HI HB403

Amends Hawaii's money transmitter licensure requirements under section 489D-9 to enable the Division of Financial Institutions to join a multi-state compact that currently includes 21 states for licensing money transmitters.

Requires applicants to authorize NMLS and the commissioner to obtain independent credit reports from consumer reporting agencies under the Fair Credit Reporting Act.

Extends the personal background history requirement for principals from five years to ten years for both corporate and non-corporate applicants.

Provides efficiency benefits by allowing a single application for licensure across all compact member states and promoting standardized supervision and examination of money transmitters.

Takes effect upon approval.