§1385.2. Approval of advanced change of responsible individual notice

            A. Whenever a change is contemplated with respect to a reasonable individual of a licensee or applicant, all of the following information shall be provided to the commissioner through the NMLS:

            (1) The legal name, any former or fictitious name, and the residential and business United States Postal Service addresses of the proposed responsible individual.

            (2) A list of any criminal conviction, deferred prosecution agreement, or pending criminal proceeding in any jurisdiction against the proposed responsible individual.

            (3) A list of any bankruptcy or receivership proceeding in any jurisdiction for the prior ten years involving the proposed responsible individual.

            (4) A list of any litigation, arbitration, or administrative proceeding in any jurisdiction in which the proposed responsible individual was a party for the prior five years.

            (5) A set of fingerprints of the proposed responsible individual for submission to the Federal Bureau of Investigation and the commissioner for purposes of a national and state criminal background check. If the individual resided outside of the United States at any time in the past ten years, the individual shall also provide an investigative background report prepared by an independent search firm pursuant to the requirements of R.S. 6:1385(A)(1)(u).

            (6) The employment history of the proposed responsible individual for the prior five years.

            (7) A history of any investigation or legal proceeding to which the proposed responsible individual was a party for the prior five years.

            B. After review of an advanced change of responsible individual notice filed pursuant to Subsection A of this Section, the commissioner may require the licensee or applicant to provide additional information concerning the proposed responsible individual. The additional information shall be limited to the same information required from a licensee or an applicant as part of his original application filed pursuant to R.S. 6:1385(A).

            C. The commissioner shall approve an advanced change of responsible individual notice filed in accordance with Subsection A of this Section if, after investigation, the commissioner reasonably determines that the proposed responsible individual has the relevant competence, experience, character, and general fitness considered necessary to ensure that the licensee or applicant will continue to conduct its virtual currency business activity honestly, carefully, and efficiently and in accordance with the requirements of this Chapter and other applicable state and federal laws and regulations.

            D. If the commissioner determines that the proposed responsible individual fails to meet the qualifications, standards, and requirements of this Chapter, the commissioner shall inform the licensee, applicant, and proposed responsible individual, in writing, that the advanced change of control request is denied and state the reasons for denial. The licensee, applicant, and proposed responsible individual may appeal the denial in accordance with R.S. 6:1387(C).

            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.