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Regular Session, 2014 ENROLLED
SENATE BILL NO. 362
BY SENATOR CORTEZ
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
applicable.18
§1004.1. License fees; online renewal19
* * *20
B.(1) The licensee shall pay an annual license renewal fee on or before the21
first day of December of each year for a license to engage in currency exchange22
during the following calendar year of two hundred fifty dollars, plus an additional23 SB NO. 362 ENROLLED
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words in boldface type and underscored are additions.
fee of fifty dollars for each currency exchange location in this state, not to exceed1
three thousand dollars.2
(2) If the commissioner has not received the annual renewal fee from a3
licensee by the sixteenth day of January, as determined by the postmarked date, he4
shall notify the licensee by United States mail and assess a late fee of one hundred5
dollars.6
(3) If the commissioner has not received the annual renewal fee and late fee7
by March thirty-first, the license to engage in currency exchange and all certificates8
issued for currency exchange locations shall lapse without a hearing or notification,9
and the license and certificates shall not be reinstated. However, the person whose10
license and certificates have lapsed may apply for a new license and certificates.11
(4) After the date the licensing system provided for in Subsection C of12
this Section is available for use, any filing or notification required by the13
commissioner shall be made through the online-licensing system. Thereafter,14
the provisions of this Subsection shall expire and no longer have any effect.15
C.(1) Beginning January 1, 2015, and thereafter, a licensee may submit16
through the Nationwide Mortgage Licensing System and Registry his renewal17
application on or before December thirty-first of each year in a manner and18
form prescribed by the commissioner.19
(2) The renewal application shall be accompanied by a renewal fee of two20
hundred fifty dollars plus an additional fee of fifty dollars for each currency21
exchange location in this state, not to exceed three thousand dollars, payable on22
or before December thirty-first of each year. A renewal application submitted23
through the Nationwide Licensing System and Registry after December thirty-24
first and before March first of the following year shall be charged a late fee of25
one hundred dollars.26
(3) If the renewal application is submitted timely on or before December27
thirty-first, the license shall remain in force and effect until the renewal28
application is either approved or denied by the commissioner. Nothing in this29
Paragraph shall preclude the commissioner from implementing any30 SB NO. 362 ENROLLED
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administrative or enforcement actions authorized by this Title for violations of1
this Chapter or for any material misrepresentation that may have occurred2
prior to the renewal date of a license.3
(4) If the commissioner has not received the renewal fee and late fee4
before March first, the license to engage in currency exchange shall lapse5
without hearing or notification, and the license shall not be reinstated.6
However, the person whose license has lapsed may apply for a new license.7
Section 2. This Act shall become effective upon signature by the governor or, if not8
signed by the governor, upon expiration of the time for bills to become law without signature9
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If10
vetoed by the governor and subsequently approved by the legislature, this Act shall become11
effective on the day following such approval.12
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: