Alaska 34th Alaska State Legislature Status: In Committee 1 D cosponsors

HB 99 — 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; amending Rules 79 and 82, Alaska Rules of Civil Procedure; and providing for an effective date.

Last action — (H) Minutes (HFIN)

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced February 12, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 16% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 D).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Bill Text

What changed in the latest version

639 added · 647 removed

Plain-language change summary

In the latest version of HB 99, a specific line about virtual currency was added to clarify that it is not considered actual money and that people are not obligated to accept it as a form of payment. It also emphasizes that the value of virtual currency can fluctuate and is not guaranteed by any government body. This change is important because it sets clear expectations for consumers and businesses regarding the use of virtual currency in transactions, potentially reducing confusion and risk.

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34-LS0543\I CS FOR HOUSE BILL NO.
34-LS0543\A HOUSE BILL NO.
99(L&C) IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-FOURTH LEGISLATURE - FIRST SESSION BY THE HOUSE LABOR AND COMMERCE COMMITTEE Referred:
99 IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-FOURTH LEGISLATURE - FIRST SESSION BY REPRESENTATIVE FIELDS Introduced:
Finance Sponsor(s):
2/12/25 Referred:
REPRESENTATIVE FIELDS A BILL FOR AN ACT ENTITLED "An Act relating to the business of money transmission;
Labor and Commerce, Finance A BILL FOR AN ACT ENTITLED "An Act relating to the business of money transmission;
HB0099b -1- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I * Section 1.
HB0099a -1- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A * Section 1.
CSHB 99(L&C) -2- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (b) The department may waive a requirement of (a)(1) - (4) of this section or permit an applicant to submit other information in lieu of the required information.
HB 99 -2- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (b) The department may waive a requirement of (a)(1) - (4) of this section or permit an applicant to submit other information in lieu of the required information.
and (2) the financial condition, financial responsibility, financial experience, financial business experience, competence level, character, and general fitness of the applicant, and the experience, competence levcharacter, and general HB0099b -3- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to allow the applicant to engage in money transmission.
and (2) the financial condition, financial responsibility, financial experience, financial business experience, competence level, character, and general fitness of the applicant, and the experience, competence levcharacter, and general HB0099a -3- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to allow the applicant to engage in money transmission.
(b) A licensee shall submit a renewal report with the renewal fee in a form and CSHB 99(L&C) -4- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I in a medium prescribed by the department.
(b) A licensee shall submit a renewal report with the renewal fee in a form and HB 99 -4- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A in a medium prescribed by the department.
HB0099b -5- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (b) If the individual has resided outside the United States at any time in the 10 years before the date of furnishing the information under (a) of this section, the individual shall also provide an investigative background report prepared by an independent search firm.
HB0099a -5- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (b) If the individual has resided outside the United States at any time in the 10 years before the date of furnishing the information under (a) of this section, the individual shall also provide an investigative background report prepared by an independent search firm.
and (2) participate in nationwide protocols for licensing cooperation and CSHB 99(L&C) -6- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I coordination among state regulators if the nationwide protocols for licensing cooperation and coordination are consistent with this chapter.
and (2) participate in nationwide protocols for licensing cooperation and HB 99 -6- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A coordination among state regulators if the nationwide protocols for licensing cooperation and coordination are consistent with this chapter.
The department shall determine by regulation or order the time and form required for HB0099b -7- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I disclosure.
The department shall determine by regulation or order the time and form required for HB0099a -7- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A disclosure.
CSHB 99(L&C) -8- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (B) the person's responsibility to provide notice to the licensee of a virtual currency transfer or virtual currency exchange;
HB 99 -8- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (B) the person's responsibility to provide notice to the licensee of a virtual currency transfer or virtual currency exchange;
and (9) that other persons are not required to take payment in virtual currency, that the value of virtual currency can change, and that virtual currency is not backed by a governmental agency.
and (9) that virtual currency is not money, that other persons are not required to take payment in virtual currency, that the value of virtual currency can change, and that virtual currency is not backed by a governmental agency.
