SB86
Alaska Money Transmission and Virtual Currency Law
In one sentence
This law updates rules for businesses that send money or use virtual currency, requiring them to get a license from the state.
What it does
- Requires people who move money or handle virtual currency to hold a valid license unless they are an authorized delegate or exempt.
- Sets up a system where Alaska can work with other states on licensing and investigations through a nationwide multistate system.
- Defines that the department must approve or deny a new license application within 120 days after it is considered complete, unless extended for good cause.
- Creates rules for keeping records, reporting changes, and handling abandoned virtual currency.
- Lists specific services that do not need a money transmission license.
Who it affects
- Businesses that send money or use virtual currency
- The Department of Commerce, Community, and Economic Development
- People who want to buy control of a licensed business
Limits and unknowns
- The exact dollar amounts for application and renewal fees are not listed in this text.
- Specific details about which payroll services or other activities are exempt from licensing are not fully described here.
- The final effective date of the law is noted as being set by a chapter reference, but no specific calendar date appears in the provided excerpt.
Plain language
Terms to know
- Money transmission
- Business activities that involve sending or receiving money for others.
- Virtual currency
- Digital forms of money used to transfer value, as referenced in the bill title and purpose section.
- Authorized delegate
- A person who acts on behalf of a licensed company under a written contract within the scope of that authority.
Official record
Sources
Read the official summary
MONEY TRANSMISSION; VIRTUAL CURRENCY An Act relating to the business of money transmission; relating to licenses for money transmission, licensure requirements, and registration through a nationwide multistate licensing system; relating to the use of virtual currency for money transmission; relating to authorized delegates of a licensee; relating to acquisition of control of a license; relating to record retention and reporting requirements; authorizing the Department of Commerce, Community, and Economic Development to cooperate with other states in the regulation of money transmission; relating to permissible investments; relating to violations and enforcement of money transmission laws; relating to exemptions to money transmission licensure requirements; relating to payroll processing services; relating to currency exchange licenses; relating to abandoned virtual currency; amending Rules 79 and 82, Alaska Rules of Civil Procedure; and providing for an effective date.
Official activity
Bill history
- (H) FN2: (CED)3274
- (H) FN(S) ATTACHED TO APPROP. BILL HB 2633274
- (H) LEG FINANCE APPROPRIATION MESSAGE 9/8/263274
- (S) LEG FINANCE APPROPRIATION MESSAGE 9/8/263289
- (S) EFFECTIVE DATE(S) OF LAW SEE CHAPTER3175
- (S) LAW W/O GOVERNOR SIGNATURE 6/30 CHAPTER 48 SLA 263175
- (S) 3:55 P.M. 6/15/26 TRANSMITTED TO GOVERNOR2988
- (S) MANIFEST ERROR(S)2989
- (S) EFFECTIVE DATE(S) SAME AS PASSAGE2656
- (S) COURT RULE(S) SAME AS PASSAGE2656
- (S) CONCUR AM OF (H) Y20 N-2655
- (S) CONCUR MESSAGE TAKEN UP2655
- (S) CONCUR MESSAGE READ2637
- (H) VERSION: HCS CSSB 86(FIN)2561
- (H) TRANSMITTED TO (S) AS AMENDED2561
- (H) RECONSIDERATION NOT TAKEN UP2561
- (H) JOHNSON NOTICE OF RECONSIDERATION2514
- (H) TITLE CHANGE: HCR 172515
- (H) EFFECTIVE DATE(S) SAME AS PASSAGE2514
- (H) COURT RULE(S) SAME AS PASSAGE2514