Ask Reggi Your Question Now
Can you summarize 3 AKAC 13?
Banking Securities Small Loans and Corporations > Money Services
Short Summary
The provided legal document content covers various aspects related to money services licensees, access to confidential information, conduct of business through an authorized delegate, process of obtaining approval for a change of control, application process for obtaining a money transmission or currency exchange license, approval process for engaging in money transmission or currency exchange activities without obtaining a license, denial of a money services license application, renewal of money transmission and currency exchange licenses, and licensure requirements for virtual currency activities or transactions. Money services licensees are required to maintain current and valid mailing and electronic mail addresses on file with the department through the registry. They must monitor their record in the registry and their electronic mail address for communications and information regarding their license or registration. A person required to be licensed must file an application to amend their record with the department through the registry 30 days before a change of mailing address and immediately upon change of electronic mail address. If a money services licensee seeks to change its name, they must submit an application to amend their Form MU1 and provide certain organizational documents and name registration form with the changed name. The name change takes effect upon approval by the department in the registry. The document also governs the access to confidential information under the Alaska Administrative Code, specifying the process and requirements for disclosure of confidential information. It establishes the conditions and procedures for releasing confidential information to applicants, money services licensees, or authorized delegates, including the requirement for written notice and potential delays. The document also outlines the requirements for conducting business through an authorized delegate for money transmission licensees, including the adoption of written policies and procedures, entering into a written contract, and maintaining a current list of authorized delegates. Additionally, it provides guidelines for obtaining approval for a change of control, requiring the submission of comprehensive information about the proposed change and allowing for exemptions under certain circumstances. The document further covers the application process for obtaining a money transmission or currency exchange license, the approval process for engaging in such activities without a license, the denial of a money services license application, and the renewal of money transmission and currency exchange licenses. It also introduces licensure requirements for virtual currency activities or transactions, clarifying that such activities are considered money transmission and subject to regulation. These documents apply to money services licensees, applicants for licenses, persons seeking approval, current licensees, and individuals engaging in virtual currency activities or transactions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Money services licensees, applicants for licenses, persons seeking approval, current licensees, individuals engaging in virtual currency activities or transactions
What does it govern?
Requirements for name and address changes for money services licensees, access to confidential information, conduct of business through an authorized delegate, process of obtaining approval for a change of control, application process for obtaining a money transmission or currency exchange license, approval process for engaging in money transmission or currency exchange activities without obtaining a license, denial of a money services license application, renewal of money transmission and currency exchange licenses, licensure requirements for virtual currency activities or transactions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Alaska