2021 Louisiana Laws
Revised Statutes
Title 6 - Banks and Banking
§1388. Renewal of license; procedure; denial

RS 1388 - Renewal of license; procedure; denial

A. Subject to Subsection G of this Section, not later than fifteen days before the anniversary date of issuance of a license pursuant to the provisions of this Chapter, a licensee may apply for renewal of the license by paying a renewal fee determined by the department, not to exceed the reasonable costs of regulation, and submitting to the department a renewal report pursuant to Subsection B of this Section.

B.(1) The renewal report required by Subsection A of this Section shall be submitted in a form and medium prescribed by the department.

(2) The report shall contain all of the following:

(a) Either a copy of the licensee's most recent reviewed annual financial statement, if the licensee's virtual currency business activity in this state was less than an amount, to be determined by the department, for the fiscal year ending before the anniversary date of issuance of its license under this Chapter, or audited annual financial statement if the licensee's virtual currency business activity in this state amounted to more than the amount determined by the department for the fiscal year ending before the anniversary date.

(b) If a person other than an individual has control of the licensee, a copy of either of the following:

(i) The person's most recent reviewed annual financial statement if the person's gross revenue was less than an amount, to be determined by the department, in the previous fiscal year, measured as of the anniversary date of issuance of its license pursuant to the provisions of this Chapter.

(ii) The person's most recent audited consolidated annual financial statement if the person's gross revenue was more than an amount, to be determined by the department in the previous fiscal year, measured as of the anniversary date of issuance of its license pursuant to the provisions of this Chapter.

(c) A description of any of the following:

(i) Material change in the financial condition of the licensee.

(ii) Material litigation involving the licensee or an executive officer or responsible individual of the licensee.

(iii) License suspension or revocation proceeding commenced, or other action taken, involving a license to conduct virtual currency business activity issued by another state on which reciprocal licensing is based.

(iv) Federal or state investigation involving the licensee.

(v) Data security breach involving the licensee.

(d) The number of virtual currency business activity transactions with, or on behalf of, residents for the period since, subject to Subsection G of this Section, the later of the date the license was issued or the date the last renewal report was submitted.

(e)(i) The amount of United States dollar equivalent of virtual currency in the control of the licensee at, subject to Subsection G of this Section, the end of the last month that ends not later than thirty days before the date of the renewal report.

(ii) The total number of residents for whom the licensee had control of United States dollar equivalent of virtual currency on that date.

(f) Evidence that the licensee continues to satisfy the requirements provided for in R.S. 6:1386.

(g) A list of each location where the licensee operates its virtual currency business activity.

(h) The name, United States Postal Service address, and telephone number of each person that manages a server used by the licensee in conducting its virtual currency business activity with or on behalf of a resident.

C.(1) If a licensee does not timely comply with Subsection A of this Section, the department may use any enforcement measure provided for in R.S. 6:1392.

(2) No notice or hearing shall be required for a suspension or revocation of a license pursuant to the provisions of this Chapter for failure to pay a renewal fee or file a renewal report.

D. If the department suspends or revokes a license pursuant to the provisions of this Chapter for noncompliance with Subsection A of this Section, the department may end the suspension or rescind the revocation and notify the licensee of the action if, subject to Subsection G of this Subsection, not later than twenty days after the license was suspended or revoked, the licensee files a renewal report and pays a renewal fee and pays any penalty assessed by the department.

E. The department shall give prompt notice to a licensee of the lifting of a suspension or rescission of a revocation after the licensee complies with Subsection D of this Section.

F. Suspension or revocation of a license pursuant to the provisions of this Section shall not invalidate a transfer or exchange of virtual currency for, or on behalf of, a resident made during the suspension or revocation and shall not insulate the licensee from liability pursuant to the provisions of this Chapter.

G. For good cause, the department may extend a period of time provided for in this Section.

H. A licensee that does not comply with the provisions of this Section shall cease operations with, or on behalf of, a resident on or before the anniversary date of issuance of its license pursuant to the provisions of this Chapter.

I. A licensee shall pay the reasonable and necessary costs of the department's investigation under this Section.

Acts 2020, No. 341, §1.