3 AAC 13.020 - Approval to engage in services under AS 0655 with a license from another state

(a) A person seeking approval to engage in money transmission or currency exchange activities under AS 06.55 .103 without obtaining a license under AS 06.55.101 from the department must submit to the department

(1) the items described in AS 06.55.103(a)(2) and 3 AAC 13.101(a);

(2) satisfactory proof that the person holds a license in good standing to engage in money transmissions in at least one other state that has either adopted the Uniform Money Services Act or has money transmission laws that are substantially similar to those of this state;

(3) satisfactory proof that 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;

(4) a signed release of information that allows the department to obtain information from licensing agencies of other states necessary to verify the person's eligibility to engage in money transmission or currency exchange under AS 06.55.103; and

(5) any other information that the department reasonably requires with respect to the applicant.

(b) The department will deny approval to offer money transmission or currency exchange services under AS 06.55.103 if

(1) the person fails to comply with 3AAC13.010(a), (a) of this sectionl or AS 06.55.103;

(2) the person or any of the person's authorized delegates are the subject of a negative licensing action in any of the states in which the person is licensed;

(3) the person is not licensed to provide money transmission services in at least one state that has enacted the Uniform Money Services Act or has money transmission laws that are substantially similar to those of this state;

(4) the department finds that the person would not qualify for a money transmission license under AS 06.55.105(a)(2) or this chapter if the person applied for one;

(5) the person has not met the security requirements of AS 06.55.104 or the net worth requirement of AS 06.55.107;

(6) another state has suspended or revoked the person's money transmission license or currency exchange license within the last five years; or

(7) the person knowingly makes a false statement or knowingly submits false information in order to obtain an approval to offer services under AS 06.55.103.

(c) An application for approval under AS 06.55.103 must be made to the department through the registry.

Notes

3 AAC 13.020

Eff. 7/12/2008, Register 187; am 11/22/2017,Register 224, January 2018

Authority:AS 06.55.103

AS 44.33.020