Section 6:1385.1 - Approval of advanced change of control noticeA. Whenever a change of control of a licensee or an applicant is contemplated by any person, or persons acting in concert, the following information shall be provided to the commissioner through the NMLS:(1) The licensee or applicant shall do all of the following:(a) File an advanced change of control notice within thirty days after learning of the change of control and at least forty-five days prior to the date the proposed transaction is to be consummated.(b) Provide such information as required pursuant to R.S. 6:1385(A).(2) After review of an advanced change of control notice filed pursuant to Paragraph (1) of this Subsection, the commissioner may require the licensee or applicant to provide additional information concerning the proposed person, or persons acting in concert, to cause a change of control. The additional information shall be limited to the same information required from the licensee or applicant as part of its original application filed pursuant to R.S. 6:1385(A).B. The commissioner shall approve an advanced change of control notice filed in accordance with Paragraph (1) of this Subsection if, after investigation, he determines that the person, or persons acting in concert, to cause a change of control shall not adversely affect the ability of the licensee or applicant to conduct its virtual currency business activity honestly, carefully, and efficiently, and in accordance with the requirements of this Chapter and any other applicable state and federal laws and regulations.C. If the commissioner determines that the proposed person, or persons acting in concert, to cause a change of control fails to meet the qualifications, standards, and requirements pursuant to this Chapter, he shall inform the licensee, applicant, proposed person, or persons acting in concert, to cause the change of control in writing that the advanced change of control request is denied and state the reasons for such denial. The licensee, applicant, proposed person, or persons acting in concert, to cause the change of control may appeal the denial in accordance with R.S. 6:1387(C).D. The provisions of Paragraph (A)(1) of this Section shall not apply to a public offering of securities under the laws of the United States.E. Before filing an advanced change of control notice, any person, or persons acting in concert, may request in writing a determination from the commissioner as to whether the person, or persons acting in concert, would be considered to be in control of a licensee or applicant upon consummation of a proposed transaction. If the commissioner determines that the person, or persons acting in concert, would not be in control of the licensee or applicant, the commissioner shall respond in writing that the proposed transaction is not subject to the requirements of Subsection A of this Section.Amended by Acts 2024, No. 159,s. 1, eff. 8/1/2024.Added by Acts 2023, No. 331,s. 1, eff. 6/13/2023, exp. 7/1/2025.