Rep. Bob Mcdermott Addresses SB1068 – Money Transmitters; Fees

Measure Title: RELATING TO MONEY TRANSMITTERS. Report Title: Money Transmitters; Fees; Bond; Division of Financial Institutions Description: Authorizes the Commissioner of Financial Institutions to require money transmitters to register with NMLS. Establishes procedures for a licensed money transmitter to surrender its license. Amends the bond requirement, the fee structure for services provided by the Division of Financial Institutions of the DCCA for the regulation of money transmitters, and the fine for violations of money transmitter regulations. Effective 7/1/2050. (SD2)

3/14/2013 H Passed Second Reading and referred to the committee(s) on CPC with Representative(s) Aquino, Cachola, Cullen, Hanohano, Oshiro voting aye with reservations; Representative(s) Cabanilla, Cheape, Fale, Fukumoto, Johanson, McDermott, Ward voting no (7) and Representative(s) McKelvey, Mizuno excused (2).

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