HI SB806

Amends Hawaii money transmitter licensure requirements to enable the Division of Financial Institutions to join a multi-state compact that currently includes 21 states for standardized regulation and efficiency.

Adds two new application requirements: authorization for independent credit reports from consumer reporting agencies and authorization for financial responsibility reviews by the commissioner.

Extends personal background history disclosure period from 5 years to 10 years for principals of applicant corporations and non-corporate applicants.

Allows money transmitter applicants to use a single application to obtain licensure across all compact member states upon state approval.

Takes effect upon approval.