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Legislative record

HB 2388STATE · HawaiiIntroduced

RELATING TO MONEY TRANSMITTERS MODERNIZATION ACT.

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 services obtained from the licensee. (SD1)

Voted 3/22/2024

Roll-call record

How representatives voted

19 yea·0 nay·2 other

Docket history

Action history

  1. 3/22/2024Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
  2. 3/22/2024Reported from CPN (Stand. Com. Rep. No. 3287) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
  3. 3/20/2024The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 4 Aye(s): Senator(s) Keohokalole, Fukunaga, McKelvey, Richards; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Awa.
  4. 3/15/2024The committee(s) on CPN has scheduled a public hearing on 03-20-24 9:30AM; Conference Room 229 & Videoconference.
  5. 3/7/2024Referred to CPN, WAM.
  6. 3/7/2024Passed First Reading.
  7. 3/7/2024Received from House (Hse. Com. No. 366).
  8. 3/5/2024Passed Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Martinez, Woodson excused (3). Transmitted to Senate.
  9. 3/1/2024Passed Second Reading as amended in HD 1; placed on the calendar for Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Ichiyama, Matayoshi, Quinlan, Woodson excused (5).
  10. 3/1/2024Reported from FIN (Stand. Com. Rep. No. 759-24) as amended in HD 1, recommending passage on Second Reading and placement on the calendar for Third Reading.