Louisiana HB1230 revises the Louisiana Money Transmission Act, updating licensing, reporting, and enforcement provisions.

Louisiana HB1230 amends the Louisiana Money Transmission Act, introducing changes to licensing, reporting, and enforcement provisions. The bill updates the definition of "acting in concert" and specifies that the commissioner may require individuals claiming exemption from licensing to provide documentation. It mandates that applicants for a money transmission license submit personal history and experience, including criminal background reports for those who have resided outside the U.S. in the last ten years.

Louisiana HB1230 revises the Louisiana Money Transmission Act, updating licensing, reporting, and enforcement provisions.

Louisiana HB1230 amends the Louisiana Money Transmission Act, introducing changes to licensing, reporting, and enforcement provisions. The bill updates the definition of "acting in concert" and specifies that the commissioner may require individuals claiming exemption from licensing to provide documentation. It mandates that applicants for a money transmission license submit personal history and experience, including criminal background reports for those who have resided outside the U.S. in the last ten years.