Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:1 Short title
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§1. Short title This Act shall be known and may be cited as the "Louisiana Banking Law." Amended by Acts 1972, No. 747, §1; Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
La. Rev. Stat. § 6:1001 Title
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§1001. Title This Chapter shall be known and may be cited as the "Louisiana Check-Cashing Law". Acts 1999, No. 1208, §1, eff. July 9, 1999.
La. Rev. Stat. § 6:1002 Definitions
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§1002. Definitions For the purposes of this Chapter: (1)(a) "Check-casher" means an individual, partnership, unincorporated association, or corporation that, for compensation, engages, in whole or in part, in the business of cashing checks, drafts, money orders, or other commerci…
La. Rev. Stat. § 6:1003 License; certificates
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§1003. License; certificates Beginning January 1, 2000, a person engaging in currency exchange shall obtain a license from the commissioner. A person may engage in such business at more than one location with one license. The commissioner shall issue a certificate for each curren…
La. Rev. Stat. § 6:1004 Application for license and change of control
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§1004. Application for license and change of control A. An application for a license under this Chapter shall be made under oath and on a form prescribed by the commissioner. B. The application form shall provide space for and require disclosure of the following information: (1)(…
La. Rev. Stat. § 6:1004.1 License fees; online renewal
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§1004.1. License fees; online renewal A. The applicant shall pay to the commissioner a nonrefundable application fee of three hundred fifty dollars with the initial application, plus an additional fee of fifty dollars for each currency exchange location in this state, not to exce…
La. Rev. Stat. § 6:1004.2 Enforcement powers of the commissioner
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§1004.2. Enforcement powers of the commissioner A. The commissioner may, in his discretion, conduct such investigations as he deems necessary to ascertain possible violations of this Chapter or any rule, regulation, or order promulgated or issued in connection therewith. Any pers…
La. Rev. Stat. § 6:1005 Qualifications
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§1005. Qualifications The commissioner shall evaluate the financial responsibility, financial condition, business experience, and the character and general fitness of the applicant. The commissioner may investigate and consider the qualifications of officers and directors of an a…
La. Rev. Stat. § 6:1006 Approval or denial of application
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§1006. Approval or denial of application A. No later than the sixtieth day after the date a complete application has been received, the commissioner shall approve or deny the application and so notify the applicant. B.(1) The commissioner shall issue a license to the applicant an…
La. Rev. Stat. § 6:1007 Change of name or location
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§1007. Change of name or location A. In the event that a licensee wishes to change its name, trade name, or assumed name and such change is not due to a change in ownership or legal entity, the licensee shall notify the commissioner in writing thirty days prior to such change and…
La. Rev. Stat. § 6:1008 Suspension or revocation of license; hearing; surrender of license; administrative fines
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§1008. Suspension or revocation of license; hearing; surrender of license; administrative fines A. The commissioner may suspend or revoke any license if the commissioner determines any one or more of the following has occurred: (1) The licensee or any officer or director of a cor…
La. Rev. Stat. § 6:1009 Regulation of fees; unreasonable fees; display of fees
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§1009. Regulation of fees; unreasonable fees; display of fees A. Notwithstanding any other provision of law to the contrary, no check-casher licensed or regulated under this Chapter shall directly or indirectly charge or collect fees or other consideration for rendering currency …
La. Rev. Stat. § 6:101 Establishment of office; commissioner
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§101. Establishment of office; commissioner A. There is hereby created the Office of Financial Institutions as a state agency, within the office of the governor. It shall have supervisory and regulatory jurisdiction over all financial institutions and other persons as provided by…
La. Rev. Stat. § 6:1010 Repealed by Acts 2004, No
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§1010. Repealed by Acts 2004, No. 370, §1.
La. Rev. Stat. § 6:1011 Powers; limitations; prohibitions
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§1011. Powers; limitations; prohibitions A licensee shall not accept money or currency for deposit or act as bailee or agent for any person to hold money or currency in escrow for others for any purpose. However, a licensee may act as agent for a person licensed under the Sale of…
La. Rev. Stat. § 6:1012 Violations; criminal penalties; civil liability
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§1012. Violations; criminal penalties; civil liability A. A violation of any provision or requirement of this Chapter is a misdemeanor and shall be punishable by a fine of not less than two hundred and fifty dollars but not more than five hundred dollars, imprisonment for a term …
La. Rev. Stat. § 6:1013 Books of account; examinations
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§1013. Books of account; examinations A. The licensee shall maintain sufficient books, accounts, and records that will enable the commissioner to determine if the licensee is complying with the provisions of this Chapter and with the rules adopted by the commissioner. B. A licens…
La. Rev. Stat. § 6:1013.1 Cashing federal and state treasury checks; records retention
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§1013.1. Cashing federal and state treasury checks; records retention A. No licensee shall cash a United States Treasury tax refund check or state tax refund check in an amount of one thousand dollars or greater unless the person requesting that the check be cashed submits any on…
La. Rev. Stat. § 6:1014 Rules and regulations
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§1014. Rules and regulations The commissioner shall promulgate such rules and regulations as he deems necessary to administer and enforce this Chapter, pursuant to the Administrative Procedure Act. Acts 1999, No. 1208, §1, eff. July 9, 1999.
