2023 Hawaii Revised Statutes › Title 26. Trade Regulation and Practice › 489D. Money Transmitters Act › 489D-9 License and registration; application.

§489D-9 License and registration; application.
(a) The commissioner may enter into agreements or contracts with the operators of NMLS or other entities designated by NMLS to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.
(b) For the purpose and the extent necessary to use NMLS, the commissioner may waive or modify, in whole or in part, by rule or order, any or all of the requirements of this chapter and establish new requirements as reasonably necessary to participate in NMLS.
(c) In addition to other uses of NMLS, the commissioner may use NMLS as an agent for:
(1) Requesting information from and distributing information to the United States Department of Justice or any other governmental agency; and
(2) Requesting and distributing information to and from any source directed by the commissioner.
(d) An application for a license under this chapter shall be made in writing, and in a form prescribed by NMLS or by the commissioner. Each application shall contain the following:
(1) For all applicants:
(A) The exact name of the applicant, any fictitious or trade name used by the applicant in the conduct of its business, the applicant's principal address, and the location of the applicant's business records;
(B) The history of the applicant's material litigation and criminal convictions for the ten-year period before the date of the application;
(C) A description of the business activities conducted by the applicant and a history of operations;
(D) A description of the business activities in which the applicant seeks to engage within the State;
(E) A list identifying the applicant's proposed authorized delegates in the State, if any, at the time of the filing of the license application;
(F) A sample authorized delegate contract, if applicable;
(G) A sample form of payment instrument or instrument upon which stored value is recorded, if applicable;
(H) The locations where the applicant and its authorized delegates, if any, propose to conduct their licensed activities in the State;
(I) The name and address of the clearing bank or banks on which the applicant's payment instruments will be drawn or through which payment instruments will be payable;
(J) Disclosure of any pending or final suspension, revocation, or other enforcement action by any state or governmental authority for the five-year period before the date of the application;
(K) Information concerning any bankruptcy or receivership proceedings affecting the licensee, key individual, person in control of a licensee, or person seeking to acquire control of a licensee; and
(L) Any other information the commissioner may require;
(2) If the applicant is a corporation, the applicant shall also provide:
(A) The date of the applicant's incorporation and state of incorporation;
(B) A certificate of good standing from the state in which the applicant was incorporated;
(C) A description of the corporate structure of the applicant, including the identity of any parent or subsidiary company of the applicant, and the disclosure of whether any parent or subsidiary company is publicly traded on any stock exchange;
(D) The name, business and residence address, and employment history, for the past five years, of the applicant's principals, and each person who, upon approval of the application, will be a principal of the licensee;
(E) For the ten-year period before the date of the application, the history of material litigation involving, and criminal convictions of, each principal of the applicant;
(F) A copy of the applicant's most recent audited financial statement, including balance sheets, statements of income or loss, statements of changes in shareholder equity and statements of changes in financial position, and, if available, the applicant's audited financial statements for the preceding two-year period or, if the applicant is a wholly owned subsidiary of another corporation, either the parent corporation's consolidated audited financial statements for the current year and for the preceding two-year period, or the parent corporation's Form 10-K reports filed with the United States Securities and Exchange Commission for the prior three years in lieu of the applicant's financial statements, or if the applicant is a wholly owned subsidiary of a corporation having its principal place of business outside the United States, similar documentation filed with the parent corporation's non-United States regulator;
(G) Copies of all filings, if any, made by the applicant with the United States Securities and Exchange Commission, or with a similar regulator in a country other than the United States, within the year preceding the date of filing of the application; and
(H) Information necessary to conduct a criminal history record check to be conducted by or through NMLS or pursuant to section 846-2.7 of each person who, upon approval of the application, will be a principal of the licensee. The information shall be accompanied by the appropriate payment of the applicable fee for each criminal history record check; and
(3) If the applicant is not a corporation, the applicant shall also provide:
(A) The name, business and residence address, personal financial statement, and employment history, for the past five years, of each principal of the applicant;
(B) The name, business and residence address, and employment history, for the past five years, of any other persons who, upon approval of the application, will be a principal of the licensee;
(C) The place and date of the applicant's registration or qualification to do business in this State;
(D) The history of material litigation and criminal convictions for the ten-year period before the date of the application for each principal of the applicant;
(E) Copies of the applicant's audited financial statements, including balance sheets, statements of income or loss, and statements of changes in financial position for the current year and, if available, for the preceding two-year period; and
(F) Information necessary to conduct a criminal history record check to be conducted by or through NMLS or pursuant to section 846-2.7 of each principal of the applicant. The information shall be accompanied by the appropriate payment of the applicable fee for each criminal history record check.
(e) The commissioner, for good cause may:
(1) Waive any requirement of this section relating to any license application; or
(2) Permit an applicant to submit substituted information in its license application in lieu of the information required by this section. [L 2006, c 153, pt of §1; am L 2008, c 195, §5; am L 2013, c 167, §4; am L 2017, c 45, §3; am L 2021, c 108, §5; am L 2022, c 59, §1]