H.B. 403 Summary

• Amends Hawaii's money transmitter licensure requirements in Section 489D-9, Hawaii Revised Statutes, to enable the Division of Financial Institutions to join a multi-state compact for licensing money transmitters.

• Adds a new requirement (subsection K) that applicants authorize NMLS and the commissioner to obtain independent credit reports from consumer reporting agencies under the Fair Credit Reporting Act.

• Extends personal background history requirements from five years to ten years for employment history and criminal/litigation records of applicants and their principals.

• Provides efficiency benefits through the compact by allowing a single application for licensure across all participating states (currently 21 states) and promoting standardized supervision and examination practices.

• Takes effect upon approval.