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Regular Session, 2014
SENATE BILL NO. 362
BY SENATOR CORTEZ
COMMERCIAL REGULATIONS. Provides relative to licensing renewal dates for currency
exchange services through use of an electronic system. (gov sig)
AN ACT1
To amend and reenact the introductory paragraph of R.S. 6:1004(A) and 1004.1(B) and to2
enact R.S. 6:1004(E) and 1004.1(C), relative to currency exchange services; to3
provide for licensure; to provide for renewal; to provide for procedures, terms, and4
conditions; and to provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. The introductory paragraph of R.S. 6:1004(A) and 1004.1(B) are hereby7
amended and reenacted and R.S. 6:1004(E) and 1004.1(C) are hereby enacted to read as8
follows:9
§1004. Application for license and change of control10
A. An applicant shall submit a written application to the commissioner on an11
application form provided application for a license under this Chapter shall be12
made under oath and on a form prescribed by the commissioner.13
* * *14
E. Any person required to be licensed pursuant to this Chapter shall,15
prior to application for licensure, be duly registered with the secretary of state16
and be in possession of a certificate of authority to transact business in this state17 SB NO. 362
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pursuant to the provisions of R.S. 9:3422, R.S. 12:304, or R.S. 12:1345, as1
applicable.2
§1004.1. License fees; online renewal3
* * *4
B.(1) The licensee shall pay an annual license renewal fee on or before the5
first day of December of each year for a license to engage in currency exchange6
during the following calendar year of two hundred fifty dollars, plus an additional7
fee of fifty dollars for each currency exchange location in this state, not to exceed8
three thousand dollars.9
(2) If the commissioner has not received the annual renewal fee from a10
licensee by the sixteenth day of January, as determined by the postmarked date, he11
shall notify the licensee by United States mail and assess a late fee of one hundred12
dollars.13
(3) If the commissioner has not received the annual renewal fee and late fee14
by March thirty-first, the license to engage in currency exchange and all certificates15
issued for currency exchange locations shall lapse without a hearing or notification,16
and the license and certificates shall not be reinstated. However, the person whose17
license and certificates have lapsed may apply for a new license and certificates.18
(4) After the date the licensing system provided for in Subsection C of19
this Section is available for use, any filing or notification required by the20
commissioner shall be made through the online-licensing system. Thereafter,21
the provisions of this Subsection shall expire and no longer have any effect.22
C.(1) Beginning January 1, 2015, and thereafter, a licensee may submit23
through the Nationwide Mortgage Licensing System and Registry his renewal24
application on or before December thirty-first of each year in a manner and25
form prescribed by the commissioner.26
(2) The renewal application shall be accompanied by a renewal fee of27
two hundred fifty dollars plus an additional fee of fifty dollars for each currency28
exchange location in this state, not to exceed three thousand dollars, payable on29 SB NO. 362
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or before December thirty-first of each year. A renewal application submitted1
through the Nationwide Licensing System and Registry after December thirty-2
first and before March first of the following year shall be charged a late fee of3
one hundred dollars.4
(3) If the renewal application is submitted timely on or before the5
December thirty-first license expiration date, the license shall remain in force6
and effect until the renewal application is either approved or denied by the7
commissioner. Nothing in this Paragraph shall preclude the commissioner from8
implementing any administrative or enforcement actions authorized by this9
Title for violations of this Chapter or for any material misrepresentation that10
may have occurred prior to the renewal date of a license.11
(4) If the commissioner has not received the renewal fee and late fee by12
March first, the license to engage in currency exchange shall lapse without a13
hearing or notification, and the license shall not be reinstated. However, the14
person whose license has lapsed may apply for a new license.15
Section 2. This Act shall become effective upon signature by the governor or, if not16
signed by the governor, upon expiration of the time for bills to become law without signature17
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If18
vetoed by the governor and subsequently approved by the legislature, this Act shall become19
effective on the day following such approval.20
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Michelle Ducharme.
DIGEST
Cortez (SB 362)
Present law provides for the regulation of currency exchange services.
Present law provides that an applicant shall submit a written application to the commission
on an application form provided by the commissioner.
Proposed law changes present law to require that the application for a license be made under
oath and on a form prescribed by the commissioner.
Proposed law provides that any person required to be licensed under present law shall, prior
to application for licensure, be duly registered with the secretary of state and be in
possession of a certificate of authority to transact business in this state. SB NO. 362
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Present law provides for license renewal.
Proposed law establishes a new licensing system and provides that the provisions of present
law shall expire and no longer have any effect after such licensing system is available for
use.
Proposed law provides that beginning January 1, 2015, and thereafter, a licensee may submit
through the Nationwide Mortgage Licensing System and Registry his renewal application
on or before December 31
st
of each year in a manner and form prescribed by the
commissioner.
Proposed law provides that the renewal application shall be accompanied by a renewal fee
of $250 plus an additional fee of $50 for each currency exchange location in this state, not
to exceed $3,000, payable on or before December 31
st
of each year.
Proposed law provides that a renewal application submitted through the Nationwide
Licensing System and Registry after December 31
st
and before March first of the following
year shall be charged a late fee of $100 dollars.
Proposed law provides that if the renewal application is submitted timely on or before the
December 31
st
license expiration date, the license shall remain in force and effect until the
renewal application is either approved or denied by the commissioner.
Proposed law shall not preclude the commissioner from implementing any administrative
or enforcement actions authorized by law for violations of certain provisions of law or for
any material misrepresentation that may have occurred prior to the renewal date of a license.
Proposed law provides that if the commissioner has not received the renewal fee and late fee
by March first, the license to engage in currency exchange shall lapse without a hearing or
notification, and the license shall not be reinstated. However, the person whose license has
lapsed may apply for a new license.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 6:1004(A)(intro para) and 1004.1(B); adds R.S. 6:1004(E) and 1004.1(C))