FAQs

Pursuant to R.S. 6:1033(18) “Money Transmission” means any of the following:

1. Selling or issuing payment instruments to a person located in this state.

2. Selling or issuing stored value to a person located in this state.

3. Receiving money for transmission from a person located in this state.

A “payroll processing service provider,” as defined in R.S. 6:1033(26), is exempted pursuant to R.S. 6:1034(15).

Applicants must meet the following requirements for licensure:

1.  Utilize the Nationwide Multistate Licensing System and Registry (“NMLS”) for all aspects of licensing.

2. Provide a surety bond in the minimum amount of $100,000, up to a maximum of $500,000, or a higher amount deemed appropriate by the Commissioner, up to a maximum of $1,000,000.

3. Demonstrate a tangible net worth of the greater of $100,000 or 3% of total assets for the first $100,000,000, 2% of additional assets for $100,000,000 to $1,000,000,000, and .5% of additional assets for over $1,000,000,000.

4. List/report information relating to any authorized agent — consistent with NMLS licensing standards and practices.

5. Pay an initial (nonrefundable) licensure fee of $1,500.

The Nationwide Multistate Licensing System and Registry (“NMLS”), as defined in R.S. 6:1033(21), is a multi-state licensing system that allows companies and individuals to apply for and manage their licenses for each state through a secure and centralized website.  All persons licensed by the OFI are registered through the NMLS system.  You can determine whether a person is a licensed money transmitter in Louisiana by going to the NMLS Consumer Access portal.

A list of exemptions can be found under R.S. 6:1034 of the LMTA.

Persons seeking a money transmitter license can do so by accessing the NMLS Resource Center.  A checklist of requirements is available on that site.

Applicants/licensees must pay an initial licensure fee of $1,500, an annual renewal fee of $800, plus an annual renewal fee of $100 for each location in excess of one in the State of Louisiana — not to exceed $6,000.

All licenses issued by the OFI are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.  Annual license renewal applications submitted after December 31^st and before March 1^st of the following year will be charged a nonrefundable license renewal late fee in the amount of $600, in addition to the annual license renewal fee.

Failure to submit the renewal fee and late fee before March 1^st will result in the expiration of the license without hearing or notification, and the license shall not be reinstated.  However, the person whose license has expired may apply for a new license, subject to all new license application requirements under the LMTA.  Prior to such application being complete and eligible for approval consideration, the applicant shall be subject to and pay unlicensed activity civil money penalties in an amount determined by the Commissioner.

No.  Virtual currency business activities are regulated under the Louisiana Virtual Currency Businesses Act (VCBA) — R. S. 6:1381 et. seq.

For concerns relating to the NMLS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to Louisiana licensing requirements, feel free to contact the Non-Depository Licensing Section at NMLS@ofi.la.gov or 225-925-4660.

Please refer to R.S. 6:1061 (Maintenance) and 1062 (Types).

No person shall engage in the business of money transmission in the State of Louisiana without first having obtained a license from the OFI.

Yes, and a fee of $100 is required for each location in excess of one in the State of Louisiana — not to exceed $6,000.