Louisiana § RS 6:1052 - Account; verification of license; cancellation; overdrafts
Full text of Louisiana Louisiana Civil Code § RS 6:1052 — Account; verification of license; cancellation; overdrafts, with citation guidance and answers to common questions.
§ RS 6:1052. Account; verification of license; cancellation; overdrafts
A. Before any financial institution opens an account for a seller of checks or person who transmits money, which is intended to cover demands made by receivers of checks or money transmitted, it shall require the licensee seeking to open the account to present the license required by R.S. 6:1033, provided that the financial institution has actual knowledge that the person opening the account intends to engage in the sale of checks or money transmission. After being presented the license and before opening such account, the financial institution shall, within seventy-two hours, verify with the commissioner that the license is valid.
B. If the licensee closes any such account, the financial institution shall, within seventy-two hours, notify the commissioner of such closure.
C. If the licensee incurs overdrafts of at least one thousand dollars for a period of five consecutive days, and there is no agreed line of credit with the financial institution to cover these overdrafts, the financial institution shall, within seventy-two hours, notify the commissioner of the amount of such overdrafts.
Acts 1990, No. 807, §1; Acts 2001, No. 586, §1, eff. June 22, 2001.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 6:1052
What does Louisiana Civil Code § RS 6:1052 cover?
Section RS 6:1052 ("Account; verification of license; cancellation; overdrafts") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 6:1052?
A common citation format is "Louisiana Civil Code § RS 6:1052" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 6:1052 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.