SB 86 Alaska Senate · 34th Legislature (2025-2026)

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; relating to abandoned virtual currency; amending Rules 79 and 82, Alaska Rules of Civil Procedure; and providing for an effective date.

SB 86 modernizes Alaska's licensing rules for businesses that send money electronically (including digital payment services, currency exchanges, and virtual currency providers). It adds specific requirements for virtual currency services, mandates a 120-day processing deadline for license applications, and establishes a multistate licensing system to simplify operations across state lines. The bill also clarifies exemptions for payroll services and standardizes record-keeping and reporting rules for licensees. This directly affects all money transmission businesses operating in Alaska, including fintech companies and currency exchange services.

Bill status signed all 5 stages cleared

Introduction

Feb 2025

Committee Review

May 2026

Senate Passage

May 2025

House Passage

May 2026

Signed into Law

Jul 2026

Introduced Feb 5, 2025 Signed Jul 16, 2026

Maddy AI version diff · 3 comparisons

What changed between versions

Enrolled SB 86 → SB 86 · 4 edits

MODERATE

This diff compares the enrolled (enacted) version of SB 86 with what appears to be an earlier bill introduction version. The substantive differences include: removal of 'relating to abandoned virtual currency' from the bill title, a simplified purpose statement that drops specific section number references, an added consumer disclosure requirement stating that virtual currency is not money, and a change in how virtual currency is treated as a permissible investment (removing a specific cross-reference to AS 06.55.502(b)(4) in favor of a general reference to 'this chapter').

SCOPE

The bill title removes the phrase 'relating to abandoned virtual currency,' narrowing the stated scope of the legislation.

TECHNICAL

Section 1 (Purpose) changes from 'The purpose of secs. 1 - 65 and 75 - 78 of this Act' to 'The purpose of this Act,' removing specific section number references that were likely added during the legislative process.

REQUIREMENT

AS 06.55.155(b)(9) adds a new required disclosure: licensees must tell customers that 'virtual currency is not money.' This was not present in the enrolled version.

DEFINITION

AS 06.55.160(c)(4) changes the treatment of virtual currency as a permissible investment from 'to the extent specified under AS 06.55.502(b)(4)' to simply 'under this chapter,' removing a specific statutory cross-reference and making the reference broader.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

May 13, 2026

Lower · Passed

(H) TRANSMITTED TO (S) AS AMENDED

lower

May 12, 2026

Lower · Passed

(H) PASSED Y40

lower

May 11, 2026

Lower · Passed

(H) FIN HCS ADOPTED UC

lower

May 4, 2026

Lower · Passed

(H) Moved HCS CSSB 86(FIN) Out of Committee

lower

May 2, 2025

Upper · Passed

(S) TRANSMITTED TO (H)

upper

May 2, 2025

Upper · Passed

(S) PASSED Y17 N- E3

upper

Apr 30, 2025

Upper · Passed

(S) FIN CS ADOPTED UC

upper

Apr 11, 2025

Upper · Passed

(S) Moved CSSB 86(FIN) Out of Committee

upper

Mar 7, 2025

Upper · Passed

(S) Moved SB 86 Out of Committee

upper

1 primary · 0 co-sponsors