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HB 1049 Hawaii House · 2025 Regular Session

RELATING TO THE MONEY TRANSMITTERS MODERNIZATION ACT.

Summary
Includes, for purposes of the Money Transmitters Modernization Act, receivables due from payment processors for certain debit or credit card transactions. Clarifies the calculation of tangible net worth. Changes the initial annual fee assessed upon the submission of the application to an initial fee assessed upon the approval of the application. Effective 7/1/3000. (HD1)
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 21, 2025 Last action Feb 11, 2025
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What changed between versions

HB1049 → HB1049_HD1 · 4 edits
MODERATE
This bill modernizes Hawaii's money transmitter laws by updating investment rules, clarifying financial requirement calculations, and adjusting fee structures. It adds payment processor receivables as permissible investments, changes tangible net worth calculations to use total assets instead of net worth, and shifts the initial license fee from application submission to approval.
Scope change
The bill expands permissible investments to include receivables from payment processors and clarifies that tangible net worth calculations should use total assets rather than net worth, affecting how licensees demonstrate financial stability.
ELIGIBILITY

Added payment processor receivables for debit/credit card transactions as permissible investments for money transmitters

REQUIREMENT

Changed tangible net worth calculation to use total assets instead of net worth, with updated percentage thresholds for different asset levels

FISCAL

Modified initial license fee timing from upon application submission to upon approval of the application

TIMELINE

Changed effective date from July 1, 2025 to July 1, 3000

Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
7
Key actions
1
Committee
3
Feb 11, 2025
Committee
Reported from CPC (Stand. Com. Rep. No. 423) as amended in HD 1, recommending passage on Second Reading and referral to FIN.
lower
Feb 4, 2025
Lower · Passed
The committee on CPC recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 8 Ayes: Representative(s) Matayoshi, Chun, Ilagan, Ichiyama, Iwamoto, Marten, Tam, Pierick; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Kong, Lowen.
lower
Jan 23, 2025
Committee
Referred to CPC, FIN, referral sheet 3
lower
Jan 23, 2025
Introduced
Introduced and Pass First Reading.
lower
Jan 21, 2025
Introduced
Pending introduction.
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Nadine Nakamura
Nadine Nakamura
DDemocratic
HI
15