HI HB1049

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

Modifies tangible net worth calculation requirements in section 489D-6 to specify percentages based on asset tiers: 3% of total assets for the first $100,000,000, 2% for $100,000,000 to $1,000,000,000, and 0.5% for assets over $1,000,000,000, with a minimum of $100,000.

Changes initial licensing fee timing in section 489D-10 from assessment upon application submission to assessment upon application approval, while maintaining the $5,000 nonrefundable application fee.

Effective date is July 1, 3000.