AK HB99

Replaces Alaska's existing money transmission laws with the Uniform Money Transmission Modernization Act, establishing comprehensive licensing requirements for money transmitters operating in the state

Creates a regulatory framework for virtual currency business activities, requiring licensees engaged in virtual currency exchange, transfer, storage, or administration to obtain a license and provide specific consumer disclosures about fees, insurance coverage, and transaction risks

Authorizes the Department of Commerce, Community, and Economic Development to participate in multistate licensing processes through a nationwide registry, share information with other state and federal regulators, and accept examination reports from other jurisdictions

Establishes security requirements including surety bonds up to $1,000,000 based on average daily money transmission liability, net worth requirements starting at $35,000 or 3% of total assets, and permissible investment standards to protect customer funds

Increases civil penalties from $1,000 to $10,000 per day for violations, extends record retention requirements from three to five years, and takes effect July 1, 2026 with transition provisions allowing current licensees to continue operating until they renew or through July 1, 2027