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HI HB1083
Bill
Status
1/25/2017
Primary Sponsor
Joseph Souki
Click for details
AI Summary
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Redefines "outstanding payment obligation" to include both payment instruments sold by the licensee and all other outstanding money transmission obligations issued in the United States, replacing the previous "outstanding payment instrument" definition.
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Eliminates the "key shareholder" definition and consolidates related requirements under an expanded "principal" definition that includes persons with 25% or more ownership interest, managers, and executive officers.
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Requires money transmitter applicants to provide criminal history records and background information for all principals (rather than separately for executive officers and key shareholders), streamlining application procedures.
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Modifies reporting requirements for licensees to track all outstanding payment obligations rather than just payment instruments, affecting annual reports, permissible investment calculations, and voluntary license surrender disclosures.
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Effective July 1, 2112, with an exception allowing existing licensees to comply with modified annual reporting requirements by November 1, 2017.
Legislative Description
Relating To Money Transmitters.
Criminal History Record Check
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) DeCoite, Tokioka excused (2).
2/17/2017