§ 6:1388 — Renewal of license; procedure; denial

Louisiana § 6:1388

• Jurisdiction: Louisiana
• Title 6: Banks and Banking

Text

§1388. Renewal of license; procedure; denial
A. (1) Each person licensed as a virtual currency business activity licensee shall
submit an annual license renewal application on or before December thirty-first of each year
in a manner and form prescribed by the commissioner and submit to the commissioner a
renewal report pursuant to Subsection C of this Section if the person is not issued a new
license from November first to December thirty-first of that year. A virtual currency business
activity license issued during this time period will expire on December thirty-first of the
following calendar year.
(2) An annual renewal application shall be accompanied by the required annual
license renewal and investigation fees pursuant to the rules and regulations promulgated by
the commissioner, as required pursuant to Subsection F of this Section. An annual license
renewal application submitted after December thirty-first and before March first of the
following year shall be charged an annual license renewal late fee pursuant to the rules and
regulations promulgated by the commissioner, in addition to the annual license renewal and
investigation fees.
B.(1) An annual licensee renewal application that is timely submitted on or before
the license expiration date shall remain in force and effect until such application is approved
or denied by the commissioner. Nothing in this Section shall preclude the commissioner from
implementing any administrative or enforcement action authorized by this Title for violations
of this Chapter or for material misrepresentation that may have occurred prior to the renewal
date of a license.
(2) If the renewal application is submitted timely on or before December thirty-first,
the license shall remain in force and effect until the renewal application is either approved
or denied by the commissioner. Nothing in this Paragraph shall preclude the commissioner
from implementing any administrative or enforcement action authorized by this Title for
violations of this Chapter or for any material representation that may have occurred prior to
the renewal date of a license.
(3) If the commissioner has not received the renewal fee and late fee before March
first, the license to engage in virtual currency business activities shall expire without hearing
or notification, and the license shall not be reinstated. However, the person whose license has
expired may apply for a new license, subject to all new license application requirements of
this Chapter. Prior to such application being complete and eligible for approval
consideration, the applicant shall be subject to and pay unlicensed activity civil money
penalties in an amount determined by the commissioner.
C.(1) The renewal report required by Subsection A of this Section shall be submitted
in a form and medium prescribed by the office.
(2) The report shall contain all of the following:
(a) A copy of the licensee's audited annual financial statement.
(b) If a person other than an individual has control of the licensee, a copy of either
of the following:
(i) The person's current annual financial statement.
(ii) The person's current audited consolidated annual financial statement.
(c) A description of any of the following:
(i) Material change in the financial condition of the licensee.
(ii) Material litigation involving the licensee or a responsible individual of the
licensee.
(iii) License suspension or revocation proceeding commenced, or other action taken,
involving a license to conduct virtual currency business activity issued by another state.
(iv) Federal or state investigation involving the licensee.
(v) Data security breach involving the licensee.
(d) The number of virtual currency business activity transactions with, or on behalf
of, residents as of December thirty-first of the preceding calendar year and as of September
thirtieth of the current year.
(e)(i) The amount of United States dollar equivalent of virtual currency in the control
of the licensee as of December thirty-first of the preceding calendar year and as of September
thirtieth of the current year.
(ii) The total number of residents for whom the licensee had control of United States
dollar equivalent of virtual currency as of December thirty-first of the preceding calendar
year and as of September thirtieth of the current year.
(f) Evidence that the licensee continues to satisfy the requirements provided for in
R.S. 6:1386.
(g) A list of each location where the licensee operates its virtual currency business
activity.
(h) The name, United States Postal Service address, and telephone number of each
person that manages a server used by the licensee in conducting its virtual currency business
activity with or on behalf of a resident.
D. In addition to the provisions of Paragraph (B)(3) of this Section, if a licensee
does not timely comply with Subsection A of this Section, the office may use any
enforcement action provided for in R.S. 6:1392.
E. Expiration of a license pursuant to the provisions of this Section shall not
invalidate a transfer or exchange of virtual currency for, or on behalf of, a resident made
during such expiration and shall not insulate the licensee from liability pursuant to the
provisions of this Chapter, nor from other enforcement action as provided for in Subsection
D of this Section.
F. A licensee shall pay the reasonable and necessary costs of the office's investigation
in accordance with this Section.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1,
2027. See Acts 2024, No. 700.
NOTE: The provisions of Acts 2023, No. 331, have no termination date. See
Acts 2024, No. 159.

Legislative History

Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023; Acts 2024, No. 159, §1; Acts 2024, No. 700, §2.