THE SENATE

S.C.R. NO.

93

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 
   


SENATE CONCURRENT

RESOLUTION

 

REqUESTING THE AUDITOR TO CONDUCT A SUNRISE REVIEW OF THE REGULATION OF MONEY TRANSMITTERS.

 

WHEREAS, the Legislature finds that there is a need to regulate money transmitters that are not presently regulated under other state and federal laws applicable to more traditional financial institutions by requiring their registration; and

WHEREAS, Senate Bill No. 2093 was introduced during the Regular Session of 2004 to regulate money transmitters; and

WHEREAS, section 26H-6, Hawaii Revised Statutes, requires the Legislature, by concurrent resolution, to refer to the Auditor a request for analysis of any new regulatory measure being considered for enactment that, if passed, would subject unregulated professions and vocations to licensing or other regulatory controls; and

WHEREAS, if regulated, affected money transmitters would become subject to comprehensive provisions governing licensing, solvency requirements, business practices, state regulatory powers, administrative sanctions, and criminal penalties; and

WHEREAS, if regulated, the businesses of affected money transmitters would be less likely to be used to further unlawful purposes such as laundering the proceeds of criminal activity, and would offer greater protection to consumers who use their services; and

WHEREAS, the public at large may be affected if the cost of using the services of money transmitters increases because of regulation; now, therefore,

BE IT RESOLVED by the Senate of the Twenty-Second Legislature of the State of Hawaii, Regular Session of 2004, the House of Representatives concurring, that the Auditor is requested to perform a sunrise review of the regulation of money transmitters as provided for in Senate Bill No. 2903, as originally introduced during the Regular Session of 2004; and

BE IT FURTHER RESOLVED that the Auditor is requested to analyze specifically the following areas, in addition to any other areas required by statute:

(1) The impact of money transmitter regulation on the money transmitter industry;

(2) The impact of money transmitter regulation on the consumer;

(3) The impact of money transmitter regulation on the criminal justice system's efforts to deter criminal activities related to money transmitters; and

(4) Assess the Uniform Money Services Act and the effect that Act would have if adopted in Hawaii; and

BE IT FURTHER RESOLVED that the Auditor is requested to report the Auditor's findings and recommendations to the Legislature no later than twenty days prior to the convening of the Regular Session of 2005; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Auditor and the Director of Commerce and Consumer Affairs.

 

 

 

OFFERED BY:

_____________________________

Report Title:

Regulation of Money Transmitters; Sunrise Review