and (3) the fee charged for the transaction, including any charge for HB0099b -9- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I conversion of virtual currency to money, bank credit, or another virtual currency.
and (3) the fee charged for the transaction, including any charge for HB0099a -9- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A conversion of virtual currency to money, bank credit, or another virtual currency.
(c) For five years after the date of virtual currency business activity with or on behalf of a person, a licensee shall maintain a record of (1) each transaction of the licensee with or on behalf of the person or for the licensee's account in this state, including CSHB 99(L&C) -10- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (A) the identity of the person;
(c) For five years after the date of virtual currency business activity with or on behalf of a person, a licensee shall maintain a record of (1) each transaction of the licensee with or on behalf of the person or for the licensee's account in this state, including HB 99 -10- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (A) the identity of the person;
HB0099b -11- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (b) The provisions of AS 06.55.150 - 06.55.165 do not apply to activity by (1) a person that contributes only connectivity software or computing power to a decentralized virtual currency or to a protocol governing virtual currency transfer of the digital representation of value;
HB0099a -11- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (b) The provisions of AS 06.55.150 - 06.55.165 do not apply to activity by (1) a person that contributes only connectivity software or computing power to a decentralized virtual currency or to a protocol governing virtual currency transfer of the digital representation of value;
CSHB 99(L&C) -12- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (9) a secured creditor under AS 45.29 or creditor with a judicial lien or lien arising by operation of law on collateral that is virtual currency, if the virtual currency business activity of the creditor is limited to enforcement of the security interest in compliance with AS 45.29 or the law applicable to the lien;
HB 99 -12- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (9) a secured creditor under AS 45.29 or creditor with a judicial lien or lien arising by operation of law on collateral that is virtual currency, if the virtual currency business activity of the creditor is limited to enforcement of the security interest in compliance with AS 45.29 or the law applicable to the lien;
HB0099b -13- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (3) require the authorized delegate to agree to comply with all applicable state and federal laws, rules, and regulations pertaining to money transmission, including this chapter and regulations implementing this chapter, relevant provisions of the Bank Secrecy Act, and P.L.
HB0099a -13- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (3) require the authorized delegate to agree to comply with all applicable state and federal laws, rules, and regulations pertaining to money transmission, including this chapter and regulations implementing this chapter, relevant provisions of the Bank Secrecy Act, and P.L.
If an authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property shall be considered held itrust in favor of the CSHB 99(L&C) -14- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I licensee in an amount equal to the amount of money net of fees received from money transmission.
If an authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property shall be considered held itrust in favor of the HB 99 -14- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A licensee in an amount equal to the amount of money net of fees received from money transmission.
and HB0099b -15- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the key individual or employee to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
and HB0099a -15- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the key individual or employee to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
(b) A licensee or authorized delegate shall provide, and the department shall have complete access to, records necessary for the department to conduct a complete examination.
(b) A licensee or authorized delegate shall provide, and the department shall have complete access to, all records the department reasonably requires to conduct a complete examination.
(b) A licensee shall submit a report of the licensee's authorized delegates CSHB 99(L&C) -16- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I within 45 days after the end of each quarter of the calendar y ae.
(b) A licensee shall submit a report of the licensee's authorized delegates HB 99 -16- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A within 45 days after the end of each quarter of the calendar y ae.
HB0099b -17- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (3) the commencement of a proceeding to revoke or suspend its [MONEY SERVICES] license in a state or country in which the [MONEY SERVICES] licensee engages in business or is licensed;
HB0099a -17- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (3) the commencement of a proceeding to revoke or suspend its [MONEY SERVICES] license in a state or country in which the [MONEY SERVICES] licensee engages in business or is licensed;
(d) When an application for acquisition of control appears to include all required information and to address all matters required by the department, the application is considered complete, and the department shall notify the applicant in a CSHB 99(L&C) -18- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I record of the date on which the department determines the application is complete.
