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Can I obtain a money transmitter license in Hawaii? What are the requirements?

Yes, you can obtain a money transmitter license in Hawaii. The requirements for obtaining a money transmitter license in Hawaii are outlined in HIRS 489D-9.

Requirements for obtaining a money transmitter license in Hawaii

To obtain a money transmitter license in Hawaii, you must submit an application in writing, in a form prescribed by NMLS or by the commissioner. The application must contain the following information:

  1. For all applicants:
  1. If the applicant is a corporation, the applicant shall also provide:
  1. If the applicant is not a corporation, the applicant shall also provide:

The commissioner may waive any requirement of this section relating to any license application or permit an applicant to submit substituted information in its license application in lieu of the information required by this section [HIRS 489D-9].

License qualifications

Each licensee, at all times, shall have a net worth of not less than $1,000, calculated in accordance with generally accepted accounting principles. Each corporate applicant, at the time of filing an application, and at all times after a license is issued, shall be in good standing in the state of its incorporation. All non-corporate applicants, at the time of filing an application for a license under this chapter, and at all times after a license is issued, shall be registered or qualified to do business in the State [HIRS 489D-6].

Application and license fees

Each application shall be accompanied by a nonrefundable application fee in the amount of $5,000 and an initial annual license fee of $5,000. The license fee shall be refunded if the application is denied [HIRS 489D-10].

Money transmitter receipts and refunds

Each licensee who receives money or monetary value for transmission and the licensee's authorized delegates shall transmit the monetary equivalent of all money or equivalent value received from a customer for transmission, net of any fees, or issue instructions committing the money or its monetary equivalent, to the person designated by the customer within ten business days after receiving the money or equivalent value, unless otherwise ordered by the customer or unless the licensee or its authorized delegate has reason to believe that a crime has occurred, is occurring, or may occur as a result of transmitting the money. Each licensee who receives money or monetary value for transmission and the licensee's authorized delegates shall provide a receipt to the customer that clearly states the amount of money or equivalent value presented for transmission and the total of the fees charged by the licensee. Each licensee who receives money or monetary value for a money transmission and the licensee's authorized delegates shall refund to a customer all moneys received for transmittal within ten days of receipt of a written request for a refund unless any of the following occurs: the moneys have been transmitted and delivered to the person designated by the customer prior to receipt of the written request for a refund; instructions have been given committing an equivalent amount of money to the person designated by the customer prior to receipt of a written request for a refund; the licensee or its authorized delegate has reason to believe that a crime has occurred, is occurring, or may occur as a result of transmitting the money as requested by the customer or refunding the money as requested by the customer; or the licensee is otherwise barred by law from making a refund [HIRS 489D-20].

Public review of money transmission applications and records

All applications and supporting documents that are filed by a proposed money transmitter shall be available for public review as provided by law following receipt of a request to review the records. All applications, supporting documents, and records filed by a money transmitter, including audited statements and records relating to bonding and insurance, shall be available for public review as provided by law following receipt of a request to review the records. Information claimed by an applicant or money transmitter to be confidential shall be submitted on separate pages which can be detached from the rest of the application or filing and shall be identified by the words "Submitted as Confidential" printed on the top of each page. Information submitted as confidential shall be accompanied by a separate statement requesting confidential treatment and providing reasons and authority for maintaining confidentiality [HIAR 16-24-3].

Therefore, to obtain a money transmitter license in Hawaii, you must submit an application in writing, in a form prescribed by NMLS or by the commissioner, and provide the required information, including a description of the business activities conducted by the applicant and a history of operations, a list identifying the applicant's proposed authorized delegates in the State, and a sample authorized delegate contract, if applicable. Each licensee, at all times, shall have a net worth of not less than $1,000, calculated in accordance with generally accepted accounting principles. Each corporate applicant, at the time of filing an application, and at all times after a license is issued, shall be in good standing in the state of its incorporation. All non-corporate applicants, at the time of filing an application for a license under this chapter, and at all times after a license is issued, shall be registered or qualified to do business in the State. The application shall be accompanied by a nonrefundable application fee in the amount of $5,000 and an initial annual license fee of $5,000. Each licensee who receives money or monetary value for transmission and the licensee's authorized delegates shall transmit the monetary equivalent of all money or equivalent value received from a customer for transmission, net of any fees, or issue instructions committing the money or its monetary equivalent, to the person designated by the customer within ten business days after receiving the money or equivalent value, unless otherwise ordered by the customer or unless the licensee or its authorized delegate has reason to believe that a crime has occurred, is occurring, or may occur as a result of transmitting the money. Each licensee who receives money or monetary value for transmission and the licensee's authorized delegates shall provide a receipt to the customer that clearly states the amount of money or equivalent value presented for transmission and the total of the fees charged by the licensee. Each licensee who receives money or monetary value for a money transmission and the licensee's authorized delegates shall refund to a customer all moneys received for transmittal within ten days of receipt of a written request for a refund unless any of the following occurs: the moneys have been transmitted and delivered to the person designated by the customer prior to receipt of the written request for a refund; instructions have been given committing an equivalent amount of money to the person designated by the customer prior to receipt of a written request for a refund; the licensee or its authorized delegate has reason to believe that a crime has occurred, is occurring, or may occur as a result of transmitting the money as requested by the customer or refunding the money as requested by the customer; or the licensee is otherwise barred by law from making a refund. All applications and supporting documents that are filed by a proposed money transmitter shall be available for public review as provided by law following receipt of a request to review the records. All applications, supporting documents, and records filed by a money transmitter, including audited statements and records relating to bonding and insurance, shall be available for public review as provided by law following receipt of a request to review the records [HIRS 489D-9, HIRS 489D-6, HIRS 489D-10, HIRS 489D-20, HIAR 16-24-3].