Though Christmas is the high season for sending money overseas, remittances flow year-round from Hawai'i. This year, it's estimated that $700 million will be sent in remittances from the state just to the Philippines alone.

Hawai'i has been one of only a few states without regulations controlling money transmitting. With such a considerable sum of money involved, the lack of oversight and accountability has left the the system ripe for abuse, and its millions of customers unprotected.

But not anymore.

This year, after two failed attempts, legislators passed a bill requiring the state to establish new rules and procedures for money remittance agencies. Through this law, thousands of immigrant families who send millions of dollars to family members overseas will finally get the protection they need.

By July 1, all remittance companies will have to be fully licensed and bonded, and follow strict rules of operations. Not only will licensing and bonding offer greater reassurances, but transmitters will have to provide a receipt, and even give a refund if money isn't delivered within 10 business days.

When left unregulated, agents would often take remittances, but with no time frame for delivery or guarantee that it would get to the recipient.

The new law provides the type of watchdog legislation that was sorely needed in an industry that involves hundreds of millions of dollars. Not only does it provide protection, it includes much-needed accountability. The law includes criminal and civil penalties for violations, as well as on-site examinations and audits of transmitters.

This law sends a strong, clear message. It also provides the assurance that when money is sent, it won't be on faith alone.