(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 […]
(a) A person applying for a money transmission license 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 and any fictitious or trade name used by the applicant in conducting the applicant’s business; […]
(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 […]
(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 […]
(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 […]
(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 […]
A money transmission licensee shall maintain a net worth of at least $25,000 determined under generally accepted accounting principles.
