Modernizes Hawaii's Money Transmitters Act by updating permissible investments and license fees.
Hawaii HB1049 amends the Money Transmitters Act to redefine permissible investments for money transmitters. It includes cash, certificates of deposit, bankers' acceptances, and other specified securities. The bill also updates the tangible net worth requirements for licensees and sets a nonrefundable application fee of $5,000 and an initial annual license fee of $5,000. The changes take effect on July 1, 2025.
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