Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:1381 Short title
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§1381. Short title This Chapter shall be known and may be cited as the "Virtual Currency Businesses Act". Acts 2020, No. 341, §1.
La. Rev. Stat. § 6:1382 Definitions
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§1382. Definitions As used in this Chapter, unless the context otherwise requires, the following terms shall be defined as follows: (1) "Acting in concert" means persons who knowingly act together with a common goal of jointly acquiring control of a licensee whether or not pursua…
La. Rev. Stat. § 6:1383 Applicability
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§1383. Applicability A. Except as otherwise provided in Subsection B or C of this Section, the provisions of this Chapter govern the virtual currency business activity of a person, wherever located, who engages in or holds itself out as engaging in the activity with, or on behalf…
La. Rev. Stat. § 6:1384 Licensure; general
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§1384. Licensure; general A person shall not engage in virtual currency business activity, or hold himself out as being able to engage in virtual currency business activity, with or on behalf of a resident unless the person is one of the following: (1) Licensed in this state by t…
La. Rev. Stat. § 6:1385 Requirements
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§1385. Requirements A. An applicant for a license pursuant to the provisions of this Chapter shall submit the application through the Nationwide Multi-State Licensing System (NMLS) and satisfy all of the following: (1) Provide all of the following information relevant to the appl…
La. Rev. Stat. § 6:1385.1 Approval of advanced change of control notice
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§1385.1. Approval of advanced change of control notice A. Whenever a change of control of a licensee or an applicant is contemplated by any person, or persons acting in concert, the following information shall be provided to the commissioner through the NMLS: (1) The licensee or …
La. Rev. Stat. § 6:1385.2 Approval of advanced change of responsible individual notice
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§1385.2. Approval of advanced change of responsible individual notice A. Whenever a change is contemplated with respect to a reasonable individual of a licensee or applicant, all of the following information shall be provided to the commissioner through the NMLS: (1) The legal na…
La. Rev. Stat. § 6:1386 Required documents; surety bond; tangible net worth
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§1386. Required documents; surety bond; tangible net worth A.(1) Before a license is issued pursuant to the provisions of this Chapter, an applicant shall submit a surety bond in the amount of one hundred thousand dollars to the department that secures the applicant's faithful pe…
La. Rev. Stat. § 6:1386.1 Meeting tangible net worth requirements
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§1386.1. Meeting tangible net worth requirements A. In satisfying the licensure and renewal requirements provided in this Chapter, tangible net worth shall be clearly evidenced by filing or submitting a current audited financial statement to the commissioner through the NMLS that…
La. Rev. Stat. § 6:1386.2 Protection of resident assets
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§1386.2. Protection of resident assets A. To the extent a licensee stores, holds, or maintains custody or control of virtual currency on behalf of a resident, the licensee shall hold virtual currency of the same type and amount as that which is owed or obligated to the resident. …
La. Rev. Stat. § 6:1387 Issuance of license; appeal
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§1387. Issuance of license; appeal A. No license shall be issued unless the commissioner has made a determination that the applicant has met the licensing requirements pursuant to this Chapter, including all requirements of R.S. 6:1385 and 1386. B. An applicant may appeal a denia…
La. Rev. Stat. § 6:1388 Renewal of license; procedure; denial
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§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 sub…
La. Rev. Stat. § 6:1388.1 Quarterly financial reports
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§1388.1. Quarterly financial reports A. A licensee shall submit through the NMLS quarterly financial reports, including transactional information, within forty-five days following the close of each calendar quarter, in the form and containing such information as the commissioner …
La. Rev. Stat. § 6:1389 Virtual currency kiosks; maximum daily transaction limit; cancellation and refund
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§1389. Virtual currency kiosks; maximum daily transaction limit; cancellation and refund A. There is a maximum daily transaction limit of three thousand dollars for each user of a virtual currency kiosk. B. The owner or operator of a virtual currency kiosk shall wait seventy-two …
La. Rev. Stat. § 6:1390 Transferability
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§1390. Transferability A license issued pursuant to the provisions of this Chapter shall not be transferable or assignable. Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023; Acts 2024, No. 159, §1; Acts 2024, No. 700, §2. NOTE: The provisions of Acts 2023, No. 3…
La. Rev. Stat. § 6:1391 Examinations
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§1391. Examinations A. Each person required to be licensed under this Chapter shall maintain in his office the books, records, and accounts of its virtual currency business activities as the commissioner may reasonably require in order to determine whether the person is complying…
La. Rev. Stat. § 6:1391.1 Books, records, and accounts
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§1391.1. Books, records, and accounts A. Any licensee engaging in virtual currency business activities in this state shall maintain and preserve the books, records, and accounts of its virtual currency business activities, pursuant to R.S. 6:1391, for a period of five years or lo…
