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 replaces Alaska’s current money‑transmission laws with modern requirements, including how licenses are applied for, issued, and transferred, and adds rules for virtual‑currency activities. It affects any person or business that sends money, handles virtual currency, or acts as a delegate of a licensed entity, and gives the Department of Commerce, Community, and Economic Development authority to work with other states on regulation. The changes aim to improve consumer protection and streamline licensing.

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

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