Hawaii's Department of Commerce and Consumer Affairs (DCCA), Financial Institutions is responsible for on-site examinations, licensing, and consumer complaints about money transmitters. Licensing requirements including having a net worth of at least $1,000, and obtaining a financial security, which includes a $10,000 surety bond in order to provide money transmission services.
The Department of Financial Institutions is the obligee that requires Hawaii money transmitters to have a surety bond or other type of financial security.
A surety bond protects consumers against the money transmitter in the business of receiving, handling, transmission, and payment of money by the licensee or authorized seller.
The amount for the surety bond or other security device is:
Upload a copy of the surety bond (or other security) in the NMLS, and mail the original bond with the power of attorney to the Commissioner.
A money transmitter is someone in the business of selling or issuing payment instruments, or receiving money or monetary value for transmission to another location by any means including wire, electronic transfer, or facsimile.
Money transmitters must be licensed in Hawaii if they service those who are in Hawaii, even if the money transmitter does not have a physical presence in the state.
A license application costs $10,000. This includes a $5,000 non-refundable application fee, and an initial license fee of $5,000. The initial license fee is refundable if the application is not approved or the application is withdrawn.
Applicants need to apply for a license through the National Mortage Licensing System (NMLS) website which includes providing:
The premium that you pay for a Hawaii Money Transmitter Surety Bond is dependent on credit and the bond amount required.
Section 489D-5(a), Hawaii Revised Statutes excludes digital currency (bitcoin) under money tranmission regulations.“This chapter shall not apply to:.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application