Sec. 06.55.830. Receipt.
(a) A money transmission licensee who receives money or equivalent value for a money transmission shall provide a receipt to the customer that clearly states the amount of the money or the equivalent value presented by the customer for the money transmission and the total fees charged by the money transmission licensee. (b) If a […]
Sec. 06.55.840. Refunds.
Within 10 days after receiving a written request for a refund, a money transmission licensee shall refund to a customer money equal to the money or equivalent value received from the customer for a money transmission, unless (1) before receiving the written request (A) the money has been transmitted to the person designated by the […]
Sec. 06.55.850. Establishment of fees and other charges.
(a) The department shall adopt regulations that establish the amount and manner of payment of fees required under this chapter. (b) The department shall establish fee levels under (a) of this section so that the total amount of fees collected for both money transmission licenses and currency exchange licenses under this chapter approximately equals the […]
Sec. 06.55.602. Suspension and revocation of authorized delegates.
(a) The department may issue an order suspending or revoking the designation of an authorized delegate if the department finds that (1) the authorized delegate violated this chapter or a regulation adopted or an order issued under this chapter; (2) the authorized delegate did not cooperate with an examination or investigation by the department; (3) […]
Sec. 06.55.603. Orders to cease and desist.
(a) If the department determines that a violation of this chapter or of a regulation adopted or an order issued under this chapter by a money services licensee or authorized delegate is likely to cause immediate and irreparable harm to the money services licensee, its customers, or the public as a result of the violation, […]
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 […]
Sec. 06.55.604. Consent orders.
The department may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a regulation adopted or order issued under this chapter. A consent order shall be signed by the person to whom it is issued or by the person’s authorized representative and must indicate […]
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 […]
Sec. 06.55.605. Civil penalties.
The department may assess a civil penalty against a person who violates this chapter or a regulation adopted or an order issued under this chapter in an amount not to exceed $1,000 each day for each day the violation is outstanding.
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 […]