) A contract between a money services licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The money services licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with this chapter.
(b) An authorized delegate shall remit all money owing to the money services licensee under the terms of the contract between the money services licensee and the authorized delegate. In this subsection, “remit” means to make direct payments of money to a money services licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the money services licensee.
(c) If a money services license is suspended or revoked or a money services licensee does not renew its money services license, the department shall notify all authorized delegates of the money services licensee whose names are in a record filed with the department of the suspension, revocation, or nonrenewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as an authorized delegate of the money services licensee.
(d) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the money services licensee, except activity in which the authorized delegate is authorized to engage under AS 06.55.101 - 06.55.204. An authorized delegate of a money services licensee holds in trust for the benefit of the money services licensee all money net of fees received from money transmission.
(e) An authorized delegate may not use a subdelegate to conduct money services on behalf of a money services licensee.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 4. Examinations, Reports, Records. › Sec. 06.55.401. Authority to conduct examinations.

(a) The department may conduct an annual examination of a money services licensee or of any of its authorized delegates upon 45 days' notice in a record to the money services licensee.
(b) The department may examine a money services licensee or its authorized delegate, at any time, without notice, if the department has reason to believe that the money services licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or a regulation adopted or an order issued under this chapter.
(c) If the department concludes that an on-site examination is necessary under (a) of this section, the money services licensee shall pay the reasonable cost of the examination.
(d) Information obtained during an examination under this chapter may be disclosed only as provided in AS 06.55.407.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 4. Examinations, Reports, Records. › Sec. 06.55.402. Cooperation.

The department may consult and cooperate with other state money services regulators in enforcing and administering this chapter. The department and other state money service regulators may jointly pursue examinations and take other official action that they are otherwise empowered to take.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 4. Examinations, Reports, Records. › Sec. 06.55.403. Reports.

(a) A money services licensee shall file with the department within 15 business days any material changes in information provided in a money services licensee's application as prescribed by the department.
(b) A money services licensee shall file with the department within 45 days after the end of each fiscal quarter a current list of all authorized delegates and locations in this state where the money services licensee or an authorized delegate of the money services licensee provides money services, including mobile locations. The money services licensee shall state the name and street address of each location and authorized delegate.
(c) A money services licensee shall file a report with the department within one business day after the money services licensee has reason to know of the occurrence of any of the following events:
(1) the filing of a petition by or against the money services licensee under 11 U.S.C. 101 - 110 (Bankruptcy Code) for bankruptcy or reorganization;
(2) the filing of a petition by or against the money services licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;
(3) the commencement of a proceeding to revoke or suspend its money services license in a state or country in which the money services licensee engages in business or is licensed;
(4) the cancellation or other impairment of the money services licensee's bond or other security;
(5) a charge against or conviction of the money services licensee or of an executive officer, manager, director, or person in control of the money services licensee for a felony; or
(6) a charge against or conviction of an authorized delegate for a felony.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 4. Examinations, Reports, Records. › Sec. 06.55.404. Change of control.

(a) A money services licensee shall
(1) give the department notice in a record of a proposed change of control within 15 days after learning of the proposed change of control;
(2) request approval of the acquisition; and
(3) submit a nonrefundable fee with the notice.
(b) After review of a request for approval under (a) of this section, the department may require the money services licensee to provide additional information concerning the proposed persons in control of the money services licensee. The additional information must be limited to the same types required of the money services licensee or persons in control of the money services licensee as part of its original money services license or renewal application.
(c) The department shall approve a request for change of control under (a) of this section if, after investigation, the department determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the money services licensee or person in control of the money services licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.
(d) When an application for a change of control under AS 06.55.401 - 06.55.407 is complete, the department shall notify the money services licensee in a record of the date on which the request was determined to be complete, and
(1) the department shall approve or deny the request within 120 days after that date; or
(2) if the request is not approved or denied within 120 days after that date,
(A) the request is approved; and
(B) the department shall permit the change of control under this section, to take effect as of the first business day after expiration of the period.
(e) The department, by regulation or order, may exempt a person from any of the requirements of (a)(2) and (3) of this section if it is in the public interest to exempt the person.
(f) The provisions of (a) of this section do not apply to a public offering of securities.
(g) Before filing a request for approval to acquire control of a money services licensee or person in control of a money services licensee, a person may request in a record a determination from the department as to whether the person would be considered a person in control of a money services licensee upon consummation of a proposed transaction. If the department determines that the person would not be a person in control of a money services licensee, the department shall enter an order to that effect, and the proposed person and transaction are not subject to the requirements of (a) - (c) of this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 4. Examinations, Reports, Records. › Sec. 06.55.405. Records.

