S.B. 2848 Summary

• Amends chapter 489D to clarify requirements for money transmitter licensees seeking approval for a change in control, including a $2,500 nonrefundable application fee.

• Requires the commissioner to obtain criminal history record checks and material litigation history for persons who will assume control of a money transmitter licensee, similar to original license application requirements.

• Updates regulatory reference from Federal Reserve Board Regulation E to Consumer Financial Protection Bureau Regulation E regarding electronic transfer of government benefits exemptions.

• Adds persons assuming control of money transmitter licensees to the list of entities subject to criminal history record checks under Hawaii Revised Statutes section 846-2.7.

• Effective upon approval.