LA HB1230

Replaces Louisiana's existing "Sale of Checks and Money Transmission Act" with the new "Louisiana Money Transmission Act" to modernize regulation and align with multistate licensing processes through the Nationwide Multistate Licensing System (NMLS)

Requires money transmission licensees to maintain tangible net worth of at least $100,000 or 3% of total assets (up to $100 million), plus a surety bond of $100,000 to $500,000 based on average daily money transmission liability

Sets license application fee at $1,500 (adjusted annually by Consumer Price Index) and annual renewal fee of $800 plus $100 per additional location, with maximum renewal fee of $6,000

Establishes comprehensive reporting requirements including quarterly Call Reports, annual audited financial statements, and mandatory notification within 1-3 business days of bankruptcy filings, felony charges, or data breaches

Authorizes civil penalties up to $1,000 per day for violations, criminal penalties including fines up to $3,000 and imprisonment up to 5 years for intentional false statements or unlicensed activity exceeding $500 in 30 days