Louisiana Administrative Code › Title 10 - FINANCIAL INSTITUTIONS, CONSUMER CREDIT, INVESTMENT SECURITIES AND UCC › Part XV - Other Regulated Entities › Chapter 19 - Virtual Currency › Section XV-1901 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. In addition to
				the definitions provided in
				Section
				1382 of the Virtual Currency
				Businesses Act, ("VCBA"),
				R.S.
				6:1381 et seq., as enacted by Act 341 of the
				2020 Regular Session of the Louisiana Legislature, the following definitions
				are applicable to this Chapter.
Acting in Concert
-persons knowingly acting
				  together with a common goal of jointly acquiring control of a licensee whether
				  or not pursuant to an express agreement.
Commissioner
-the commissioner of the office
				  of financial institutions.
Control
-includes, but is not limited to the
				  following:
a. any and all circumstances
				inherent within the scope of
				section
				1382(2) of the
				VCBA;
b. power to directly or
				indirectly vote at least 25 percent of outstanding voting shares or voting
				interests of any:
i. applicant, licensee or
				registrant; or
ii. applicant's,
				licensee's or registrant's responsible individual or responsible individuals,
				including persons acting in concert;
c. power to directly or indirectly elect,
				appoint or remove any applicant's, licensee's or registrant's responsible
				individual or a majority of responsible individuals including persons acting in
				concert;
d. power to directly or
				indirectly participate in a licensee's or registrant's day-to-day decisions or
				operations, including persons acting in concert; and
e. any other set of facts or circumstances
				that may constitute control.
Nationwide Multistate Licensing System and Registry
				  (NMLS)
-the multistate system developed by the Conference of State Bank
				  Supervisors and the American Association of Residential Mortgage Regulators and
				  owned and operated by the State Regulatory Registry, LLC, or any successor or
				  affiliated entity, for the licensing and registration of persons in financial
				  services industries.
Net Worth
-the difference between total
				  business assets and total business liabilities, after deducting estimated
				  income taxes on the differences between the estimated current values of
				  business assets and the current amounts of business liabilities and their tax
				  bases.
Tangible Net Worth
-includes all business
				  assets minus liabilities minus intangible assets (goodwill and other intangible
				  assets, such as favorable leasehold rights, trademarks, trade names, internet
				  domain names, and noncompete agreements.)
Unfair
or
Deceptive Act
or
Practice
-failure to provide any disclosure or disclosures
				  described in this Chapter is an unfair or deceptive act or practice by a
				  licensee, registrant, or person that is neither a licensee nor registrant but
				  is engaging in virtual currency business activity or activities, pursuant to
				  R.S.
				  6:1393(3)(b).
Unsafe
or
Unsound Act
or
Practice
-inability of any applicant, licensee or registrant to
				  meet its withdrawal requests; violation of the applicant's, licensee's or
				  registrant's articles of incorporation; or violation of any law or any
				  regulation governing the applicant, licensee or registrant.