Bill > HB180

This bill makes several key changes to the regulation of money services businesses in Alaska: 1. It requires money transmission and currency exchange businesses to be licensed, with new application and licensing requirements, including criminal background checks and surety bond provisions. 2. It establishes annual reporting and assessment fee requirements for licensed money services businesses. 3. It expands the activities covered under money transmission and currency exchange to include virtual currency transactions. 4. It enhances the Department of Commerce, Community, and Economic Development's authority to examine and regulate money services businesses, including provisions for suspending or revoking licenses and issuing cease and desist orders. 5. It adds new exemptions from licensing requirements for certain entities like the U.S. government, banks, and insurance/title companies. 6. It requires compliance with various federal laws and regulations related to money laundering and financial crimes. The bill aims to modernize and strengthen the state's oversight of the money services industry, particularly in areas like virtual currency, to protect consumers and prevent illicit financial activities.

Business and Industry, Justice

http://www.akleg.gov/basis/Bill/Detail/30?Root=HB180