Legislature(2025 - 2026)BARNES 124
03/14/2025 03:15 PM House LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| HB99 | |
| HB121 | |
| HB25 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | TELECONFERENCED | ||
| += | HB 99 | TELECONFERENCED | |
| += | HB 121 | TELECONFERENCED | |
| += | HB 25 | TELECONFERENCED | |
HB 99-MONEY TRANSMISSION; VIRTUAL CURRENCY
3:19:43 PM
CO-CHAIR HALL announced that the first order of business would
be HOUSE BILL NO. 99, "An Act relating to the business of money
transmission; relating to licenses for money transmission,
licensure requirements, and registration through a nationwide
multistate licensing system; relating to the use of virtual
currency for money transmission; relating to authorized
delegates of a licensee; relating to acquisition of control of a
license; relating to record retention and reporting
requirements; authorizing the Department of Commerce, Community,
and Economic Development to cooperate with other states in the
regulation of money transmission; relating to permissible
investments; relating to violations and enforcement of money
transmission laws; relating to exemptions to money transmission
licensure requirements; relating to payroll processing services;
relating to currency exchange licenses; amending Rules 79 and
82, Alaska Rules of Civil Procedure; and providing for an
effective date." [Before the committee, adopted as a working
document on 3/5/25, was the proposed committee substitute (CS)
for HB 99, Version 34-LS0543\N, Gunther, 3/3/25 ("Version N").]
CO-CHAIR FIELDS gave wrap-up comments on HB 99, noting that he
was carrying the bill on behalf of the administration.
CO-CHAIR HALL invited questions from committee members.
CO-CHAIR HALL invited amendments from committee members.
3:20:45 PM
REPRESENTATIVE COULOMBE moved to adopt Amendment 1 to HB 99,
Version N, labeled 34-LS0543\N.1, Gunther, 3/9/25, which read as
follows:
Page 4, line 13, following the second occurrence of
"denial":
Insert "in detail"
Page 4, line 14:
Delete "30"
Insert "60"
Page 20, line 8:
Following the first occurrence of "denial":
Insert "in detail"
Delete "30"
Insert "60"
3:20:49 PM
CO-CHAIR FIELDS objected.
3:21:04 PM
REPRESENTATIVE COULOMBE explained that Amendment 1 would change
the notice of denial language in the event that a company is
denied a license, requiring that the language be specific and
detailed "to avoid any confusion and mandate a proper response."
She further explained that the denial can be appealed for 60
days instead of 30 days.
3:21:55 PM
CO-CHAIR FIELDS stated that the [Department of Commerce,
Community, and Economic Development] (DCCED) would prefer to
keep the length for appeal at 30 days. He maintained his
objection.
3:22:11 PM
A roll call vote was taken. Representatives Nelson and Coulombe
voted in favor of Amendment 1 to HB 99, Version N.
Representatives Burke, Carrick, Fields, and Hall voted against
it. Therefore, Amendment 1 failed to be adopted by a vote of 2-
4.
3:23:03 PM
REPRESENTATIVE COULOMBE indicated that she would not be offering
Amendment 2.
3:23:14 PM
REPRESENTATIVE COULOMBE moved to adopt Amendment 3 to HB 99,
Version N, labeled 34-LS0543\N.3, Gunther, 3/9/25, which read as
follows:
Page 9, line 21:
Delete "that virtual currency is not money,"
There being no objection, Amendment 3 to HB 99 was adopted.
3:23:47 PM
REPRESENTATIVE COULOMBE moved to adopt Amendment 4 to HB 99,
Version N, as amended, labeled 34-LS0543\N.4, Gunther, 3/9/25,
which read as follows:
Page 10, line 28:
Delete "five"
Insert "three"
3:23:53 PM
CO-CHAIR FIELDS objected.
3:23:57 PM
REPRESENTATIVE COULOMBE explained that Amendment 4 would reduce
the recordkeeping requirement of [DCCED] from five years to
three years because the five-year requirement is a burden on the
businesses.
3:24:10 PM
CO-CHAIR FIELDS stated that he appreciated the intent of
Amendment 4 but could not support it due to inconsistency with
federal regulations. He cited the Bank Secrecy Act (BSA), which
requires that records for money service businesses be kept for
five years. He maintained his objection.
3:24:48 PM
A roll call vote was taken. Representatives Nelson and Coulombe
voted in favor of the motion to adopt Amendment 4 to HB 99,
Version N. Representatives Carrick, Burke, Fields, and Hall
voted against it. Therefore, Amendment 4 failed to be adopted
by a vote of 2-4.
3:25:29 PM
REPRESENTATIVE COULOMBE moved to adopt Amendment 5 to HB 99,
Version N, as amended, labeled 34-LS0543\N.5, Gunther, 3/9/25,
which read as follows:
Page 16, line 6:
Delete "all records the department reasonably
requires"
Insert "records necessary for the department"
Page 23, line 13:
Delete "All records"
Insert "Records [ALL RECORDS]"
Page 23, line 14, following "department":
Insert "only as permitted"
There being no objection, Amendment 5 was adopted.
3:25:53 PM
The committee took a brief at-ease at 3:25 p.m.
3:26:15 PM
REPRESENTAIVE COULOMBE indicated that she would not be offering
Amendment 6.
3:26:30 PM
REPRESENTATIVE COULOMBE moved to adopt Amendment 7 to HB 99,
Version N, as amended, labeled 34-LS0543\N.7, Gunther, 3/9/25,
which read as follows:
Page 24, lines 8 - 14:
Delete all material and insert:
"(b) The department may disclose information
that is not otherwise subject to disclosure under (a)
of this section to representatives of state or federal
agencies if the [WHO PROMISE IN A RECORD THAT THEY
WILL MAINTAIN THE CONFIDENTIALITY OF THE INFORMATION
OR IF THE DEPARTMENT FINDS THAT THE RELEASE IS
REASONABLY NECESSARY FOR THE PROTECTION OF THE PUBLIC
AND IN THE INTERESTS OF JUSTICE, AND THE MONEY
SERVICES] licensee has been given previous notice by
the department of the department's [ITS] intent to
disclose [RELEASE] the information."
3:26:36 PM
CO-CHAIR FIELDS objected.
3:26:41 PM
REPRESENTATIVE COULOMBE explained that Amendment 7 would
reinstate language from the original bill version.
3:27:13 PM
CO-CHAIR FIELDS stated his appreciation for Amendment 7. He
stated that the ability to share information among regulators,
including law enforcement, was critical to prevent money
laundering and other criminal uses of money transmission.
Additionally, he stated that it is important that licensee
records are maintained and not destroyed. He emphasized the
importance of law enforcement and regulatory oversight.
CO-CHAIR FIELDS maintained his objection.
REPRESENTATIVE COULOMBE pointed out that there are sections in
statute that address money laundering. She stated it was her
intention to avoid penalizing law-abiding citizens by not giving
notice. She urged committee members to vote yes on the
amendment.
3:28:10 PM
A roll call vote was taken. Representatives Nelson and Coulombe
voted in favor of the motion to adopt Amendment 7 to HB 99,
Version N. Representatives Burke, Carrick, Fields, and Hall
voted against it. Therefore, Amendment 7 failed to be adopted
by a vote of 2-4.
3:28:53 PM
CO-CHAIR FIELDS began a motion.
3:29:10 PM
The committee took a brief at-ease at 3:29 p.m.
3:29:19 PM
CO-CHAIR FIELDS moved to report HB 99, Version N, as amended,
out of committee with individual recommendations and the
accompanying fiscal notes. There being no objection, CSHB
99(L&C) was reported out of the House Labor and Commerce
Standing Committee.