Relating to Money Transmitters Modernization Act.
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
- Stage
- Session ended
- Started in
- House
- Latest action
- Mar 22, 2024
What it does
Continues the alignment of Hawaiʻi's money transmitters law with the provisions of the Model Money Transmitters Modernization Act, thereby enabling Hawaiʻi to work within a network of states to license, supervise, and examine transglobal money transmission companies as a multistate system. Provides clarity and consistency of the tangible net worth provision using nationwide standards. Assesses the initial license fee of $5,000 for money transmitter applicants upon approval of the application. Adds as a permissible investment the receivables due to the licensee from its payment processors for debit or credit card transactions authorized by the licensee's customers for many transmission…
Where it stands
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
Introduced (Done)
Committee (Done)
Floor (Current step)
Law (Needs attention)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
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