An Act relating to the business of money transmission; relating to licenses for money transmission, licensure requirements, and registration through a nationwide multistate licensing system; relating to the use of virtual currency for money transmission; relating to authorized delegates of a licensee; relating to acquisition of control of a license; relating to record retention and reporting requirements; authorizing the Department of Commerce, Community, and Economic Development to cooperate...

Summary

The bill creates a new licensing process for anyone who transmits money or virtual currency in Alaska, requiring detailed financial, background and on‑site checks. It also sets standards for record‑keeping, consumer disclosures, authorized delegates, and ties Alaska’s program to a nationwide licensing network. The goal is to protect consumers while giving licensees a clear, uniform framework.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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