CONFERENCE
COMMITTEE REP. NO. 48
Honolulu, Hawaii
, 2021
RE: S.B. No. 973
S.D. 1
H.D. 2
C.D. 1
Honorable Ronald D. Kouchi
President of the Senate
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sirs:
Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 973, S.D. 1, H.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO HAWAII MONEY TRANSMITTER ACT,"
having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.
The purpose of this measure is to:
(1) Amend the Money Transmitters Act;
(2) Incorporate definitions of key terms provided
in the Model Money Services Business Law;
(3) Add supporting documentation required to be
submitted by an applicant for licensure;
(4) Extend the period of an applicant's litigation
and criminal conviction history review from five years to ten years from the
date of the application;
(5) Require an applicant to submit information
concerning any bankruptcy or receivership proceedings; and
(6) Clarify the authority of the Commissioner of Financial Institutions to examine and investigate licensees and participate in nationwide protocols for licensing cooperation.
Your Committee on
Conference finds that the money transmission industry has evolved since the
enactment of Hawaii's Money Transmitter Act in 2006. The current fast-paced nature of money
transmission and the increased innovation of financial technologies necessitates
additional oversight of money transmitters to ensure appropriate consumer
protection. This measure adopts certain
model act provisions to allow Hawaii to work alongside a network of states to
enable timely, coordinated, and efficient regulation of trans-global, regional,
and single-state money transmission companies to provide financial stability
and better protect consumers.
Your Committee on
Conference has amended this measure by inserting an effective date of July 1,
2021.
As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 973, S.D. 1, H.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 973, S.D. 1, H.D. 2, C.D. 1.
Respectfully submitted on behalf of the managers:
ON THE PART OF THE HOUSE |
|
ON THE PART OF THE SENATE |
____________________________ SEAN QUINLAN Co-Chair |
|
____________________________ ROSALYN H. BAKER Chair |
____________________________ AARON LING JOHANSON Co-Chair |
|
____________________________ KARL RHOADS Co-Chair |
____________________________ DANIEL HOLT Co-Chair |
|
|
|
|
|