2021 Louisiana Laws
Revised Statutes
Title 6 - Banks and Banking
§1391. Examinations

RS 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 with the provisions of this Chapter and the rules and regulations promulgated under the provisions of this Chapter. Required records may be maintained in any electronic format consistent with the person's ordinary business practices unless the person receives specific written instructions from the commissioner to the contrary. The books, records, and accounts shall be maintained separate and apart from any other business in which the person is involved and shall be kept at the location in the state at which the virtual currency business activities occurred or at the person's principal office unless otherwise permitted in writing by the commissioner. Records shall be made available for review or examination at a nonresidential location approved by the commissioner.

B. If the books and records of any person described in this Section are located outside of the state, he shall make them available to the commissioner at a location within this state convenient to the commissioner or pay the reasonable and necessary expenses for the commissioner or his representative to examine them at the place where they are maintained. The commissioner may designate representatives, including comparable officials of the state in which the records are located, to inspect the records on his behalf.

C. The licensee shall pay the reasonable cost of the examination as the commissioner shall prescribe by rule. If the examination fee is not paid within thirty days of its assessment, the person examined shall be subject to an administrative penalty.

Acts 2020, No. 341, §1.