(d) When an application for acquisition of control appears to include all required information and to address all matters required by the department, the application is considered complete, and the department shall notify the applicant in a HB 99 -18- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A record of the date on which the department determines the application is complete.
(h) If an applicant for approval to acquire control is subject to a multistate licensing process, the department may HB0099b -19- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (1) accept the investigation results of a lead investigative state for the purposes of (g) of this section;
(h) If an applicant for approval to acquire control is subject to a multistate licensing process, the department may HB0099a -19- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (1) accept the investigation results of a lead investigative state for the purposes of (g) of this section;
(l) Before filing an application for approval to acquire control of a licensee, a person may request in writing a determination from the department as to whether the person would be considered a person in control of a licensee upon consummation of a CSHB 99(L&C) -20- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I proposed transaction.
(l) Before filing an application for approval to acquire control of a licensee, a person may request in writing a determination from the department as to whether the person would be considered a person in control of a licensee upon consummation of a HB 99 -20- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A proposed transaction.
and (5) the person provides notice of the acquisition in cooperation with HB0099b -21- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I the licensee and attests to (1) - (4) of this subsection in a form and in a medium prescribed by the department.
and (5) the person provides notice of the acquisition in cooperation with HB0099a -21- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A the licensee and attests to (1) - (4) of this subsection in a form and in a medium prescribed by the department.
CSHB 99(L&C) -22- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
HB 99 -22- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
(d) Records [ALL RECORDS] maintained by the [MONEY SERVICES] licensee as required in (a) - (c) of this section are open to inspection by the department only as permitted under AS 06.55.401.
(d) All records maintained by the [MONEY SERVICES] licensee as required in (a) - (c) of this section are open to inspection by the repent under AS 06.55.401.
(a) Except as [OTHERWISE] provided in (b) of this section, all information or reports obtained by the department from an applicant, [A] licensee, or [AN] authorized delegate, all information contained in or related to an examination, investigation, operating report, or condition report prepared by, on behalf of, or for the use of the department, and financial statements, balance sheets, or authorized delegate information, are confidential and not subject to disclosure under AS 40.25.100 - 40.25.295 [, INCLUDING HB0099b -23- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (1) ALL INFORMATION CONTAINED IN OR RELATED TO EXAMINATION, INVESTIGATION, OPERATING, OR CONDITION REPORTS PREPARED BY, ON BEHALF OF, OR FOR THE USE OF THE DEPARTMENT;
(a) Except as [OTHERWISE] provided in (b) of this section, all information or reports obtained by the department from an applicant, [A] licensee, or [AN] authorized delegate, all information contained in or related to an examination, investigation, operating report, or condition report prepared by, on behalf of, or for the use of the department, and financial statements, balance sheets, or authorized delegate information, are confidential and not subject to disclosure under AS 40.25.100 - 40.25.295 [, INCLUDING HB0099a -23- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (1) ALL INFORMATION CONTAINED IN OR RELATED TO EXAMINATION, INVESTIGATION, OPERATING, OR CONDITION REPORTS PREPARED BY, ON BEHALF OF, OR FOR THE USE OF THE DEPARTMENT;
(f) Information contained in the records of the department that is not CSHB 99(L&C) -24- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I confidential and may, upon request, be made available to the public on the department's Internet website includes (1) the name, business address, telephone number, and unique registry identifier of a licensee;
(f) Information contained in the records of the department that is not HB 99 -24- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A confidential and may, upon request, be made available to the public on the department's Internet website includes (1) the name, business address, telephone number, and unique registry identifier of a licensee;
(a) To carry out the purposes of this chapter, subject to AS 06.55.407, the department may (1) enter into an agreement or relationship with a government official HB0099b -25- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I or federal or state regulatory agency or regulatory association to improve efficiency and reduce regulatory burden by standardizing methods or procedures, and sharing resources, records, or related information obtained under this chapter;
(a) To carry out the purposes of this chapter, subject to AS 06.55.407, the department may (1) enter into an agreement or relationship with a government official HB0099a -25- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A or federal or state regulatory agency or regulatory association to improve efficiency and reduce regulatory burden by standardizing methods or procedures, and sharing resources, records, or related information obtained under this chapter;
(b) Nothing in this section constitutes a waiver of the department's authority to conduct an examination or investigation or otherwise take independent action to CSHB 99(L&C) -26- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I enforce compliance with applicable state or federal law.
