HI HB1049

Expands the definition of "permissible investments" under the Money Transmitters Modernization Act to include receivables due from payment processors for debit or credit card transactions authorized by customers for money transmission services

Modifies the tangible net worth calculation formula, changing from "tangible assets" to "total assets" as the basis for the tiered percentage requirements (3% for first $100 million, 2% for $100 million to $1 billion, 0.5% for amounts over $1 billion)

Removes the requirement that tangible net worth be calculated in accordance with generally accepted accounting principles

Changes the $5,000 initial license fee from being submitted with the application to being assessed only upon approval of the application, while the $5,000 nonrefundable application fee remains due at submission

Effective date of July 1, 3000 (placeholder date)