CHAPTER 22. VIRTUAL CURRENCY CUSTODY SERVICES

§1401. Definitions

            As used in this Chapter, the following words have the following meanings:

            (1) "Custody services" means the safekeeping or custody of virtual currency or other assets by a financial institution or trust company.

            (2) "Financial institution" means a federally insured depository institution chartered pursuant to the laws of this state, another state, or the United States.

            (3) "Self-assessment" means either of the following:

            (a) A financial institution's or trust company's voluntary, self-initiated internal assessment, audit, or review of the financial institution or trust company and its practices, policies, and procedures.

            (b) A financial institution's or trust company's voluntary, self-initiated assessment, audit, or review of the practices, policies, and procedures of a person acting under contract, directly or indirectly, as the financial institution's or trust company's service provider, including mortgage servicers and subservicers, credit and debit card processors, and providers of loan document systems.

            (4) "Trust company" means a corporation or a limited liability trust company organized in accordance with this Title, the laws of another state, or pursuant to the laws of the United States, including a trust company organized pursuant to the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank.

            (5) "Virtual currency" has the same meaning as provided for in R.S. 6:1382.

            Acts 2022, No. 509, §1.