Modernizes Hawaii's Money Transmitters Act by updating permissible investments and net worth requirements.
This bill amends Hawaii's Money Transmitters Act by revising the definition of permissible investments for money transmitters. It allows investments in high-grade securities, U.S. government obligations, money market mutual funds, and receivables from payment processors. The bill also modifies the tangible net worth requirements for licensees, setting a minimum of $100,000 or a percentage of total assets. Additionally, it establishes a nonrefundable application fee of $5,000 and an initial annual license fee of $5,000 for money transmitters.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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