La. Rev. Stat. § 6:1391.2 Compliance policies and procedures
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§1391.2. Compliance policies and procedures A. Any licensee engaging in virtual currency business activity in this state shall adopt and implement appropriate compliance policies and procedures, as part of the required books, records, and accounts, as determined by the commission…
La. Rev. Stat. § 6:1392 Enforcement power of the commissioner
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§1392. Enforcement power of the commissioner A. For purposes of this Chapter, "enforcement action" means an action or actions by the commissioner to enforce the requirements of this Chapter, including any of the following: (1) Suspend or revoke a license pursuant to the provision…
La. Rev. Stat. § 6:1393 Violations
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§1393. Violations A. The office may take an enforcement action against a licensee or person who is not a licensee but is engaging in virtual currency business activity with, or on behalf of, a resident in any of the following instances: (1) The licensee or person violates any of …
La. Rev. Stat. § 6:1393.1 Required disclosures
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§1393.1. Required disclosures A. Any licensee engaging in virtual currency business activity as defined in R.S. 6:1382 in this state shall provide accurate and appropriate disclosures to residents as it relates to the exchanging, transferring, or storing of virtual currency throu…
La. Rev. Stat. § 6:1394 Implementation; reporting requirements
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§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 commissi…
La. Rev. Stat. § 6:1395 Blockchain analytics
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§1395. Blockchain analytics All virtual currency kiosk operators shall use blockchain analytics software to assist in the prevention of sending purchased virtual currency from a virtual currency kiosk operator to a digital wallet known to be affiliated with fraudulent activity at…
La. Rev. Stat. § 6:1396 Anti-fraud policy
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§1396. Anti-fraud policy A. All virtual currency kiosk operators shall take reasonable steps to detect and prevent fraud, including establishing and maintaining a written anti-fraud policy. B. The anti-fraud policy shall include but not be limited to all of the following: (1) The…
La. Rev. Stat. § 6:1397 Enhanced due diligence policy
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§1397. Enhanced due diligence policy A. Each virtual currency kiosk operator shall implement, maintain, and enforce a written Enhanced Due Diligence Policy. Such a policy shall be reviewed and approved by the virtual currency kiosk operator's board of directors or an equivalent g…
La. Rev. Stat. § 6:1401 Definitions
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§1401. Definitions As used in this Chapter, the following words have the following meanings: (1) "Custody services" means the safekeeping or custody of virtual currency or other assets by a financial institution or trust company. (2) "Financial institution" means a federally insu…
La. Rev. Stat. § 6:1402 Provision of virtual currency custody services
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§1402. Provision of virtual currency custody services A. A financial institution or trust company may provide its customers with virtual currency custody services if the financial institution or trust company has adequate protocols in place to effectively manage risks and comply …
La. Rev. Stat. § 6:1411 Definitions
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§1411. Definitions As used in this Chapter, the following terms have the following meanings: (1) "Nonconforming payment" means a payment made by a student loan borrower that is more or less than the required payment for a student education loan account. (2) "Service" or "servicin…
La. Rev. Stat. § 6:1412 Duties of student loan servicers
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§1412. Duties of student loan servicers A. Except as required by a court order or federal law, a student loan servicer shall not do any of the following: (1) Employ, directly or indirectly, any scheme, device, or artifice to mislead a student loan borrower. (2) Engage in any unfa…
La. Rev. Stat. § 6:1413 Written inquiries and complaints
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§1413. Written inquiries and complaints A. A student loan servicer shall acknowledge receipt of a written inquiry or complaint from a student loan borrower or the authorized representative of a student loan borrower within ten days after receiving the inquiry or complaint. B. Unl…
La. Rev. Stat. § 6:1421 Definitions
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§1421. Definitions For purposes of this Chapter, the following words have the following meanings: (1) "Commissioner" means the commissioner of the Office of Financial Institutions. (2) "Private education lender" means any person engaged in the business of securing, making, or ext…
La. Rev. Stat. § 6:1422 Private education lender registry
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§1422. Private education lender registry A. No person shall engage in business as a private education lender in this state without first satisfying the requirements set forth in Subsection B of this Section. B. A private education lender operating in this state shall do all of th…
La. Rev. Stat. § 6:1423 Violations
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§1423. Violations The commissioner may enforce the provisions of this Chapter using the commissioner's authority pursuant to R.S. 6:121.1. Each violation of this Chapter, including any order, rule, or regulation made or issued pursuant to this Chapter, shall constitute a separate…
La. Rev. Stat. § 6:1424 Rules
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§1424. Rules The commissioner shall promulgate rules as are necessary to implement the provisions of this Chapter. Acts 2022, No. 715, §1.
