Louisiana Enacts Comprehensive Money Transmission Law, Mirroring Laws in Other States

Short summary

Louisiana enacted HB 1230, the Money Transmission Act (effective July 1, 2026), modernizing money transmitter licensing through NMLS and adding quarterly reporting, financial responsibility, and authorized-agent oversight requirements. The law aligns with other states' frameworks and includes transition provisions for existing licensees. Affected money transmitter companies should update compliance programs before renewal or twelve months post-enactment.

• •Money transmitters must use NMLS for centralized licensing, renewals, and examinations
• •New quarterly financial reports, annual audits, and five-year record retention required
• •Existing licensees have transition period until renewal or 12 months after July 1, 2026

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