HB 1049 Hawaii House · 2026 Regular Session

RELATING TO THE MONEY TRANSMITTERS MODERNIZATION ACT.

Summary

Includes, for purposes of the Money Transmitters Modernization Act, receivables due from payment processors for certain debit or credit card transactions. Clarifies the calculation of tangible net worth. Changes the initial annual fee assessed upon the submission of the application to an initial fee assessed upon the approval of the application. Effective 7/1/3000. (HD1)

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 21, 2025 Last action Dec 8, 2025

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What changed between versions

HB1049 → HB1049_HD1 · 4 edits

MODERATE

This bill version updates the Money Transmitters Modernization Act to clarify how licensees calculate their required tangible net worth, ensuring they maintain sufficient financial resources. It also changes the effective date of the law to July 1, 3000, and updates the report title and description to reflect these new financial standards and procedural changes.

Scope change

The bill's scope regarding financial requirements for money transmitters has been modified to include specific calculations for tangible assets, while the effective date has been extended significantly into the future.

REQUIREMENT

Updated the calculation for tangible net worth to specify that it must be based on tangible total assets for the first $100 million, with adjusted percentages for higher asset levels.

TIMELINE

Changed the effective date of the Act from July 1, 2025, to July 1, 3000.

DEFINITION

Added a definition for receivables due from payment processors for debit or credit card transactions within the context of the Act.

TECHNICAL

Updated the report title and description to accurately reflect the changes in tangible net worth calculations and the new effective date.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 11, 2025

Committee

Reported from CPC (Stand. Com. Rep. No. 423) as amended in HD 1, recommending passage on Second Reading and referral to FIN.

lower

Feb 4, 2025

Lower · Passed

The committee on CPC recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 8 Ayes: Representative(s) Matayoshi, Chun, Ilagan, Ichiyama, Iwamoto, Marten, Tam, Pierick; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Kong, Lowen.

lower

Jan 23, 2025

Committee

Referred to CPC, FIN, referral sheet 3

lower

Jan 23, 2025

Introduced

Introduced and Pass First Reading.

lower

Jan 21, 2025

Introduced

Pending introduction.

lower

1 primary · 0 co-sponsors