§1385.1. Approval of advanced change of control notice
A. Whenever a change of control of a licensee or an applicant is contemplated by any
person, or persons acting in concert, the following information shall be provided to the
commissioner through the NMLS:
(1) The licensee or applicant shall do all of the following:
(a) File an advanced change of control notice within thirty days after learning of the
change of control and at least forty-five days prior to the date that the proposed transaction
is to be consummated.
(b) Provide such information as required pursuant to R.S. 6:1385(A).
(2) After review of an advanced change of control notice filed pursuant to Paragraph
(1) of this Subsection, the commissioner may require the licensee or applicant to provide
additional information concerning the proposed person, or persons acting in concert, to cause
a change of control. The additional information shall be limited to the same information
required from the licensee or applicant as part of its original application filed pursuant to
R.S. 6:1385(A).
B. The commissioner shall approve an advanced change of control notice filed in
accordance with Subsection A of this Section if, after investigation, he determines that the
person, or persons acting in concert, to cause a change of control shall not adversely affect
the ability of the licensee or applicant to conduct its virtual currency business activity
honestly, carefully, and efficiently and in accordance with the requirements of this Chapter
and any other applicable state and federal laws and regulations.
C. If the commissioner determines that the proposed person, or persons acting in
concert, to cause a change of control fails to meet the qualifications, standards, and
requirements pursuant to this Chapter, the commissioner shall inform the licensee, applicant,
proposed person, or persons acting in concert to cause the change of control in writing that
the advanced change of control request is denied and state the reasons for such denial. The
licensee, applicant, proposed person, or persons acting in concert to cause the change of
control may appeal the denial in accordance with R.S. 6:1387(C).
D. The provisions of Paragraph (A)(1) of this Section shall not apply to a public
offering of securities under the laws of the United States.
E. Before filing an advanced change of control notice, any person, or persons acting
in concert, may request in writing a determination from the commissioner as to whether the
person, or persons acting in concert, would be considered to be in control of a licensee or
applicant upon consummation of a proposed transaction. If the commissioner determines that
the person, or persons acting in concert, would not be in control of the licensee or applicant,
the commissioner shall respond in writing that the proposed transaction is not subject to the
requirements of Subsection A of this Section.
Acts 2023, No. 331, §1, eff. June 13, 2023; Acts 2024, No. 159, §1; Acts 2024, No.
700, §2.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1,
2027. See Acts 2024, No. 700.
NOTE: The provisions of Acts 2023, No. 331, have no termination date. See
Acts 2024, No. 159.