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; using nationwide standards, provides clarity and consistency of the tangible net worth provision; ensures that licensees have sufficient financial resources to conduct their business in a safe and sound manner; ensures efficiency throughout the licensing process; and protects the interests of money transmission companies, their customers, and the public.