(b) Nothing in this section constitutes a waiver of the department's authority to conduct an examination or investigation or otherwise take independent action to HB 99 -26- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A enforce compliance with applicable state or federal law.
HB0099b -27- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (e) If a multistate licensing process includes a key individual notice review and disapproval process, and the licensee is subject to the multistate licensing process, the department may (1) accept the key individual notice review determination of another state;
HB0099a -27- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (e) If a multistate licensing process includes a key individual notice review and disapproval process, and the licensee is subject to the multistate licensing process, the department may (1) accept the key individual notice review determination of another state;
(c) Permissible investments, even if commingled with other assets of the [MONEY SERVICES] licensee, are held in trust for the benefit ofthe purchasers and holders of the [MONEY SERVICES] licensee's outstanding money transmission [PAYMENT INSTRUMENTS AND STORED VALUE] obligations in the event of the licensee's insolvency, bankruptcy, [OR] receivership, commencement of other judicial or administrative proceedings for its dissolution or reorganization, or in CSHB 99(L&C) -28- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I the event of an action by a creditor against the licensee who is not a beneficiary of the statutory trust.
(c) Permissible investments, even if commingled with other assets of the [MONEY SERVICES] licensee, are held in trust for the benefit ofthe purchasers and holders of the [MONEY SERVICES] licensee's outstanding money transmission [PAYMENT INSTRUMENTS AND STORED VALUE] obligations in the event of the licensee's insolvency, bankruptcy, [OR] receivership, commencement of other judicial or administrative proceedings for its dissolution or reorganization, or in HB 99 -28- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A the event of an action by a creditor against the licensee who is not a beneficiary of the statutory trust.
(1) cash, demand deposits, savings deposits, funds in accounts held for the benefit of a licensee's customers in a federally insured depository financial institution, money market mutual funds rated AAA by an eligible rating service, HB0099b -29- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I certificates [A CERTIFICATE] of deposit, [OR A] senior deotbligations [OBLIGATION] of a federally [AN] insured depository financial institution, and cash equivalents, including automated clearing house items in transit to the licensee and automated clearing house items or international wires in transit to a payee, cash in transit by armored car, cash in smart safes, cash in licensee-owned locations, and transmission receivables owed by a bank and funded by a debit card or credit card;
(1) cash, demand deposits, savings deposits, funds in accounts held for the benefit of a licensee's customers in a federally insured depository financial institution, money market mutual funds rated AAA by an eligible rating service, HB0099a -29- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A certificates [A CERTIFICATE] of deposit, [OR A] senior deotbligations [OBLIGATION] of a federally [AN] insured depository financial institution, and cash equivalents, including automated clearing house items in transit to the licensee and automated clearing house items or international wires in transit to a payee, cash in transit by armored car, cash in smart safes, cash in licensee-owned locations, and transmission receivables owed by a bank and funded by a debit card or credit card;
(5) 100 percent of the surety bond provided for under AS 06.55.505 that exceeds the average daily money transmission liability in this state [(5) RECEIVABLES THAT ARE PAYABLE TO A MONEY SERVICES LICENSEE FROM ITS AUTHORIZED DELEGATES, IN THE ORDINARY COURSE OF BUSINESS, UNDER CONTRACTS THAT ARE NOT PAST DUE OR DOUBTFUL OF COLLECTION IF THE AGGREGATE AMOUNT OF RECEIVABLES UNDER THIS PARAGRAPH DOES NOT EXCEED 20 CSHB 99(L&C) -30- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I PERCENT OF THE TOTAL PERMISSIBLE INVESTMENTS OF A MONEY SERVICES LICENSEE AND THE MONEY SERVICES LICENSEE DOES NOT HOLD AT ONE TIME RECEIVABLES UNDER THIS PARAGRAPH IN ANY ONE PERSON AGGREGATING MORE THAN 10 PERCENT OF THE MONEY SERVICES LICENSEE'S TOTAL PERMISSIBLE INVESTMENTS;
(5) 100 percent of the surety bond provided for under AS 06.55.505 that exceeds the average daily money transmission liability in this state [(5) RECEIVABLES THAT ARE PAYABLE TO A MONEY SERVICES LICENSEE FROM ITS AUTHORIZED DELEGATES, IN THE ORDINARY COURSE OF BUSINESS, UNDER CONTRACTS THAT ARE NOT PAST DUE OR DOUBTFUL OF COLLECTION IF THE AGGREGATE AMOUNT OF RECEIVABLES UNDER THIS PARAGRAPH DOES NOT EXCEED 20 HB 99 -30- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A PERCENT OF THE TOTAL PERMISSIBLE INVESTMENTS OF A MONEY SERVICES LICENSEE AND THE MONEY SERVICES LICENSEE DOES NOT HOLD AT ONE TIME RECEIVABLES UNDER THIS PARAGRAPH IN ANY ONE PERSON AGGREGATING MORE THAN 10 PERCENT OF THE MONEY SERVICES LICENSEE'S TOTAL PERMISSIBLE INVESTMENTS;
(D) United States tri-party repurchase agreements collateralized at 100 percent or more by federal government or agency securities, municipal HB0099b -31- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I bonds, or other securities bearing an eligible rating;
(D) United States tri-party repurchase agreements collateralized at 100 percent or more by federal government or agency securities, municipal HB0099a -31- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A bonds, or other securities bearing an eligible rating;
