House Bill No. [insert number] seeks to amend and reenact Chapter 13 of Title 6 of the Louisiana Revised Statutes, establishing the "Louisiana Money Transmission Act" to modernize the regulation and licensing of money transmission services in the state. This new legislation replaces the previous "Sale of Checks and Money Transmission Act" and aims to enhance regulatory oversight, protect the public from financial crimes, and standardize licensing requirements. Key provisions include definitions for terms related to money transmission, the responsibilities of the commissioner and the office of financial institutions, and guidelines for reporting, auditing, and handling unauthorized activities. The bill also introduces new licensing requirements, including comprehensive applicant information and the use of the Nationwide Multistate Licensing System (NMLS).

Additionally, the bill outlines the responsibilities of authorized agents, including compliance with state and federal laws, proper record-keeping, and the handling of funds. It establishes surety bond requirements for licensees, detailing the bond amount based on the licensee's average daily money transmission liability, and specifies permissible investments to ensure financial stability. The legislation also includes provisions for the suspension and revocation of licenses, civil penalties for violations, and a transition period for existing licensees to comply with the new requirements. Overall, the bill aims to create a more efficient and secure framework for money transmission activities in Louisiana, with an effective date of July 1, 2026.

Statutes affected:
HB1230 Original:
HB1230 Engrossed:
HB1230 Reengrossed:
HB1230 Enrolled:
HB1230 Act 888: