Money transmission is the business of selling or issuing payment instruments, receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including wire, facsimile or electronic transfer. The Hawaii Department of Commerce and Consumer Affairs Financial Institutions demands that all who wish to be in this profession or business must be issued a license as per the Hawaii Revised Statutes 489D.
What are the requirements that must be met in order to be a Money Transmitter in Hawaii?
Due to the 2013 Act 167, there have been new changes in the requirements for money transmitters license application, including the need to be registered with the NMLS. For the other changes and requirements, please refer to the list below.
- Payment of license application fees amounting to $10,000, with non-refundable $5,000 for the application fee, and another $5,000 for the initial license fee which can be refunded if the license is not issued.
- The applicant must have a net worth of at least $1,000, giving financial statements as proof
- Upload a business plan with an outline of their marketing strategy, products, etc. to the NMLS site.
- Submit a Certificate of Good Standing from the Business Registration Division of the Hawaii Department of Commerce and Consumer Affairs
- Upload an organization management chart to the NMLS site.
- Upload a copy of the most recent Anti-Money Laundering Program audit.
- Submit a copy the most recent independent information technology security audit.
- Upload a copy of a surety bond, in the amount of $10,000 for the initial licensure. The cost of this bond used to be $1,000 but has since increased to $10,000.
Why Do I Need a Surety Bond?
A surety bond is made to protect the public. In basic terms, it guarantees your business will adhere to all laws and requirements in your industry. In the event your business conducts unlawful acts, a consumer of your services may file a claim on the bond.
Where can I get a Hawaii Money Transmitter Bond?
You can get your surety bond here at Surety1 by completing our simple online application. You can apply for multiple states with just 1 application. Usually within one business day, one of our licensed agents will reach out to you with your free quote. Depending on the aggregate bond amount, additional underwriting information may be required. One of our professional surety bond agents will walk you through the process. After you pay and sign the paperwork, your bond will be filed electronically with the NMLS
Surety1 can offer some of the lowest rates in the market as we have partnered with several surety companies to make that possible. We even maintain an A+ rating from the Better Business Bureau for fast and efficient service to all our clients from all 50 states since our establishment in 2003.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003.