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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 R.S. 6:1004(A) and 1004.1(B) and to enact R.S. 6:1004(E) and2
1004.1(C), relative to currency exchange services; to provide for licensure; to3
provide for renewal; to provide for procedures, terms, and conditions; and to provide4
for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 6:1004(A) and 1004.1(B) are hereby amended and reenacted and7
R.S. 6:1004(E) and 1004.1(C) are hereby enacted to read as follows:8
§1004. Application for license and change of control9
A. An applicant shall submit a written application to the commissioner on an10
application form provided application for a license under this Chapter shall be11
made under oath and on a form prescribed by the commissioner.12
* * *13
E. Any person required to be licensed pursuant to this Chapter shall,14
prior to application for licensure, be duly registered with the secretary of state15
and be in possession of a certificate of authority to transact business in this state16
pursuant to the provisions of R.S. 9:3422, R.S. 12:304, or R.S. 12:1345, as17 SB NO. 362
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applicable.1
§1004.1. License fees; online renewal2
* * *3
B.(1) The licensee shall pay an annual license renewal fee on or before the4
first day of December of each year for a license to engage in currency exchange5
during the following calendar year of two hundred fifty dollars, plus an additional6
fee of fifty dollars for each currency exchange location in this state, not to exceed7
three thousand dollars.8
(2) If the commissioner has not received the annual renewal fee from a9
licensee by the sixteenth day of January, as determined by the postmarked date, he10
shall notify the licensee by United States mail and assess a late fee of one hundred11
dollars.12
(3) If the commissioner has not received the annual renewal fee and late fee13
by March thirty-first, the license to engage in currency exchange and all certificates14
issued for currency exchange locations shall lapse without a hearing or notification,15
and the license and certificates shall not be reinstated. However, the person whose16
license and certificates have lapsed may apply for a new license and certificates.17
(4) After the date the licensing system provided for in Subsection C of18
this Section is available for use, any filing or notification required by the19
commissioner shall be made through the online-licensing system. Thereafter,20
the provisions of this Subsection shall expire and no longer have any effect.21
C.(1) Beginning January 1, 2015, and thereafter, a licensee may submit22
through the Nationwide Mortgage Licensing System and Registry his renewal23
application on or before December thirty-first of each year in a manner and24
form prescribed by the commissioner.25
(2) The renewal application shall be accompanied by a renewal fee of26
two hundred fifty dollars plus an additional fee of fifty dollars for each currency27
exchange location in this state, not to exceed three thousand dollars, payable on28
or before December thirty-first of each year. A renewal application submitted29 SB NO. 362
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through the Nationwide Licensing System and Registry after December thirty-1
first and before March first of the following year shall be charged a late fee of2
one hundred dollars.3
(3) If the renewal application is submitted timely on or before December4
thirty-first, the license shall remain in force and effect until the renewal5
application is either approved or denied by the commissioner. Nothing in this6
Paragraph shall preclude the commissioner from implementing any7
administrative or enforcement actions authorized by this Title for violations of8
this Chapter or for any material misrepresentation that may have occurred9
prior to the renewal date of a license.10
(4) If the commissioner has not received the renewal fee and late fee11
before March first, the license to engage in currency exchange shall lapse12
without hearing or notification, and the license shall not be reinstated.13
However, the person whose license has lapsed may apply for a new license.14
Section 2. This Act shall become effective upon signature by the governor or, if not15
signed by the governor, upon expiration of the time for bills to become law without signature16
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If17
vetoed by the governor and subsequently approved by the legislature, this Act shall become18
effective on the day following such approval.19
The original instrument was prepared by Michelle Ducharme. The following
digest, which does not constitute a part of the legislative instrument, was
prepared by Thomas F. Wade.
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 31st 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 31st of each year.
Proposed law provides that a renewal application submitted through the Nationwide
Licensing System and Registry after December 31st 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
December 31st, 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
before March first, the license to engage in currency exchange shall lapse without 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) and 1004.1(B); adds R.S. 6:1004(E) and 1004.1(C))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Commerce, Consumer
Protection, and International Affairs to the original bill
1. Provides that the deadline to submit the renewal fee and late fee shall be
before March 1st.
2. Makes technical changes.