(4) must be irrevocable, unconditional, and indicate that the letter of CSHB 99(L&C) -32- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I credit is not subject to any condition or qualifications outside of the letter of credit;
(4) must be irrevocable, unconditional, and indicate that the letter of HB 99 -32- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A credit is not subject to any condition or qualifications outside of the letter of credit;
HB0099b -33- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (b) In the event of any notice of expiration or non-extension of a letter of credit issued under (a) of this section, the licensee shall be required to demonstrate to the satisfaction of the department, 15 days before expiration, that the licensee maintains and will maintain permissible investments in accordance with AS 06.55.501 upon expiration of the letter of credit.
HB0099a -33- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (b) In the event of any notice of expiration or non-extension of a letter of credit issued under (a) of this section, the licensee shall be required to demonstrate to the satisfaction of the department, 15 days before expiration, that the licensee maintains and will maintain permissible investments in accordance with AS 06.55.501 upon expiration of the letter of credit.
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(c) A licensee that maintains a bond in the maximum amount provided for under (b) of this section is not required to calculate its average daily money CSHB 99(L&C) -34- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I transmission liability in this state for purposes of this section.
(c) A licensee that maintains a bond in the maximum amount provided for under (b) of this section is not required to calculate its average daily money HB 99 -34- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A transmission liability in this state for purposes of this section.
(a) The department may suspend or revoke a [MONEY SERVICES] license, place a [MONEY SERVICES] licensee in receivership, or order a [MONEY SERVICES] HB0099b -35- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I licensee to revoke the designation of an authorized delegate if (1) the [MONEY SERVICES] licensee violates this chapter or a regulation adopted or an order issued under this chapter;
(a) The department may suspend or revoke a [MONEY SERVICES] license, place a [MONEY SERVICES] licensee in receivership, or order a [MONEY SERVICES] HB0099a -35- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A licensee to revoke the designation of an authorized delegate if (1) the [MONEY SERVICES] licensee violates this chapter or a regulation adopted or an order issued under this chapter;
(c) A licensee may apply for relief from a suspension or revocation of the CSHB 99(L&C) -36- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I licensee's license according to procedures prescribed by the department.
(c) A licensee may apply for relief from a suspension or revocation of the HB 99 -36- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A licensee's license according to procedures prescribed by the department.
(a) If the department determines that a violation of this chapter or of a regulation adopted or an order issued under this chapter by a [MONEY SERVICES] HB0099b -37- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I licensee or authorized delegate is likely to cause immediate and irreparable harm to the [MONEY SERVICES] licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the [MONEY SERVICES] licensee, the department may issue an order requiring the [MONEY SERVICES] licensee or authorized delegate to cease and desist from the violation.
(a) If the department determines that a violation of this chapter or of a regulation adopted or an order issued under this chapter by a [MONEY SERVICES] HB0099a -37- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A licensee or authorized delegate is likely to cause immediate and irreparable harm to the [MONEY SERVICES] licensee, its customers, or the public as a result of the violation, or cause insolvency or significant dissipation of assets of the [MONEY SERVICES] licensee, the department may issue an order requiring the [MONEY SERVICES] licensee or authorized delegate to cease and desist from the violation.
The department may assess a civil penalty against a person that [WHO] violates this chapter or a regulation adopted or an order issued under this chapter in an amount not to exceed $10,000 a [$1,000 EACH] day for each day the violation is outstanding, plus the department's costs and expenses for the investigation and prosecution of the matter, including reasonable attorney fees.
The department may assess a civil penalty against a person that [WHO] violates this chapter or a regulation adopted or an order issued under this chapter in an amount not to exceed $1,000 a [EACH] day for each day the violation is outstanding, plus the department's costs and expenses for the investigation and prosecution of the matter, including reasonable attorney fees.
CSHB 99(L&C) -38- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (c) A person who knowingly engages in an activity for which a [MONEY SERVICES] license is required under this chapter without being [LICENSED AS] a [MONEY SERVICES] licensee and who receives not [NO] more than $500 in compensation within a 30-day period from this activity is guilty of a class A misdemeanor.
(c) A person who knowingly engages in an activity for which a [MONEY HB 99 -38- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A SERVICES] license is required under this chapter without being [LICENSED AS] a [MONEY SERVICES] licensee and who receives not [NO] more than $500 in compensation within a 30-day period from this activity is guilty of a class A misdemeanor.
