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SFAA Addresses Bond Claims Provisions in Alaska Money Transmitter Regulations

Wednesday, August 2, 2017  

SFAA Addresses Bond Claims Provisions in Alaska Money Transmitter Regulations

SFAA submitted comments to the Alaska Department of Commerce, Community and Economic Development on the proposed revisions to the regulations for the license bond required for money transmitters to address the potential for increased risk that would result from implementation. The proposed rules would establish claims procedures in the event a court or a state agency determines that the licensee violated the applicable law and issues a final order to pay an amount of money due to the violation. The bond would have to provide that the surety will pay this amount. If the surety has received more than one final order and the total claims exceed the bond amount the surety would have to make a pro rata payment to all claimants who have submitted a final order. The proposed rules would establish notice requirements for the surety in connection with the final order. SFAA offered to work with the Department to address our concerns about these new provisions.

Members should visit Government Relations / General Info (Members) for more information.

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