Hawaii Revised Statutes 489d. Money Transmitters Act

• 489d-1 Short Title.
  This chapter may be cited as the Money Transmitters Act. [L 2006, c 153, pt of §1]
• 489d-2 Purpose.
  It is the intent of the legislature to establish within the State a licensure system to ensure the safe and sound operation of money transmission...
• 489d-3 License Required.
  (a) On or after July 1, 2007, no person except those excluded pursuant to section 489D-5, shall engage in the business of money transmission...
• 489d-4 Definitions.
  For purposes of this chapter: "Applicant" means a person filing an application for a license under this chapter. "Authorized delegate" means an entity designated...
• 489d-5 Exclusions.
  (a) This chapter shall not apply to: (1) The United States or any department, agency, or instrumentality thereof; (2) The United States Postal Service;...
• 489d-6 License Qualifications.
  (a) Each licensee, at all times, shall have a net worth of not less than $1,000, calculated in accordance with generally accepted accounting principles....
• 489d-6.2 Registration With Nmls.
  The commissioner may require all licensees to register with NMLS. [L 2013, c 167, pt of §1]
• 489d-7 Bond or Other Security Device.
  (a) Each application for a license shall be accompanied by a surety bond, irrevocable letter of credit, or other similar security device acceptable to...
• 489d-8 Permissible Investments and Statutory Trust.
  (a) A licensee, at all times, shall possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of...
• 489d-9 License and Registration; Application.
  (a) The commissioner may enter into agreements or contracts with the operators of NMLS or other entities designated by NMLS to collect and maintain...
• 489d-9.5 Limited Exemption for Financial Institutions; Financial Institutions As Authorized Delegates.
  (a) Banks, bank holding companies, credit unions, savings banks, financial services loan companies, and mutual banks organized under the laws of the United States...
• 489d-10 Application and License Fees
  . (a) Each application shall be accompanied by: (1) A nonrefundable application fee in the amount of $5,000; and (2) An initial annual license fee...
• 489d-11 Issuance of License; Grounds for Denial.
  (a) Upon the filing of a complete application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general...
• 489d-12 Renewal of License and Annual Report.
  (a) On or before December 31 of each year, each licensee shall pay renewal fees based on the number of annualized money transmissions as...
• 489d-12.5 Penalties and Other Charges.
  Administrative penalties and other charges assessed under this chapter shall be deposited into the compliance resolution fund established pursuant to section 26-9(o). [L 2008,...
• 489d-13 Licensee Liability.
  A licensee's responsibility to any person for a money transmission conducted on that person's behalf by the licensee or the licensee's authorized delegate shall...
• 489d-14 Extraordinary Reporting Requirements.
  Within fifteen business days of the occurrence of any one of the events listed below, a licensee shall file a written report with the...
• 489d-14.5 Name Change.
  To change its name, its fictitious name, or its trade name, a licensee shall file an application with the commissioner and pay a nonrefundable...
• 489d-15 Changes in Control of a Licensee.
  (a) A licensee shall submit to the commissioner an application requesting approval of a proposed change of control of the licensee, accompanied by a...
• 489d-16 Money Laundering Reports.
  (a) Every licensee and its authorized delegates shall file with the commissioner all reports relating to transactions in the State, as required by federal...
• 489d-17 Examinations.
  (a) The commissioner may conduct an annual on site examination of a licensee upon sixty days written notice to the licensee. The commissioner may...
• 489d-18 Maintenance of Records.
  (a) Each licensee shall make, keep, preserve, and make available for inspection by the commissioner the following books, accounts, and other records for a...
• 489d-19 Confidentiality of Records.
  (a) The commissioner and all employees, contractors, attorneys contracted or employed by the State, and appointees of the division of financial institutions shall not...
• 489d-20 Money Transmitter Receipts and Refunds.
  (a) Each licensee who receives money or monetary value for transmission and the licensee's authorized delegates shall transmit the monetary equivalent of all money...
• 489d-21 Authorized Delegate Contracts.
  Licensees desiring to conduct licensed activities through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. These contracts shall provide...
• 489d-22 Authorized Delegate; Conduct.
  (a) An authorized delegate of a licensee shall not make any fraudulent or false statement or misrepresentation to a licensee or to the commissioner....
• 489d-22.5 Voluntary Surrender of License.
  (a) A licensee may voluntarily cease business and surrender its license by giving written notice to the commissioner of its intent to surrender its...
• 489d-23 Prohibited Practices.
  It is a violation of this chapter for a licensee to: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead...
• 489d-24 Suspension or Revocation of Licenses.
  The commissioner may suspend or revoke a license if the commissioner finds that: (1) Any fact or condition exists that, if it had existed...
• 489d-25 Suspension or Revocation of Authorized Delegates.
  (a) The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that: (1) The authorized delegate...
• 489d-26 Orders to Cease and Desist.
  (a) If the commissioner determines a violation of this chapter or a rule adopted or an order issued under this chapter by a licensee or...
• 489d-27 Consent Orders.
  The commissioner may enter into a consent order at any time with a person to resolve a matter arising under this chapter. A consent order...
• 489d-28 Civil Penalties.
  The commissioner may assess a fine against a person who violates this chapter or a rule adopted or an order issued under this chapter...
• 489d-29 Criminal Penalties.
  (a) A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter,...
• 489d-30 Unlicensed Persons.
  (a) If the commissioner has reason to believe that a person has violated or is violating section 489D-3, the commissioner may issue an order to...
• 489d-31 Administrative Procedures.
  All administrative proceedings under this chapter shall be conducted in accordance with chapter 91. [L 2006, c 153, pt of §1]
• 489d-32 Hearings.
  Except as otherwise provided in sections 489D-12(c) and 489D-26, the commissioner may not suspend or revoke a license, issue an order to cease and desist,...
• 489d-33 Division Functions.
  (a) The division shall exercise all administrative functions of the State in relation to the regulation, supervision, and licensing of money transmitters. (b) The division...
• 489d-34 Rules.
  The commissioner may adopt rules pursuant to chapter 91 to implement this chapter. [L 2006, c 153, pt of §1] Revision Note Subsection designation deleted...

Last modified: October 27, 2016