HB 180 Summary: Alaska Money Services Act

• Requires money transmission and currency exchange licensees to register with the Nationwide Multistate Licensing System and Registry and maintain a valid unique identifier.

• Establishes surety bond requirements of $25,000 to $1,000,000 for money transmission and currency exchange licenses, replacing previous letter of credit and security options.

• Extends record retention requirements from 3 to 5 years for payment instruments, stored-value obligations, and related documentation.

• Authorizes money services licensees to contract with other licensees to use their authorized delegates as "subdelegates" for reloading funds on open-loop stored-value cards.

• Expands the definition of "money transmission" to include virtual currency activities such as receiving, transmitting, storing, buying and selling virtual currency, and performing retail conversion services.