Section 06.55.501. Maintenance of permissible investments.

   (a) A money services licensee shall maintain at all times permissible investments that have a market value computed under generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in all states and money transmitted from all states by the money services licensee.
   (b) The department, with respect to any money services licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The department by regulation may prescribe or by order allow other types of investments that the department determines to have a safety substantially equivalent to other permissible investments.
   (c) Permissible investments, even if commingled with other assets of the money services licensee, are held in trust for the benefit of the purchasers and holders of the money services licensee's outstanding payment instruments and stored value obligations in the event of bankruptcy or receivership of the money services licensee.

Authorities

6.55.106; 6.55.502

Notes

Recent Bills that will modify this

HB 271 MONEY SERVICES BUSINESS: REQS; LICENSING;
SB 152 MONEY SERVICES BUSINESS: REQS; LICENSING;

Implemented As

3 AAC 13.810

References

AS 6.55.106 .106">Sec. 06.55.106. Renewal of license.
AS 6.55.502 .502">Sec. 06.55.502. Types of permissible investments.

History

(Sec. 1 ch 55 SLA 2007)