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Consumer Finance

What We Do

The Division of Banking and Securities registers, licenses, examines and investigates complaints against non-depository financial institutions, which includes mortgage brokers, lenders and originators, as well as money service businesses.

The mortgage lending industry is regulated through the Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010 (AS 06.60 & 3 AAC 14)

Money service businesses, also called money transmitters, are regulated through the Alaska Uniform Money Services Act (AS 06.55 & 3 AAC 13).

The Division regulates Money Service Businesses (MSBs) in the following four distinct financial service areas:

  1. money transmitters (wiring of funds);
  2. issuers of traveler's checks, money orders, or stored value cards;
  3. sellers or redeemers or traveler's checks, money orders or stored value cards; and
  4. currency dealers or exchangers.