La. Rev. Stat. § 6:2 General definitions
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§2. General definitions As used in this law: (1) "Bank" means any state bank or any national bank. (2) "Branch" or "branch office" means any manned office of a bank, including a branch of an out-of-state bank, other than an automated teller machine, electronic fund transfer termi…
La. Rev. Stat. § 6:201 Definitions
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§201. Definitions As used in this Chapter, unless the context requires otherwise: (1) "Articles" means the original articles of incorporation and all amendments thereto including those contained in merger agreements or, if restated, the latest restatement thereof except in those …
La. Rev. Stat. § 6:211 Incorporation; number of incorporators, application for certificate of authority, filing fee; organization as a limited liability company
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§211. Incorporation; number of incorporators, application for certificate of authority, filing fee; organization as a limited liability company A. Only those corporations which organize under the provisions of this Chapter shall be "state banks" under the laws of this state. B. O…
La. Rev. Stat. § 6:212 Corporate name
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§212. Corporate name A. The corporate name of a state bank shall include the word "bank" or a form of that word in any combination with other words. B. Nothing in this Section shall abrogate or limit the law as to unfair competition or unfair practice in the use of trade names no…
La. Rev. Stat. § 6:213 Articles of incorporation, filing, form, content; letter of acceptance for filing
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§213. Articles of incorporation, filing, form, content; letter of acceptance for filing A.(1) The articles of incorporation or a multiple original thereof of a state bank shall be filed with the office of financial institutions. They may be delivered to the office of financial in…
La. Rev. Stat. § 6:214 Investigation into proposed state bank
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§214. Investigation into proposed state bank When an application for a certificate of authority has been filed with the commissioner, he shall conduct an investigation to determine whether the public interest will be served by permitting the organization of the proposed state ban…
La. Rev. Stat. § 6:215 Capital requirements; additional condition precedent
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§215. Capital requirements; additional condition precedent A. The articles of incorporation of a state bank must provide for an amount of capital stock with which the state bank will begin business, which amount may not be less than five hundred thousand dollars. The commissioner…
La. Rev. Stat. § 6:216 Certificate of authority; issuance, refusal
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§216. Certificate of authority; issuance, refusal A. The commissioner shall issue a certificate of authority to transact banking business as a state bank only upon the fulfillment of the requirements of this Chapter. B. If the commissioner finds that the public interest will not …
La. Rev. Stat. § 6:217 Effect of issuance of certificate of authority, filing requirements
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§217. Effect of issuance of certificate of authority, filing requirements A. Upon the issuance of the certificate of authority, the bank shall be duly incorporated and the corporate existence shall begin as of the time when the articles were accepted for filing with the office of…
La. Rev. Stat. § 6:218 Expenses of organization and financing
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§218. Expenses of organization and financing The charges and expenses of organization of a state bank and the expenses of and compensation for the sale and underwriting of its shares may not be paid or allowed by the state bank out of the consideration received by it in payment f…
La. Rev. Stat. § 6:219 Bylaws
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§219. Bylaws A. Except as specifically provided in this Chapter and unless the articles provide otherwise, the board of directors of a state bank may make and alter bylaws, including bylaws fixing directors' qualifications, number or term of office, or fixing their compensation, …
La. Rev. Stat. § 6:220 Stockholders' agreements
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§220. Stockholders' agreements A.(1) Any lawful provision regulating the affairs of a state bank or the rights and liabilities of its stockholders which is not required to be set forth in the articles may be set forth in an agreement among all of the stockholders who would be ent…
La. Rev. Stat. § 6:231 Method of amending articles generally
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§231. Method of amending articles generally A. A state bank may in the manner herein provided amend its articles in any respect to include or change any provision authorized by this Chapter or to omit any provision not required by this Chapter. B. Except as hereinafter provided i…
La. Rev. Stat. § 6:232 Articles of amendment; contents and filing
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§232. Articles of amendment; contents and filing A. After an amendment has been duly adopted as provided in R.S. 6:231, articles of amendment setting forth the amendment, the date and manner of adoption thereof, and the number of shares of each class or series represented at the …
La. Rev. Stat. § 6:233 Restatement of articles
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§233. Restatement of articles A. On authorization of the board of directors, a state bank may execute and file restated articles. Such restated articles shall contain the entire text of the original articles as amended by all amendments thereto except that names and addresses of …
La. Rev. Stat. § 6:234 Special amendment provisions
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§234. Special amendment provisions A.(1) If authorized by the articles, the board may establish a series of shares of any class and may adopt an amendment to the articles fixing the preferences, limitations, and relative rights of the shares of any class, or establishing, and fix…