Hawaii Money Transmitter Licensing Requirements:


Who needs to be licensed as a money transmitter licensee?

Under Hawaiian statute, a person engaged in providing money transmission must obtain a money transmitter license if providing services to persons in Hawaii, even if the business has no physical presence in Hawaii.

Hawaii defines money transmitters as engaging in the business of selling or issuing payment instruments, or receiving money or monetary value for transmission to a location within or outside the US, by any means, including wire, facsimile, or electronic transfer.

Specific license requirements for Hawaii money transmitters.

To apply as a general money transmitter in Hawaii requires the following fees and documents:

• Identification information
• History of material litigation or convictions for 5 years prior
• Description of business activities and history of operations
• Description of desired activities within the state
• List of proposed authorized delegates in the state
• Sample of an authorized delegate contract
• Sample form of payment instrument
• List of proposed in-state applicant and/or delegate locations
• Name and address of banks or institutions will money will be drawn for MS
• Disclosure of regulatory discipline
• $2,000 application fee + $300 for each location, not amounting to more than $15,000
• $2,000 annual license fee + $300 for each location, not amounting to more than $15,000
• Net worth of no less than $1,000
• Website
• Contact person
• Complete schedule of range of costs and fees applicant charges borrowers for servicing-related activities
• States in which applicant is currently engaging in money transmission
• Fingerprint cards and consent form
• Authorization to release information form

Further requirements vary, depending on whether the business is a corporation or not.


Applying as a corporation requires:

• Date and state of incorporation, Certificate of Good Standing
• Description of corporate structure
• Identifying information, employment history, legal history of officers, managers, and key share holders
• Audited financials from most recent year, plus two previous years if available, statements of changes in share holder equity and financial position, SEC filings, all documents for any parent companies
• Information necessary to complete a criminal history record check for every key player involved

Applying as a non-corporate money transmitter requires:

• Identifying information of each principal applicant and persons in charge of applicant’s activities over last 5 years
• Place and date of applicant’s registration and qualification to do business in state
• History of material litigation or criminal convictions of each individual having ownership interest in applicant or those exercising supervisory responsibility
• Audited financial statements

What are the Hawaii surety bonding requirements?

Bonding requirements for Hawaii money transmitter license include:

• $1,000 surety bond or irrevocable LOC
• Commissioner can increase bond to $500,000 on his discretion, based on impaired financial condition of licensee

Additional resources:Hawaii Money Transmitter Act