Cortez (SB 362) Act No. 125
Prior law provided for the regulation of currency exchange services. Prior law provided that
an applicant shall submit a written application to the commission on an application form
provided by the commissioner.
New law changes prior law to require that the application for a license be made under oath
and on a form prescribed by the commissioner.
New 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.
Prior law provided for license renewal. New law establishes a new licensing system and
provides that the provisions of prior law shall expire and no longer have any effect after such
licensing system is available for use.
New 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.
New 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.
New 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.
New 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.
New 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.
New 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 (May 16, 2014).
(Amends R.S. 6:1004(A) and 1004.1(B); adds R.S. 6:1004(E) and 1004.1(C))