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 […]
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.
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Sec. 06.50.490. Prohibited arbitration requirement.
A licensee may not require a recipient to agree to mandatory arbitration.
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 […]