HB 2388 Hawaii House · 2024 Regular Session

RELATING TO MONEY TRANSMITTERS MODERNIZATION ACT.

Summary

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)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2024

Committee Review

Mar 2024

House Passage

Mar 2024

Senate Passage

Governor

Introduced Jan 22, 2024 Last action Mar 22, 2024

Floor votes

How they voted

This bill passed the House. No roll call record of that vote is available.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 22, 2024

Committee

Reported from CPN (Stand. Com. Rep. No. 3287) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Mar 20, 2024

Upper · Passed

The 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.

upper

Mar 15, 2024

Upper · Passed

The committee(s) on CPN has scheduled a public hearing on 03-20-24 9:30AM; Conference Room 229 & Videoconference.

upper

Mar 7, 2024

Committee

Referred to CPN, WAM.

upper

Mar 7, 2024

Introduced

Received from House (Hse. Com. No. 366).

upper

Mar 5, 2024

Lower · Passed

Passed Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Martinez, Woodson excused (3). Transmitted to Senate.

lower

Feb 28, 2024

Lower · Passed

The committee on FIN recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 15 Ayes: Representative(s) Yamashita, Kitagawa, Aiu, Chun, Garrett, Kahaloa, Kila, Kobayashi, Lamosao, Morikawa, Nishimoto, Poepoe, Takenouchi, Alcos, Ward; Ayes with reservations: none; Noes: none; and 1 Excused: Representative(s) Cochran.

lower

Feb 20, 2024

Committee

Re-referred to FIN, referral sheet 14

lower

Jan 26, 2024

Committee

Referred to CPC, FIN, referral sheet 3

lower

Jan 24, 2024

Introduced

Introduced and Pass First Reading.

lower

Jan 22, 2024

Introduced

Pending introduction.

lower

1 primary · 0 co-sponsors