Bill > HB99

This bill modernizes Alaska's money transmission laws, introducing comprehensive updates to licensing, regulation, and oversight of money transmission businesses, with a particular focus on virtual currency activities. The bill establishes a more robust framework for licensing money transmission businesses, requiring detailed applications, background checks, and ongoing financial responsibility. It introduces new provisions specifically addressing virtual currency businesses, including mandatory disclosures, property interest protections, and detailed record-keeping requirements. The legislation expands definitions to include emerging financial technologies, creates more flexible exemptions for certain types of financial activities, and provides the Department of Commerce, Community, and Economic Development with enhanced regulatory powers, including the ability to coordinate with other states and participate in multistate licensing processes. The bill also increases civil penalties for violations, establishes clearer requirements for refunds and transaction receipts, and sets new standards for net worth, permissible investments, and security requirements for money transmission businesses. Notably, the bill takes effect on July 1, 2026, allowing businesses time to adapt to the new regulatory environment, and includes transition provisions for existing licensees.

Budget and Finance, Business and Industry

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB99