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How much does a money transmitter license bond cost in Hawaii?
The Hawaii Department of Commerce and Consumer Affairs requires money transmission professionals to post license bonds to legally perform services as a money transmitter within the state of Hawaii. Money transmitter license bonds in HI must be obtained in the amount of $10,000 and require underwriting consideration to determine the price these bonds can be issued for. The applicant's financial and personal history will be used to determine if and at what price a bond can be issued. Get a free bond quote now!
If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request form now. You can typically expect to receive a free no-obligation bond quote within 1 business day of submitting an application.
Why do I need this bond?
Hawaii money transmitter license bonds are put in place to ensure that principals (money transmitter professionals) perform services in accordance with Chapter 489D of the Hawaii Money Transmitters Act and all other laws relevant to the business of money transmission in Hawaii. If the principal conducts business in an unethical or dishonest manner, consumers will not be held responsible for any financial damages committed by the principal. He or she will then be responsible for reimbursing the surety for any expenses paid out within a timely and professional manner.
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What’s the fine print?
Hawaii money transmitter bonds run in full force and effect unless otherwise canceled. If the surety or principal decide to terminate the bond at any time, a 30-day written notice must be submitted to the obligee announcing said cancellation.
How to become a money transmitter in Hawaii
To become a licensed money transmitter in Hawaii, applicants must submit an application prescribed by the division inclusive of the following information:
- Exact name used by the applicant
- History of the applicant’s material litigation and criminal convictions for the past 5 years
- Description of business activities
- List of applicant’s proposed authorized delegates
- Locations where the applicant and his/her delegates intend to do business
- Any other information that may be required by the Commissioner
In addition to filing an application, the applicant must submit all required licensing and filing fees at the time of application.
In order to obtain a money transmitter license in Hawaii, the applicant must have a minimum net worth of $1,000.