Usufruct
R.S. 6:1051

Notification of financial institutions; violations; penalties ACTIVE

A. When a license is suspended and revoked, the commissioner shall notify the financial institution or institutions of the former licensee that the person is no longer authorized to transmit money or sell checks under the provisions of this Chapter.

B. After such notification, no financial institution shall participate in a transaction with a former or suspended licensee in contravention of the provisions of this Chapter; however, a financial institution may accept deposits of funds into an account of a former or suspended licensee if such account does not have adequate funds to honor all outstanding checks as the term "check" is defined by R.S. 6:1032(1).

C. The commissioner may assess and collect a civil money penalty against a financial institution in an amount not exceeding two hundred and fifty dollars for each transaction in violation of the provisions of this Section.

D. Nothing in this Section shall prevent a financial institution from engaging in a transaction with a former licensee who applies for, receives, and retains a new license in accordance with the provisions of this Chapter.

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JSON Markdown Source (legis.la.gov)

References

Cited by

History

  • enactment Acts 1990, No. 827, §1
  • amendment Acts 2001, No. 586, §1, eff. June 22, 2001

Section navigation

Cite R.S. 6:1051

Bluebook
La. Rev. Stat. Ann. § 6:1051 (2026).
Permalink
https://theusufruct.com/rs/title-6/section-1051
BibTeX
@misc{larevstat-6-1051,
  title        = {La. Rev. Stat. Ann. § 6:1051},
  howpublished = {Louisiana Revised Statutes},
  year         = {2026},
  url          = {https://theusufruct.com/rs/title-6/section-1051},
  note         = {Snapshot 2026-05-22}
}