La. Rev. Stat. § 6:1015 False advertising
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§1015. False advertising A. A licensee may not advertise, print, display, publish, distribute, or broadcast any statement or representation that is false, misleading, or deceptive or that omits material information. B. A licensee shall post accurate information concerning the che…
La. Rev. Stat. § 6:1016 Applicability
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§1016. Applicability This Chapter shall not apply to any bank, trust company, savings bank, savings and loan association, or credit union. Acts 1999, No. 1208, §1, eff. July 9, 1999.
La. Rev. Stat. § 6:102 Officers and employees; post-employment restriction
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§102. Officers and employees; post-employment restriction A. The commissioner may appoint a deputy commissioner of financial institutions who shall be subject to applicable civil service laws, rules, and regulations. In the absence of the commissioner, the deputy commissioner of …
La. Rev. Stat. § 6:103 Records of the Office of Financial Institutions
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§103. Records of the Office of Financial Institutions A. Except as provided in Subsections B and H, all records of the Office of Financial Institutions shall be kept strictly confidential within the office, and such records and reports shall not be subject to subpoena or other le…
La. Rev. Stat. § 6:1031 Citation
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§1031. Citation This Chapter may be cited as "The Sale of Checks and Money Transmission Act". Acts 1966, No. 476, §1; Acts 2001, No. 586, §1, eff. June 22, 2001.
La. Rev. Stat. § 6:1032 Definitions
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§1032. Definitions For the purposes of this Chapter: (1) "Agent" means a person designated by the licensee under the provisions of this Chapter to sell or issue payment instruments or engage in the business of money transmission on behalf of a licensee. (2) "Applicant" means a pe…
La. Rev. Stat. § 6:1033 License required
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§1033. License required A. No person, except those specified in R.S. 6:1034, shall engage in the business of money transmission or selling checks as a service or for a fee or other consideration without having first obtained a license pursuant to this Chapter. B. The license gran…
La. Rev. Stat. § 6:1034 Exemption from licensing
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§1034. Exemption from licensing The following persons shall not be required to be licensed under this Chapter: (1) The United States or an instrumentality of the United States government, including the United States Postal Service or a contractor acting on behalf of the United St…
La. Rev. Stat. § 6:1035 Qualifications
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§1035. Qualifications To qualify for a license hereunder, an applicant shall meet the following requirements: (1) If application is made for a new license, the applicant shall submit a business plan which includes, at a minimum, anticipated volume for the calendar year, as well a…
La. Rev. Stat. § 6:1036 Applications
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§1036. Applications Each application for a license to transmit money or sell checks shall be made under oath on a form supplied by the commissioner. The application shall state the full name and street address of: (1) The proprietor, if the applicant is an individual. (2) Every m…
La. Rev. Stat. § 6:1037 Accompanying fee; statement and bonds
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§1037. Accompanying fee; statement and bonds A. Each application for license to transmit money or sell checks shall be accompanied by: (1) An investigation fee of eight hundred dollars plus an additional fee of twenty-five dollars for each location in the state from which the app…
La. Rev. Stat. § 6:1038 Investigation; granting of license
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§1038. Investigation; granting of license A. The commissioner shall provide a detailed form which each applicant shall mail, by certified mail, to the commissioner. The commissioner shall, upon receiving the official, completed application which is accompanied by the fee and docu…
La. Rev. Stat. § 6:1038.1 Temporary license; expiration; extension
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§1038.1. Temporary license; expiration; extension A. The commissioner may issue a temporary license to a person that is engaging in money transmission, but has not obtained a license under this Chapter, if the person: (1) Certifies in writing that the person qualifies for the lic…
La. Rev. Stat. § 6:1039 Maintenance of bond
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§1039. Maintenance of bond After a license is granted, the licensee shall maintain its bond in the amount prescribed by R.S. 6:1037. If the commissioner determines at any time that the bond is insecure or deficient in amount, he shall by written order require the filing of a new …
La. Rev. Stat. § 6:1040 Annual renewal fee; delinquency charge
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§1040. Annual renewal fee; delinquency charge A. Each licensee shall pay, as directed by the commissioner, on or before December thirty-first of each year, a renewal license fee of six hundred dollars, plus an additional fee of twenty-five dollars for each licensed transmission o…
La. Rev. Stat. § 6:1041 Agents and subagents
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§1041. Agents and subagents A. A licensee may conduct his business at one or more locations within this state, as follows: (1) The business may be conducted through or by means of such agents and subagents as the licensee may from time to time designate or appoint. (2) No license…
La. Rev. Stat. § 6:1042 Liability of licensees
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§1042. Liability of licensees Each licensee shall be liable for the payment of all checks which he sells or money he is obligated to transmit, in whatever form and whether directly or through an agent, as the maker or drawer thereof according to the negotiable instrument laws of …
La. Rev. Stat. § 6:1043 Disclosure of responsibility
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§1043. Disclosure of responsibility Every check sold by a licensee, directly or through an agent, shall bear the name of the licensee clearly imprinted thereon. Acts 1966, No. 476, §13.
