(a) The department shall adopt regulations that establish the amount and manner of payment of fees required under this chapter.
(b) The department shall establish fee levels under (a) of this section so that the total amount of fees collected for both money transmission licenses and currency exchange licenses under this chapter approximately equals the department's actual total regulatory costs for both money transmission licenses and currency exchange licenses. The department shall set the fee levels so that the fee levels for both money transmission licenses and currency exchange licenses are the same.
(c) The department shall annually review each fee level to determine whether the regulatory costs are approximately equal to fee collections. If the review indicates that fee collections and regulatory costs are not approximately equal, the department shall calculate fee adjustments and adopt regulations under (a) of this section to implement the adjustments.
(d) In January of each year, the department shall report to the office of management and budget all fee levels and revisions made for the previous year under this section.
(e) In this section,
(1) “fee” means an application fee, a money services license fee, a first-year operation fee under AS 06.55.103(a)(2)(C), a renewal fee, the daily late fee for not submitting a renewal report and paying the renewal fee under AS 06.55.106, investigation costs under AS 06.55.105 and 06.55.203, an examination cost under AS 06.55.401, and a fee for approving a change of control under AS 06.55.404;
(2) “regulatory costs” means the costs of the department that are attributable to regulation of money services licensing under this chapter.
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