RS 6:1394

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RS 6:1394

§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 commissioner may be authorized to exercise pursuant to this Title, the commissioner may adopt and implement emergency rules as the commissioner considers necessary and appropriate to prevent or terminate any condition the commissioner reasonably considers to create an emergency relative to a particular licensee or to licenses in general, including but not limited to suspending the issuance or renewal of licenses or suspending some or all virtual currency business activities in this state.

C. In order to carry out the purposes of this Chapter, the commissioner may do all of the following:

(1)Enter into agreements or relationships with other government officials, federal and state regulatory agencies, and regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures and sharing records or related information obtained in accordance with this Chapter.

(2)Use, hire, contract, or employ analytical systems, methods, or software in examinations or investigations pursuant to this Chapter.

(3)Consider, accept, and rely upon licensing, examination, or investigative reports prepared by other government agencies or officials within or outside the state.

(4)Consider, accept, and rely upon audit reports prepared by an independent certified public accountant or other qualified third-party auditor for any person subject to the provisions of this Chapter and incorporate all or part of such audit reports in the office's report of examination or investigation.

D.(1) The commissioner shall report all of the following biannually to the House Committee on Commerce and the Senate Committee on Commerce, Consumer Protection and International Affairs:

(a)The number of applications for each type of license.

(b)The number of applicants who currently have a money transmission license.

(c)The number of licenses granted.

(d)The number of applicants who have been denied.

(e)A list of fees that were assessed during application.

(2)The biannual report shall be submitted on the first day of September and March of each calendar year.

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. 331, will terminate on July 1, 2027. See Acts 2024, No. 700.

NOTE: The provisions of Acts 2023, No. 331, have no termination date. See Acts 2024, No. 159.