LEGISLATIVE FISCAL OFFICE
Fiscal Note
Fiscal Note On: SB 185 SLS 23RS 259
Bill Text Version: ENROLLED
Opp. Chamb. Action:
Proposed Amd.:
Sub. Bill For.:
Date: June 12, 2023 8:39 AM Author: REESE
Dept./Agy.: Office of Financial Institutions
Subject: Virtual Currency Businesses Analyst: Chris Henry
COMMERCIAL REGULATIONS EN NO IMPACT See Note Page 1 of 1
Provides relative to the licensing and regulation of virtual businesses. (8/1/23)
Current law provides the framework for the regulation and licensing of entities engaging in virtual currency business
activities in the state. Proposed law adds new definitions; licensing requirements; processes for the issuance, denial, and
renewal of licenses; change of control notices; change of responsible individual notices; enforcement authority; penalties for
violations; and more. The Commissioner of the Office of Financial Institutions shall submit a biannual report in September
and March each year including the license applications, permits granted, applicants denied, and fees assessed in the
application process.
EXPENDITURES 2023-24 2024-25 2025-26 2026-27 2027-28 5 -YEAR TOTAL
State Gen. Fd. $0 $0 $0 $0 $0 $0
Agy. Self-Gen. $0 $0 $0 $0 $0 $0
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds $0 $0 $0 $0 $0 $0
Annual Total $0 $0 $0 $0 $0 $0
REVENUES 2023-24 2024-25 2025-26 2026-27 2027-28 5 -YEAR TOTAL
State Gen. Fd. $0 $0 $0 $0 $0 $0
Agy. Self-Gen. $0 $0 $0 $0 $0 $0
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds $0 $0 $0 $0 $0 $0
Annual Total $0 $0 $0 $0 $0 $0
EXPENDITURE EXPLANATION
There is no anticipated direct material effect on governmental expenditures as a result of this measure, according to the
Office of Financial Institutions (OFI). The proposed law clarifies current regulations, requirements, procedures, and agency
authority surrounding virtual currency businesses.
REVENUE EXPLANATION
There is no anticipated direct material effect on governmental revenue as a result of this measure as it does not authorize
any new fees or penalties related to virtual currency businesses.
Senate Dual Referral Rules House
13.5.1 >= $100,000 Annual Fiscal Cost {S & H} 6.8(F)(1) >= $100,000 SGF Fiscal Cost {H & S}
Evan Brasseaux
13.5.2 >= $500,000 Annual Tax or Fee 6.8(G) >= $500,000 Tax or Fee Increase
Change {S & H} or a Net Fee Decrease {S} Interim Deputy Fiscal Officer


Statutes affected:
SB185 Original: 6:1863(C)(5)
SB185 Engrossed: 6:1383(C)(5)
SB185 Reengrossed: 6:1383(C)(5)
SB185 Enrolled: 6:1383(C)(5)
SB185 Act 331: 6:1383(C)(5)