(a) A money services licensee shall maintain the following records for determining its compliance with this chapter for at least three years:
(1) a record of each payment instrument or stored-value obligation sold;
(2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
(3) bank statements and bank reconciliation records;
(4) records of outstanding payment instruments and stored-value obligations;
(5) records of each payment instrument and stored-value obligation paid within the three-year period;
(6) a list of the last known names and addresses of all of the money services licensee's authorized delegates; and
(7) any other records the department reasonably requires by regulation.
(b) The items specified in (a) of this section may be maintained in any form of record.
(c) Records may be maintained outside this state if they are made accessible to the department on seven business days' notice that is sent in a record.
(d) All records maintained by the money services licensee as required in (a) - (c) of this section are open to inspection by the department under AS 06.55.401.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 4. Examinations, Reports, Records. › Sec. 06.55.406. Money laundering reports.

(a) A money services licensee and an authorized delegate shall file with the attorney general all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set out in 31 U.S.C. 5311 and other federal and state laws pertaining to money laundering.
(b) The timely filing of a complete and accurate report required under (a) of this section with the appropriate federal agency is compliance with the requirements of (a) of this section, unless the department notifies the money services licensee that the attorney general has notified the department that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the attorney general.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 4. Examinations, Reports, Records. › Sec. 06.55.407. Confidentiality.

(a) Except as otherwise provided in (b) of this section, all information or reports obtained by the department from an applicant, a licensee, or an authorized delegate are confidential and not subject to disclosure under AS 40.25.100 - 40.25.295, including
(1) all information contained in or related to examination, investigation, operating, or condition reports prepared by, on behalf of, or for the use of the department; and
(2) financial statements, balance sheets, and authorized delegate information.
(b) The department may disclose information that is not otherwise subject to disclosure under (a) of this section to representatives of state or federal agencies who promise in a record that they will maintain the confidentiality of the information or if the department finds that the release is reasonably necessary for the protection of the public and in the interests of justice, and the money services licensee has been given previous notice by the department of its intent to release the information.
(c) This section does not prohibit the department from disclosing to the public a list of money services licensees or the aggregated financial data concerning those money services licensees.
(d) A money services licensee or an authorized delegate may not disclose to another person financial information provided to the money services licensee or the authorized delegate by a customer except when, and only to the extent that, the disclosure is
(1) authorized in writing by the customer;
(2) required by federal, state, or local law;
(3) required by an order issued by a court or an administrative agency; or
(4) part of the money services transaction ordered by the customer.
(e) In (d) of this section, “financial information” means an individual's social security number, individual taxpayer identification number, account number, credit card account number, debit card account number, personal identification number, payment instrument number, or access code.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 55. Alaska Uniform Money Services Act › Article 5. Permissible Investments. › Sec. 06.55.501. Maintenance of permissible investments.

(a) A money services licensee shall maintain at all times permissible investments that have a market value computed under generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in all states and money transmitted from all states by the money services licensee.
(b) The department, with respect to any money services licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The department by regulation may prescribe or by order allow other types of investments that the department determines to have a safety substantially equivalent to other permissible investments.
(c) Permissible investments, even if commingled with other assets of the money services licensee, are held in trust for the benefit of the purchasers and holders of the money services licensee's outstanding payment instruments and stored value obligations in the event of bankruptcy or receivership of the money services licensee.