HI SB806

Amends Hawaii's money transmitter licensure requirements to enable the Division of Financial Institutions to join a multi-state compact that currently includes 21 states for more efficient supervision and examination of money transmitters.

Adds two new application requirements: authorization for NMLS and the commissioner to obtain independent credit reports on applicants from consumer reporting agencies, and authorization for the commissioner to conduct a financial responsibility review.

Extends the personal background history requirement from five years to ten years for principals and future principals of money transmitter applicants.

Allows money transmitter applicants to use a single application to apply for licensure across all states in the compact rather than filing separate applications in each state.

Takes effect upon approval.