HI HB2388

Adds receivables from payment processors for debit or credit card transactions authorized by customers as a permissible investment for money transmitter licensees under Hawaii Revised Statutes Section 489D-4.

Modifies net worth requirements in Section 489D-6 to allow licensees to meet either a flat $100,000 minimum or a tiered percentage-based calculation (3% of first $100,000,000 in assets, 2% of assets from $100,000,000 to $1,000,000,000, and 0.5% of assets over $1,000,000,000).

Changes the timing of the $5,000 initial license fee from being due with the application to being assessed upon approval of the application in Section 489D-10.

Removes the requirement that an initial annual license fee accompany the application.

Aligns Hawaii's money transmitter regulations with the Model Money Transmitters Modernization Act to facilitate multistate licensing and supervision of money transmission companies.