(3) a state, a municipality, a county, or another governmental agency HB0099b -39- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I or governmental subdivision of a state, or its agent;
(3) a state, a municipality, a county, or another governmental agency or governmental subdivision of a state, or its agent;
(4) a federally insured depository financial institution, a bank, a bank holding company, an office of an international banking corporation, a branch of a foreign bank, a corporation organized under 12 U.S.C.
HB0099a -39- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (4) a federally insured depository financial institution, a bank, a bank holding company, an office of an international banking corporation, a branch of a foreign bank, a corporation organized under 12 U.S.C.
(7) a registered futures commission merchant under the federal commodities laws, to the extent of the merchant's operation as a registered futures CSHB 99(L&C) -40- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I commission merchant under the federal commodities laws;
(7) a registered futures commission merchant under the federal commodities laws, to the extent of the merchant's operation as a registered futures commission merchant under the federal commodities laws;
(8) a person that [WHO] provides clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws, to the extent of the person's operation as a provider of clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws;
HB 99 -40- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (8) a person that [WHO] provides clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws, to the extent of the person's operation as a provider of clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws;
(9) an operator of a payment system to the extent that theretor provides processing, clearing, or settlement services, between or among persons exempted [EXCLUDED] by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearinghouse transfers, or similar funds transfers;
(9) an operator of a payment system to the extent that the retor provides processing, clearing, or settlement services, between or among persons exempted [EXCLUDED] by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearinghouse transfers, or similar funds transfers;
(13) a person appointed as an agent of a payee to collect and HB0099b -41- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I process a payment from a payor to the payee for goods or services, other than money transmission services, provided to the payor by the payee, if (A) the payee and the agent have a written agreement directing the agent to collect and process payments from payors on the payee's behalf;
(13) a person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than HB0099a -41- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A money transmission services, provided to the payor by the payee, if (A) the payee and the agent have a written agreement directing the agent to collect and process payments from payors on the payee's behalf;
(16) an attorney, to the extent that the attorney is lawfully CSHB 99(L&C) -42- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I authorized to practice law in this state and engages in money transmission as an ancillary service to the practice of law;
(16) an attorney, to the extent that the attorney is lawfully authorized to practice law in this state and engages in money transmission as an HB 99 -42- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A ancillary service to the practice of law;
HB0099b -43- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (b) An authorized delegate shall provide customers with notice of how to file a complaint.
(b) An authorized delegate shall provide customers with notice of how to HB0099a -43- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A file a complaint.
(a) Except as provided in (d) of this section, a licensee or a licensee's authorized delegate shall provide the sender a receipt for CSHB 99(L&C) -44- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I money received for transmission.
(a) Except as provided in (d) of this section, a licensee or a licensee's authorized delegate shall provide the sender a receipt for money received for transmission.
The receipt must be in English and in any other language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for the transaction conducted.
The receipt must be in English and in any other HB 99 -44- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for the transaction conducted.
HB0099b -45- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (d) In this section, "receipt" means a paper receipt, electronic record, or other written confirmation.
(d) In this section, "receipt" means a paper receipt, electronic record, or other HB0099a -45- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A written confirmation.
or (5) the refund request does not (A) identify the sender's name and CSHB 99(L&C) -46- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (i) address;
or (5) the refund request does not (A) identify the sender's name and (i) address;
or (ii) telephone number;
or HB 99 -46- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (ii) telephone number;
(3) "control" means (A) the ownership of, or the power to vote, directly or indirectly, at least 10 [25] percent of the outstanding [A CLASS OF] voting shares [SECURITIES] or voting interests of a [MONEY SERVICES] licensee HB0099b -47- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I or of a person that owns or has the power to vote, directly or indirectly, at least 10 percent of the voting shares or voting interests [IN CONTROL] of a [MONEY SERVICES] licensee unless the person with the power to vote is a passive investor as described in AS 06.55.404(q);
