Bill Text: HI HB2345 | 2018 | Regular Session | Amended
Bill Title: Relating To Money Transmitters.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2018-06-06 - Act 021, 06/04/2018 (Gov. Msg. No. 1121). [HB2345 Detail]
Download: Hawaii-2018-HB2345-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2345 |
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TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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A BILL FOR AN ACT
RELATING TO MONEY TRANSMITTERS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 489D-7, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) The security device
shall be in a form satisfactory to the commissioner and shall run to the State
for the benefit of any claimants against the licensee to secure the faithful
performance of the obligations of the licensee relating to the receipt,
handling, transmission, and payment of money or monetary value in
connection with [the sale and issuance of payment instruments or
transmission of] money[.] transmissions. In the case of a bond, the aggregate
liability of the surety shall not exceed the principal sum of the bond. Claimants against the licensee may bring suit
directly on the security device or the commissioner may bring suit on behalf of
claimants, either in one action or in successive actions."
SECTION 2. Section 489D-34, Hawaii Revised Statutes, is amended to read as follows:
"[[]§489D-34[] Rules. The commissioner may adopt] Powers
of the commissioner. In
addition to any other powers provided by law, the commissioner may:
(1) Adopt rules
pursuant to chapter 91 to implement this chapter[.];
(2) Administer and
enforce the provisions and requirements of this chapter;
(3) Issue
declaratory rulings and informal nonbinding interpretations;
(4) Develop requirements
for licensure;
(5) Process and
investigate complaints, subpoena witnesses and documents, administer oaths, and
receive affidavits and oral testimony, including telephonic communications;
(6) Investigate and
conduct hearings, including contested case proceedings under chapter 91,
regarding any violation of this chapter, or any rule or order of, or agreement
with, the commissioner;
(7) Create
fact-finding committees that may make recommendations to the commissioner for
the commissioner's deliberations;
(8) Require
disclosure of relevant criminal history in accordance with this chapter and
conduct criminal history record checks in accordance with chapter 846;
(9) Contract with
or employ qualified persons who may be exempt from chapter 76, including
investigators, examiners, auditors, and attorneys, to assist the commissioner
in exercising the commissioner's powers and duties;
(10) Require that
all revenues, fees, and fines collected by the commissioner under this chapter
be deposited into the compliance resolution fund established pursuant to
section 26-9(o);
(11) Revoke,
suspend, or otherwise limit the license of any money transmitter for any
violation of this chapter, or any rule or order of, or agreement with, the
commissioner;
(12) Report any
violation of this chapter or violation of federal or state law to the Consumer
Financial Protection Bureau or other federal agency having jurisdiction over
the licensee; and
(13) Do any and all
things necessary or incidental to the exercise of the commissioner's power and
duties."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
Report Title:
Money Transmitters; Commissioner of Financial Institutions; Powers; Bond; Security Device
Description:
Clarifies certain terminology used within the money transmitters act. Clarifies the powers of the commissioner of financial institutions relating to money transmitters. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
