Louisiana Revised Statutes 6:1392 – A. For purposes of this Chapter, “enforcement action” means an action or actions by the commissioner to enforce the requirements of this Chapter, including any of the following:
Terms Used In Louisiana Revised Statutes 6:1392
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1382
- Person: means an individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other legal entity, or any individual or group of individuals, however organized. See Louisiana Revised Statutes 6:1382
- Resident: means any of the following:
(i) A person who is domiciled in this state. See Louisiana Revised Statutes 6:1382
- Virtual currency: means a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender. See Louisiana Revised Statutes 6:1382
- Virtual currency business activity: means any of the following:
(a) Exchanging, transferring, or storing virtual currency or engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor. See Louisiana Revised Statutes 6:1382
A. For purposes of this Chapter, “enforcement action” means an action or actions by the commissioner to enforce the requirements of this Chapter, including any of the following:
(1) Suspend or revoke a license pursuant to the provisions of this Chapter.
(2) Order a person to cease and desist from doing virtual currency business activity with, or on behalf of, a resident.
(3) Request the court to appoint a receiver for the assets of a person doing virtual currency business activity with, or on behalf of, a resident.
(4) Request the court to issue temporary, preliminary, or permanent injunctive relief against a person doing virtual currency business activity with, or on behalf of, a resident.
(5) Assess civil money penalties.
(6) Recover on the surety bond provided pursuant to La. Rev. Stat. 6:1386 and initiate a plan to distribute the proceeds for the benefit of a resident injured by a violation of any provision of this Chapter.
(7) Impose necessary or appropriate conditions on the conduct of virtual currency business activity with, or on behalf of, a resident.
B. Any enforcement action pursuant to this Section may be supplemented by the exercise of any other enforcement power by the commissioner as may be authorized by this Title or any other Title of the Louisiana Revised Statutes of 1950.
Acts 2020, No. 341, §1; Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.