LOU LEG Digital Transaction Providers

On May 14, LOU LEG passed bill on digital transaction providers.

  • LOU LEG passed bill HB 475 making provisions for digital transaction providers.
  • Amends LOU LEG 47:532.1(A)(1); creates LOU LEG 47:532.4, on digital providers.
  • Bill Provisions
  • Authorizes the commissioner to enter into agreements related to digitized credentials.
  • HB 475 also authorizes digital transaction providers to collect fees and process applications and transactions and requires review and approval of charges collected.
  • Provides for terms of contracts with digital transaction providers; to require a surety bond and insurance for digital transaction providers; and for related matters.
  • Legislative History
  • On Feb. 29, 2024, bill was introduced in House; on Mar. 20, 2024, bill passed House.
  • On Mar. 20, 2024, bill was introduced in Senate; on May 7, 2024, bill passed Senate.
  • On May 8, 2024, House concurred amendments; on May 14, 2024, sent to governor.
  • Effectiveness
  • Upon approval, SB 80 will be effective as of Aug. 1, 2024.
  • May 22, 2024 LOU LEG Governor Approval
  • On May 22, 2024, LOU LEG governor approved bill HB 475 and assigned Act 152.
  • Document dated May 22, 2024, received from LOU LEG May 30, summarized May 31.

Regulators LOU LEG
Entity Types Bank; CU; MSB; Thrift
Reference Act 152, 5/22/2024; Bill, HB475, 5/15/2024;
Functions Compliance; Cyber; Financial; Legal; Operations; Product Administration; Technology
Countries United States of America
Products Banking; Payments
Regions Am
Rule Type Final
Rule Date 5/14/2024
Effective Date 8/1/2024
Rule Id 212138
Linked to N/A
Reg. Last Update 5/22/2024
Report Section US Consumer

Last substantive update on 06/01/2024