STAND.
COM. REP. NO. 1687
Honolulu, Hawaii
, 2021
RE: S.B. No. 973
S.D. 1
H.D. 2
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sir:
Your Committee on Finance, to which was referred S.B. No. 973, S.D. 1, H.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO HAWAII MONEY TRANSMITTER ACT,"
begs leave to report as follows:
The purpose of this measure is to amend the Hawaii Money Transmitters Act by:
(1) Incorporating definitions of key terms provided in the Model Money Services Business Law published by the Conference of State Bank Supervisors;
(2) Requiring an applicant for a money transmitter license to submit information concerning any bankruptcy or receivership proceedings;
(3) Extending the period of an applicant's litigation and criminal conviction history review from five to ten years from the date of the application; and
(4) Clarifying the authority of the Commissioner of Financial Institutions to examine and investigate licensees or authorized delegates of licensees and participate in nationwide protocols for licensing cooperation and coordination among state regulators.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 973, S.D. 1, H.D. 2, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ SYLVIA LUKE, Chair |
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