RS 6:1038.1 Temporary license; expiration; extension - Louisiana Statutes

§1038.1.  Temporary license; expiration; extension

A.  The commissioner may issue a temporary license to a person that is engaging in money transmission, but has not obtained a license under this Chapter, if the person:

(1)  Certifies in writing that the person qualifies for the license and will submit a completed license application not later than the thirtieth day after the date the temporary license is issued.

(2)  Submits a current financial statement acceptable to the commissioner that reflects the minimum net worth required under R.S. 6:1035.

(3)  Provides security that meets the requirements of R.S. 6:1037.

(4)  Agrees in writing that, until a permanent license is issued, the person will engage only in activities being conducted at existing locations.

(5)  Pays the application fee and a nonrefundable temporary license fee in the amount established by regulation.

B.  The effective period for a temporary license shall not exceed ninety days from the date the license is issued; however, the commissioner may extend the period for not more than an additional thirty days if necessary to complete the processing of a timely filed application for which approval is likely.  Upon the expiration of the temporary license, including an extension provided for in this Subsection, the temporary licensee shall immediately cease money transmission services.  No appeal, either administrative or judicial, shall be available to the temporary licensee to extend the term of the temporary license when the term, including an extension, has expired.

Acts 2008, No. 26, §1.