§ 6:1394 — Implementation; reporting requirements

Louisiana § 6:1394

• Jurisdiction: Louisiana
• Title 6: Banks and Banking

Text

§1394. Implementation; reporting requirements
A. The commissioner shall adopt rules, in accordance with the Administrative
Procedure Act, to implement and enforce the provisions of this Chapter and may issue
guidance as appropriate.
B. In addition to any other powers the commissioner may be authorized to exercise
pursuant to this Title, the commissioner may adopt and implement emergency rules as the
commissioner considers necessary and appropriate to prevent or terminate any condition the
commissioner reasonably considers to create an emergency relative to a particular licensee
or to licenses in general, including but not limited to suspending the issuance or renewal of
licenses or suspending some or all virtual currency business activities in this state.
C. In order to carry out the purposes of this Chapter, the commissioner may do all
of the following:
(1) Enter into agreements or relationships with other government officials, federal
and state regulatory agencies, and regulatory associations in order to improve efficiencies and
reduce regulatory burden by standardizing methods or procedures and sharing records or
related information obtained in accordance with this Chapter.
(2) Use, hire, contract, or employ analytical systems, methods, or software in
examinations or investigations pursuant to this Chapter.
(3) Consider, accept, and rely upon licensing, examination, or investigative reports
prepared by other government agencies or officials within or outside the state.
(4) Consider, accept, and rely upon audit reports prepared by an independent certified
public accountant or other qualified third-party auditor for any person subject to the
provisions of this Chapter and incorporate all or part of such audit reports in the office's
report of examination or investigation.
D.(1) The commissioner shall report all of the following biannually to the House
Committee on Commerce and the Senate Committee on Commerce, Consumer Protection
and International Affairs:
(a) The number of applications for each type of license.
(b) The number of applicants who currently have a money transmission license.
(c) The number of licenses granted.
(d) The number of applicants who have been denied.
(e) A list of fees that were assessed during application.
(2) The biannual report shall be submitted on the first day of September and March
of each calendar year.
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.