Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 13 - Money Services
Article 1 - Licensing
3 AAC 13.020 - Approval to engage in services under AS 0655 with a license from another state
Universal Citation: 3 AK Admin Code 13.020
Current through February 24, 2025
(a) A person seeking approval to engage in money transmission or currency exchange activities under AS 06.55 .103 without obtaining a license under AS 06.55.101 from the department must submit to the department
(1) the items described in
AS
06.55.103(a)(2) and 3 AAC
13.101(a);
(2) satisfactory proof
that the person holds a license in good standing to engage in money
transmissions in at least one other state that has either adopted the Uniform
Money Services Act or has money transmission laws that are substantially
similar to those of this state;
(3)
satisfactory proof that the person has obtained the security required by
AS
06.55.104 and that the security is in force,
including the amount and type of any excess coverage provided;
(4) a signed release of information that
allows the department to obtain information from licensing agencies of other
states necessary to verify the person's eligibility to engage in money
transmission or currency exchange under
AS
06.55.103; and
(5) any other information that the department
reasonably requires with respect to the applicant.
(b) The department will deny approval to offer money transmission or currency exchange services under AS 06.55.103 if
(1) the person fails to comply with
3AAC13.010(a), (a) of this sectionl or
AS
06.55.103;
(2) the person or any of the person's
authorized delegates are the subject of a negative licensing action in any of
the states in which the person is licensed;
(3) the person is not licensed to provide
money transmission services in at least one state that has enacted the Uniform
Money Services Act or has money transmission laws that are substantially
similar to those of this state;
(4)
the department finds that the person would not qualify for a money transmission
license under
AS
06.55.105(a)(2) or this
chapter if the person applied for one;
(5) the person has not met the security
requirements of
AS
06.55.104 or the net worth requirement of
AS
06.55.107;
(6) another state has suspended or revoked
the person's money transmission license or currency exchange license within the
last five years; or
(7) the person
knowingly makes a false statement or knowingly submits false information in
order to obtain an approval to offer services under
AS
06.55.103.
(c) An application for approval under AS 06.55.103 must be made to the department through the registry.
Authority:AS 06.55.103
AS 44.33.020
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