(3) "control" means (A) the ownership of, or the power to vote, directly or indirectly, at least 10 [25] percent of the outstanding [A CLASS OF] voting shares [SECURITIES] or voting interests of a [MONEY SERVICES] licensee or of a person that owns or has the power to vote, directly or indirectly, at HB0099a -47- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A least 10 percent of the voting shares or voting interests [IN CONTROL] of a [MONEY SERVICES] licensee unless the person with the power to vote is a passive investor as described in AS 06.55.404(q);
CSHB 99(L&C) -48- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I * Sec.
* Sec.
(20) "person" means an individual, general partnership, limited partnership, [A] corporation, [A BUSINESS] trust, [AN ESTATE, A TRUST, A PARTNERSHIP, A] limited liability company, [AN] association, [A] joint stock corporation [VENTURE, A GOVERNMENT, A GOVERNMENTAL SUBDIVISION, AN AGENCY, OR AN INSTRUMENTALITY, A PUBLIC CORPORATION], or any other legal or corporate [COMMERCIAL] entity identified by the department;
HB 99 -48- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (20) "person" means an individual, general partnership, limited partnership, [A] corporation, [A BUSINESS] trust, [AN ESTATE, A TRUST, A PARTNERSHIP, A] limited liability company, [AN] association, [A] joint stock corporation [VENTURE, A GOVERNMENT, A GOVERNMENTAL SUBDIVISION, AN AGENCY, OR AN INSTRUMENTALITY, A PUBLIC CORPORATION], or any other legal or corporate [COMMERCIAL] entity identified by the department;
HB0099b -49- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I * Sec.
* Sec.
(25) "accredited state" means a state agency that is accredited by an organization that the department determines is a nationally recognized association of state bank supervisors and money transmitter regulators for money transmission licensing and supervision;
HB0099a -49- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (25) "accredited state" means a state agency that is accredited by an organization that the department determines is a nationally recognized association of state bank supervisors and money transmitter regulators for money transmission licensing and supervision;
(33) "eligible rating service" means a nationally recognized statistical CSHB 99(L&C) -50- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I rating organization, as determined by the United States Securities and Exchange Commission, and any other nationally recognized statistical rating organization designated by the department by regulation;
(33) "eligible rating service" means a nationally recognized statistical rating organization, as determined by the United States Securities and Exchange HB 99 -50- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A Commission, and any other nationally recognized statistical rating organization designated by the department by regulation;
or (B) money received for transmission by the licensee or an authorized delegate in the United States from a person located in the United HB0099b -51- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I States that has not been received by the payee or refunded to the sender, or escheated in accordance with applicable abandoned property laws;
or (B) money received for transmission by the licensee or an authorized delegate in the United States from a person located in the United States that has not been received by the payee or refunded to the sender, or HB0099a -51- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A escheated in accordance with applicable abandoned property laws;
(47) "virtual currency business activity" means CSHB 99(L&C) -52- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (A) exchanging, transferring, or storing virtual currency or engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor;
(47) "virtual currency business activity" means (A) exchanging, transferring, or storing virtual currency or HB 99 -52- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor;
or HB0099b -53- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I (C) relinquish control of virtual currency to another person.
or (C) relinquish control of virtual currency to another person.
* Sec.
HB0099a -53- HB 99 New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A * Sec.
A person that has a valid money services license or approval on December 31, 2025, may continue to operate under that license or approval until the licensee renews the license under AS 06.55.106, CSHB 99(L&C) -54- HB0099b New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\I enacted by sec.
A person that has a valid money services license or approval on December 31, 2025, may continue to operate under that license or approval until the licensee renews the license under AS 06.55.106, enacted by sec.
In this section, (1) "approval" means approval under AS 06.55.103, as that section read on December 31, 2025;
In this section, HB 99 -54- HB0099a New Text Underlined [DELETED TEXT BRACKETED] 34-LS0543\A (1) "approval" means approval under AS 06.55.103, as that section read on December 31, 2025;
TRANSITION:
REGULATIONS.
The Department of Commerce, Community, and Economic Development may adopt regulations necessary to implement the changes made by this Act.
The regulations take effect under AS 44.62 (Administrative Procedure Act), but not before the effective date of the law implemented by the regulation.
* Sec.
69.
The uncodified law of the State of Alaska is amended by adding a new section to read:
70.
69.
Section 68 of this Act takes effect immediately under AS 01.10.070(c).
This Act takes effect January 1, 2026.
* Sec.
HB0099a -55- HB 99 New Text Underlined [DELETED TEXT BRACKETED]
71.
Except as provided in sec.
70 of this Act, this Act takes effect July 1, 2026.
HB0099b -55- CSHB 99(L&C) New Text Underlined [DELETED TEXT BRACKETED]
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Action History

