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(a) A person who is licensed to engage in money transmission in at least one other state, with the approval of the department and under this section, may engage in money transmission, currency exchange, or both money transmission and currency exchange in this state without being licensed under AS 06.55.102 if
(1) the state in which the person is licensed has enacted the Uniform Money Services Act or the department determines that the money transmission laws of the state in which the person is licensed are substantially similar to those imposed by this chapter;
(2) the person submits to, and in the form required by, the department
(A) in a record, an application for approval to engage in money transmission, currency exchange, or both money transmission and currency exchange in this state without being licensed under AS 06.55.102;
(B) a nonrefundable application fee;
(C) a fee for the first year of operating with the approval given under this section; this fee shall be refunded if the application is denied; and
(D) a certification of license history in the other state.
(b) Before granting a person approval under this section to engage in money transmission, currency exchange, or both money transmission and currency exchnage in this state, the department shall make findings and conclusions as required by regulation.
(c) When an application for approval under this section is complete, the department shall promptly notify the applicant, in a record, of the date on which the request was determined to be complete, and
(1) the department shall approve or deny the request within 120 days after the date; or
(2) if the request is not approved or denied within 120 days after that date,
(A) the request is approved; and
(B) the approval takes effect as of the first business day after expiration of the 120-day period.
(d) An applicant whose application under this section is denied by the department may appeal, within 30 days after receipt of the notice of the denial, and request a hearing.
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