Alaska Uniform Money Services Act

This act regulates money services businesses, principally the receiving and forwarding of money for transmission, by requiring anyone engaged in those activities to hold a license from the state regulator and by setting the terms of that license: application and supporting materials, a security requirement, minimum net worth, issuance and renewal, and review of any change in control. Licensees may operate through authorized delegates, and are subject to ongoing obligations — maintaining permissible investments of specified types, keeping records, filing periodic and money laundering reports under confidentiality protections, and giving customers disclosures, receipts, and refund rights on transmission transactions. Compliance is backed by examination and investigation authority, suspension or revocation of a license or a delegate's authorization, cease and desist and consent orders, appointment of a receiver, and criminal penalties for unlicensed or otherwise unauthorized activity.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.