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Can I obtain a money transmitter license in Alaska? What are the requirements?

Yes, you can obtain a money transmitter license in Alaska. The requirements for obtaining a money transmitter license in Alaska are as follows:

Money Transmitter License Requirements in Alaska

To obtain a money transmitter license in Alaska, you must comply with the following requirements:

  1. License Required: A person may not engage in the business of money transmission or advertise, solicit, or hold the person out as providing money transmission unless the person holds a money transmission license or is an authorized delegate of a person who holds a money transmission license [1.1].
  2. Application for License: A person applying for a money transmission license must submit an application that complies with AS 06.55.102 or 06.55.202 to the department through the registry. In addition to the information required by AS 06.55.102 or 06.55.202, the application must contain a full description of the screening process used by the applicant in selecting an authorized delegate, including a sample of any forms used, and the method used to screen for criminal history; satisfactory proof that, if applying for a money transmission license, 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; and personal history and experience in a form prescribed by the registry and authorization for the registry and the department to obtain an independent credit report from a consumer reporting agency; and information related to administrative, civil, or criminal findings by a governmental jurisdiction [2.2][1.2].
  3. Investigation of Applicant: When an application is filed under AS 06.55.102, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The department shall issue a license to an applicant under AS 06.55.102 if the department finds that all of the following conditions have been fulfilled: the applicant has complied with AS 06.55.102, 06.55.104, and 06.55.107; and the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission [1.3].
  4. Issuance of License: When an application for an original money transmission license under AS 06.55.102 is complete, the department shall approve or deny the application within 120 days after that date. If the application is not approved or denied within 120 days after that date, the application is approved, and the money transmission license takes effect as of the first business day after expiration of the 120-day period [1.3].
  5. Renewal of License: A money transmission licensee shall pay an annual renewal fee not later than 30 days before the anniversary of the issuance of the money transmission license or, if the last day is not a business day, on the next business day. A money transmission licensee shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the department. The renewal report must state or contain a copy of the money transmission licensee's most recent audited annual financial statement or, if the money transmission licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the money transmission licensee's most recent audited consolidated annual financial statement; the number and monetary amount of payment instruments and stored value sold by the money transmission licensee in this state that have not been included in a renewal report, and the monetary amount of payment instruments and stored value currently outstanding; a description of each material change in information submitted by the money transmission licensee in its original license application that has not been reported to the department on any required report; a list of the money transmission licensee's permissible investments and a certification that the money transmission licensee continues to maintain permissible investments according to the requirements set out in AS 06.55.501 and 06.55.502; proof that the money transmission licensee continues to maintain adequate security as required by AS 06.55.104; and a list of the locations in this state where the money transmission licensee or an authorized delegate of the money transmission licensee engages in money transmission or provides other money services [1.4].
  6. Renewal of Approval or Money Transmission License: The department may deny renewal of a money transmission license, including an approval under AS 06.55.103, on the same grounds for which the license may be revoked or suspended under AS 06.55.601 or this chapter, including the failure to provide proof of adequate security. If the money transmission licensee fails to make a timely request for renewal of the license, the department will send a notice of suspension to the licensee at the address most recently provided to the department by the licensee. The department will extend the date for renewing a money transmission license if the licensee makes a written request for an extension not later than 30 days before the anniversary date of the issuance of the money transmission license and the department finds that the licensee has shown the requested extension of time is reasonably necessary in order to submit the documentation required in AS 06.55.106. A request to renew a money transmission license must be made to the department through the registry [2.1].
  7. License Fees: The department shall establish fees and other charges for the administration of this chapter, including the issuance, renewal, and examination of licenses and approvals, and the investigation of complaints and violations. The fees and other charges must be set in amounts that are reasonable and necessary to cover the costs of administering this chapter [1.3].

Therefore, to obtain a money transmitter license in Alaska, you must comply with the above requirements.