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