Legislative record

RELATING TO THE MONEY TRANSMITTERS MODERNIZATION ACT.

Aligns the State's Money Transmitters Modernization Act with the Model Money Transmitters Modernization Act, thereby enabling Hawaii to work within a network of states to license, supervise, and examine transglobal money transmission companies as a multistate system; adopts nationwide standards that provide clarity and consistency in calculating the tangible net worth of licensees; ensures that licensees have sufficient financial resources to conduct their business in a safe and sound manner; and promotes efficiency throughout the licensing process.