Bill > SB238

This bill modernizes Alaska's laws on money transmission, including adding provisions for the regulation of virtual currency. Key provisions include: - Requiring a money transmission license to engage in the business of money transmission or advertising as a money transmitter, with some exemptions. - Establishing application, licensing, and renewal requirements for money transmission licenses. - Allowing the Department of Commerce, Community, and Economic Development to coordinate with other states on licensing and supervision. - Adding requirements and disclosures for licensees that engage in virtual currency business activities. - Establishing permissible investment, security, and net worth requirements for licensees. - Enhancing reporting, record-keeping, and examination requirements for licensees. - Providing the department authority to suspend or revoke licenses and impose civil and criminal penalties for violations. - Repealing currency exchange licenses and incorporating some payroll processing services under the new money transmission framework.