Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance

Can I obtain a money transmitter license in Louisiana? What are the requirements?

To obtain a money transmitter license in Louisiana, you must meet the following requirements:

  1. Submit a business plan that includes anticipated volume for the calendar year and the anticipated number of transmission or selling locations [1.6].
  2. Have a net worth of at least $100,000, computed according to generally accepted accounting principles [1.6].
  3. The financial responsibility, financial condition, business experience, character, and general fitness of the applicant shall be such as to reasonably warrant the commissioner to believe that the applicant's business will be conducted honestly, carefully, and efficiently [1.6].
  4. Submit a completed license application [1.4].
  5. Submit a current financial statement acceptable to the commissioner that reflects the minimum net worth required under R.S. 6:1035 [1.4].
  6. Provide security that meets the requirements of R.S. 6:1037 [1.4].
  7. Pay the application fee and a nonrefundable temporary license fee in the amount established by regulation [1.4].

Please note that the license granted shall be for the period commencing on January first and ending on December thirty-first of the year of initial licensure or renewal of a previously issued license, as the case may be [1.2].

If you meet the above requirements, you can obtain a money transmitter license in Louisiana.