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Bill

HB 1049

RELATING TO THE MONEY TRANSMITTERS MODERNIZATION ACT.

2026 Regular Session Introduced by Nadine Nakamura

Hawaii updates money transmitter licensing regulations to modernize industry standards and align with federal requirements, affecting how businesses process domestic and international money transfers.

Carried over to 2026 Regular Session.
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Bill Summary · HB 1049

Legislative bill overview

HB 1049 modernizes Hawaii's money transmitter licensing and regulatory framework, updating state laws governing businesses that transfer money domestically and internationally. The bill aims to align Hawaii's requirements with current industry practices and federal standards while potentially reducing compliance burdens on licensed operators.

Why is this important

Money transmitters serve essential functions in Hawaii's economy, particularly for residents sending remittances and for businesses conducting international transactions. Outdated regulations can increase costs for consumers, disadvantage local operators competing with national companies, and create compliance confusion; modernization can improve consumer protection while maintaining market competitiveness.

Potential points of contention

  • Consumer protection vs. deregulation balance: Modernizing requirements may reduce safeguards if oversight standards are relaxed, potentially exposing consumers to fraud or financial loss
  • Competitive impact: Changes could disproportionately benefit large national transmitters over small local operators depending on how requirements are restructured
  • Definition and scope clarity: The bill's specific amendments (in HD 1 form) determine whether it broadly expands or narrows which businesses must be licensed, affecting regulatory reach

Compiled from official sources — confirm details with the bill’s official record.

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