Modernizes Hawaii's Money Transmitters Act by updating permissible investments and license fees.

This bill amends Hawaii's Money Transmitters Act to redefine permissible investments for money transmitters, including cash, certificates of deposit, bankers' acceptances, and securities rated by nationally recognized organizations. It also updates the definition of receivables and specifies that the tangible net worth of money transmitters must meet certain thresholds. Additionally, the bill sets a nonrefundable application fee of $5,000 and an initial annual license fee of $5,000 for money transmitters. The changes will take effect on July 1, 2025.

Modernizes Hawaii's Money Transmitters Act by updating permissible investments and license fees.

This bill amends Hawaii's Money Transmitters Act to redefine permissible investments for money transmitters, including cash, certificates of deposit, bankers' acceptances, and securities rated by nationally recognized organizations. It also updates the definition of receivables and specifies that the tangible net worth of money transmitters must meet certain thresholds. Additionally, the bill sets a nonrefundable application fee of $5,000 and an initial annual license fee of $5,000 for money transmitters. The changes will take effect on July 1, 2025.