House Bill No. 1282, introduced by Representative Deshotel, aims to establish the "Louisiana Money Transmission Act," which will replace the existing "Sale of Checks and Money Transmission Act." The bill seeks to modernize the regulation of money transmission in Louisiana by providing a comprehensive framework for licensing, supervision, and compliance. Key provisions include new definitions related to money transmission, requirements for record-keeping, and the establishment of a multistate licensing process. The bill outlines the responsibilities of licensees, including reporting and auditing requirements, and introduces penalties for unauthorized activities. It also emphasizes consumer protection and the safeguarding of customer funds.

The proposed legislation includes several amendments to existing laws, such as the requirement for the commissioner to conduct thorough investigations of applicants and the establishment of a nonrefundable application fee of $1,500, with annual renewal fees of $800. Additionally, the bill mandates that licensees maintain a tangible net worth and a surety bond, while also outlining the conditions under which licenses may be suspended or revoked. The act emphasizes the importance of compliance with state and federal laws, including anti-money laundering regulations, and sets forth the responsibilities of both licensees and their authorized agents. The law is set to take effect on July 1, 2026.

Statutes affected:
HB1230 Original:
HB1230 Engrossed:
HB1230 Reengrossed: