Ask Reggi Your Question Now
Can you summarize AKST 06.55?
Banks and Financial Institutions. > Alaska Uniform Money Services Act.
Short Summary
The provided legal document content covers various aspects of money transmission licenses in Alaska, including the renewal process, issuance, requirements, approval process, application process, and the business of money transmission. It also covers currency exchange licenses in Alaska, including the renewal process, requirements, and penalties for non-compliance. The documents govern the relationship between money services licensees and authorized delegates, including compliance with the Alaska Uniform Money Services Act, remittance of money owed, and the prohibition of providing money services outside the scope of the contract. The documents also address the confidentiality of information obtained by the department, reporting requirements for money laundering, maintenance of records, change of control for money services licensees, and the authority of the department to conduct examinations. Additionally, the documents outline the types of permissible investments for money services licensees, enforcement procedures, administrative procedures, and definitions of terms related to money services. The documents apply to money transmission licensees, currency exchange licensees, authorized delegates, and other entities involved in money transmission or currency exchange in Alaska. No specific exemptions are mentioned, and the penalties for non-compliance or violation vary depending on the specific provision.
Whom does it apply to?
Money transmission licensees, applicants for money transmission licenses, persons already licensed to engage in money transmission in another state, currency exchange licensees, authorized delegates, applicants, licensees, authorized delegates, money services licensees, authorized delegates, unlicensed persons
What does it govern?
Money transmission licenses in Alaska, currency exchange licenses in Alaska, relationship between money services licensees and authorized delegates, confidentiality of information obtained by the department, types of permissible investments for money services licensees, enforcement of Alaska Statutes related to money services, administrative procedures under the Alaska Uniform Money Services Act
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Class C felony for intentional false statements or engaging in unlicensed activity with compensation over $500 within a 30-day period, Class A misdemeanor for engaging in unlicensed activity with compensation up to $500 within a 30-day period, civil penalty of up to $1,000 per day for violations of the chapter or regulations
Jurisdiction
Alaska