LouisianaLouisiana law sets licensing and customer rules for money transmitters
Louisiana's law requires money transmitters to be licensed, keep financial safeguards, and generally send or return customers' money within set deadlines.
What it does
Money transmitters must hold a Louisiana license to operate, unless an exemption applies. Applicants provide business and financial information and pay a fee.
Licensed money transmitters and their agents generally must send or return money within ten business days. A sender may request a refund in writing, subject to listed exceptions.
Licensed businesses must maintain a bond and investments to cover customer transfer obligations. The state regulator may require a larger bond in specified circumstances.
Argument forCustomers could get clearer information and faster handling because businesses must provide receipts and generally send money or refund it within set deadlines.
Argument againstBusinesses may face ongoing fees, reporting duties, recordkeeping, and financial safeguards, which could make it harder to run a money transfer service.
More detail
Money transmitters must hold a Louisiana license to operate, unless an exemption applies. The licensing rule covers businesses that sell payment instruments or stored value, or receive money to send, to people in Louisiana. Some agents working under a licensee and people or businesses covered by statutory exemptions do not need a separate license. Applicants provide required business and financial information and pay an application fee. The law took effect July 1, 2026.
Licensed money transmitters and their agents must send the money or return it within ten business days in most cases. These rules cover licensed money transmitters and their agents; the refund rule does not cover certain federally regulated transfers or payments made under written agreements with payees. The sending deadline has exceptions, including different sender instructions, certain stored value or goods and services payments, and reasonable suspicion of fraud or another legal violation. After a written refund request, a licensee generally has ten calendar days to refund the money. Exceptions include certain transfers covered by federal rules or written payment agreements, money already sent, and reasonable suspicion of a crime or legal violation. The sending deadline starts when the business receives the money. The refund deadline starts when it receives the sender's written request.
Licensed businesses must maintain financial safeguards tied to their customer transfer obligations. These financial requirements apply to licensees under the Louisiana Money Transmission Act. The required bond is at least $100,000 or the licensee's average daily Louisiana transfer obligations, whichever is greater, up to $500,000; the commissioner may require more, up to $1 million. Permissible investments must cover outstanding transfer obligations in all states. Licensees must maintain the required net worth, bond, and investments while licensed.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jun 9Signed by the Governor Jeff Landry. Becomes Act No. 888.Became Law
- Jun 9Effective date: 07/01/2026.
- Jun 1Signed by the President of the Senate.
- Jun 1Sent to the Governor for executive approval.To Governor
- May 31Enrolled and signed by the Speaker of the House.Minor
- May 29Read by title, roll called, yeas 91, nays 1. The Senate amendments, having received two-thirds vote of the elected members, were concurred in.
- Vote recorded CONCUR IN SENATE AMENDMENTS (#1715). Result: pass.Lower
- May 27Scheduled for concurrence on 05/29/2026.
- May 26Received from the Senate with amendments.Minor
- May 25Rules suspended. Senate floor amendments read and adopted. Read by title, passed by a vote of 38 yeas and 0 nays, and ordered returned to the House. Motion to reconsider tabled.Passed Senate
- Vote recorded FINAL PASSAGE (#1205). Result: pass.Upper
- May 18Reported with Legislative Bureau amendments which were read and adopted. Read by title and passed to third reading and final passage.Minor
- May 14Committee amendments read and adopted. Read by title and referred to the Legislative Bureau.
- May 13Reported with amendments.Minor
- Apr 29Read second time by title and referred to the Committee on Commerce, Consumer Protection and International Affairs.Minor
- Apr 28Received in the Senate. Read first time by title and placed on the Calendar for a second reading.Minor
- Apr 27Called from the calendar.
- Vote recorded FINAL PASSAGE (#759). Result: pass.Lower
- Apr 27Read third time by title, amended, roll called on final passage, yeas 98, nays 0. The bill, having received two-thirds vote of the elected members, was finally passed, title adopted, ordered to the Senate.Passed House
- Apr 21Called from the calendar.
- Apr 21Read by title, returned to the calendar.
- Apr 21Notice given.
- Apr 21Scheduled for floor debate on 04/27/2026.
- Apr 20Read by title, amended, returned to the calendar.
- Apr 20Notice given.
- Apr 20Scheduled for floor debate on 04/21/2026.
- Apr 15Scheduled for floor debate on 04/20/2026.
- Apr 14Read by title, amended, ordered engrossed, passed to 3rd reading.Minor
- Apr 13Reported with amendments (12-0).Minor
- Apr 1Read by title, under the rules, referred to the Committee on Commerce.Minor
- Mar 31Read by title. Lies over under the rules.Introduced
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