  1. (H) Minutes (HFIN)

  2. (H) Heard & Held

  3. (H) FINANCE at 01:30 PM ADAMS 519

  4. (H) REFERRED TO FINANCE

  5. (H) FN1: (CED)

  6. (H) AM: NELSON

  7. (H) NR: CARRICK, COULOMBE

  8. (H) DP: BURKE, HALL, FIELDS

  9. (H) L&C RPT CS(L&C) 3DP 2NR 1AM

  10. (H) Minutes (HL&C)

  11. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  12. (H) Minutes (HL&C)

  13. (H) Moved CSHB 99(L&C) Out of Committee

  14. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  15. (H) -- MEETING CANCELED --

  16. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  17. (H) Minutes (HL&C)

  18. (H) Heard & Held

  19. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  20. (H) Minutes (HL&C)

  21. (H) Heard & Held -- Delayed to a Call of the Chair --

  22. (H) LABOR & COMMERCE at 03:15 PM BARNES 124

  23. (H) Minutes (HL&C)

  24. (H) Heard & Held -- Please Note Time Change --

  25. (H) LABOR & COMMERCE at 09:00 AM BARNES 124

  26. (H) L&C, FIN

  27. (H) READ THE FIRST TIME - REFERRALS

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 64 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (64)

64 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HB 99?
HB 99 is sponsored by Zack Fields (D).
What is the current status of HB 99?
This bill is in committee in the House. Introduced February 12, 2025. It must pass committee before a floor vote.
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