05/08/2007 09:00 AM Senate FINANCE

AT EASE 9:50:55 AM/9:51:09 AM                                                                                               
                                                                                                                                
                                                                                                                                
     CS FOR SENATE BILL NO. 116(L&C)                                                                                            
     "An Act relating to the Uniform Money Services Act, to                                                                     
     money transmission services, and to currency exchange                                                                      
     services; and providing for an effective date."                                                                            
                                                                                                                                
                                                                                                                                
This was the  second hearing for this bill in  the Senate Finance                                                               
Committee.                                                                                                                      
                                                                                                                                
9:52:19 AM                                                                                                                    
                                                                                                                                
Senator Elton moved to adopt CS  SB 27, 25-LS0508\N, as a working                                                               
document.                                                                                                                       
                                                                                                                                
There was no objection and Version "N" was ADOPTED.                                                                             
                                                                                                                                
Senator  Elton  informed  that  the   new  version  of  the  bill                                                               
contained minor definitional changes.                                                                                           
                                                                                                                                
9:53:03 AM                                                                                                                    
                                                                                                                                
JESSE KIEHL, Staff  to Senator Kim Elton,  testified that Section                                                               
06.55.103  added  by  Section  1   of  the  committee  substitute                                                               
clarified  that  an  individual who  received  a  money  services                                                               
license and  was licensed in  another state with similar  laws to                                                               
Alaska had the  right to appeal if the application  in Alaska was                                                               
denied.  The second  change  appeared  under Definitions  Section                                                               
06.55.990  added by  Section 1  of the  committee substitute  and                                                               
would add  a provision to  the definition of "bank".  Banks would                                                               
be  exempt from  the  requirements  of this  bill,  as they  were                                                               
regulated  elsewhere in  statute. This  modification would  bring                                                               
the  State into  compliance with  the recent  U.S. Supreme  Court                                                               
decision in Watters v. Wachovia.                                                                                                
                                                                                                                                
9:54:33 AM                                                                                                                    
                                                                                                                                
Co-Chair Hoffman  moved to  report CS  SB 116,  25-LS0508\N, from                                                               
Committee  with   individual  recommendations   and  accompanying                                                               
fiscal note.                                                                                                                    
                                                                                                                                
There  was no  objection  and  CS SB  116  (FIN)  was MOVED  from                                                               
Committee  with   previous  $80,000  fiscal  note   #1  from  the                                                               
Department  of  Commerce,   Community  and  Economic  Development                                                               
Banking and Securities Division.