La. Rev. Stat. § 6:1044 Visitation and examination; revocation of license
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§1044. Visitation and examination; revocation of license A. The commissioner either in person or through an employee appointed by him, shall visit and examine each licensee or agent on a recurring schedule or at any time whenever, in his judgment, an examination is necessary and …
La. Rev. Stat. § 6:1045 Hearings
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§1045. Hearings No license shall be denied or revoked except after a hearing thereon. The commissioner shall give the applicant or licensee at least twenty days' written notice of the time and place of such hearing. The notice shall be by registered or certified mail addressed to…
La. Rev. Stat. § 6:1046 Penalties
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§1046. Penalties A. Any person who directly or through another violates or attempts to violate any provision of this Chapter shall be guilty of a misdemeanor, and shall be fined not less than two hundred and fifty dollars but not more than five hundred dollars, or imprisoned in t…
La. Rev. Stat. § 6:1047 Reports
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§1047. Reports Each licensee shall file an annual report with the commissioner by March thirty-first for the previous year of money transmission or check-selling operations. The report shall contain: (1) A complete disclosure of all business activity which it conducted during the…
La. Rev. Stat. § 6:1048 Trust imposed on sales or transmission proceeds
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§1048. Trust imposed on sales or transmission proceeds Agents of licensees shall hold in trust from the moment of receipt the proceeds of a sale or delivery of the licensees' checks or money collected for transmittal. An agent may not commingle the proceeds with his own property …
La. Rev. Stat. § 6:1049 List of financial institutions
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§1049. List of financial institutions When a license is suspended and revoked, the licensee shall supply the commissioner with a list of the financial institutions where he has transacted such business as is governed by the provisions of this Chapter. Acts 1990, No. 827, §1.
La. Rev. Stat. § 6:1050 Retention of surety bond
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§1050. Retention of surety bond The commissioner shall retain the surety bond required by this Chapter until the list required by R.S. 6:1049 has been supplied and thirty days have passed since the financial institution or institutions have been notified in accordance with R.S. 6…
La. Rev. Stat. § 6:1051 Notification of financial institutions; violations; penalties
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§1051. Notification of financial institutions; violations; penalties A. When a license is suspended and revoked, the commissioner shall notify the financial institution or institutions of the former licensee that the person is no longer authorized to transmit money or sell checks…
La. Rev. Stat. § 6:1052 Account; verification of license; cancellation; overdrafts
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§1052. Account; verification of license; cancellation; overdrafts A. Before any financial institution opens an account for a seller of checks or person who transmits money, which is intended to cover demands made by receivers of checks or money transmitted, it shall require the l…
La. Rev. Stat. § 6:1053 Significant developments; licensee's duty to report to commissioner
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§1053. Significant developments; licensee's duty to report to commissioner A. It shall be the duty of a licensee to report to the commissioner, by certified mail, the following significant developments within fifteen days of the occurrence: (1) Filing a petition under either Chap…
La. Rev. Stat. § 6:1054 Change of control; notice; application; advisory opinion
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§1054. Change of control; notice; application; advisory opinion A. The provisions of this Section apply to any change of control of a licensee. B. A person shall not directly or indirectly acquire control of a licensee or a person in control of a licensee without the prior writte…
La. Rev. Stat. § 6:1055 Money transmitters; delivery of funds requirements; exceptions
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§1055. Money transmitters; delivery of funds requirements; exceptions A. Every money transmitter licensee and its agents shall transmit the monetary equivalent of all money or equivalent value received from a consumer for transmission, net of any fees, or issue instructions commi…
La. Rev. Stat. § 6:1081 Short title
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§1081. Short title This Chapter shall be known and may be cited as the "Louisiana Secure and Fair Enforcement of Mortgage Licensing Act of 2009" or the "Louisiana S.A.F.E. Residential Mortgage Lending Act". Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2009, No. 522, §1, eff. …