This chapter does not apply to

(1) the United States or a department, an agency, or an instrumentality of the United States;

Terms Used In Alaska Statutes 06.55.802

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service;
(3) a state, a municipality, a county, or another governmental agency or governmental subdivision of a state;
(4) a bank, a bank holding company, an office of an international banking corporation, a branch of a foreign bank, a corporation organized under 12 U.S.C. § 1861 – 1867 (Bank Service Company Act), or a corporation organized under 12 U.S.C. § 611 – 633 (Edge Act) under the laws of a state or the United States, if it does not issue, sell, or provide payment instruments or stored value through an authorized delegate who is not a bank, a bank holding company, an office of an international banking corporation, a branch of a foreign bank, a corporation organized under 12 U.S.C. § 1861 – 1867 (Bank Service Company Act), or a corporation organized under 12 U.S.C. § 611 – 633 (Edge Act) under the laws of a state or the United States;
(5) electronic funds transfer of governmental benefits for a federal, state, or municipal agency or a state political subdivision by a contractor on behalf of

(A) the United States or a department, an agency, or an instrumentality of the United States; or
(B) a state, or a department, an agency, or an instrumentality of a state;
(6) a board of trade or a person who, in the ordinary course of business, provides clearance and settlement services for a board of trade, to the extent of the operation of the person for a board of trade; in this paragraph, “board of trade” means a board of trade designated as a contract market under 7 U.S.C. 1 – 27f (Commodity Exchange Act);
(7) a registered futures commission merchant under the federal commodities laws, to the extent of the merchant’s operation as a registered futures commission merchant under the federal commodities laws;
(8) a person who provides clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws, to the extent of the person’s operation as a provider of clearance or settlement services under a registration as a clearing agency or an exemption from the registration granted under the federal securities laws;
(9) an operator of a payment system to the extent that the operator provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearinghouse transfers, or similar funds transfers; or
(10) a person registered as a securities broker-dealer under federal or state securities laws, to the extent of the person’s operation as a securities broker-dealer under federal or state securities laws.
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