Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:1152 Implementation
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§1152. Implementation The commissioner of financial institutions shall have the power to enact and promulgate rules and regulations as may be necessary or appropriate to implement the provisions of this Chapter. Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
La. Rev. Stat. § 6:1153 Oppressed shareholder's remedies
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§1153. Oppressed shareholder's remedies The provisions of R.S. 6:518 shall be applicable to savings and loan holding companies and their subsidiaries insured by the Federal Deposit Insurance Corporation. Acts 2022, No. 261, §1.
La. Rev. Stat. § 6:1161 Application for permit to organize
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§1161. Application for permit to organize A. Savings banks shall be organized and incorporated in the same manner as state banks under the provisions of Chapter 3 of Title 6 of the Louisiana Revised Statutes of 1950. B. Not less than five natural persons may organize a savings ba…
La. Rev. Stat. § 6:1162 Content of application for permit to organize
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§1162. Content of application for permit to organize The application for a permit to organize shall be on forms required by the commissioner and shall include such information as he shall require, including but not limited to the following: (1) The name, address, social security …
La. Rev. Stat. § 6:1163 Contents of articles of incorporation
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§1163. Contents of articles of incorporation A. The articles of incorporation shall set forth: (1) The name of the savings bank, which may be called an association; (2) The initial location of the business office; (3) The duration of existence, which is perpetual unless otherwise…
La. Rev. Stat. § 6:1164 Contents of bylaws
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§1164. Contents of bylaws A. The bylaws of the savings bank shall provide for the following matters consistent with any applicable provisions of this Chapter: (1) The number of directors and the minimum frequency of directors' meetings, which shall be at least monthly; (2) The ti…
La. Rev. Stat. § 6:1165 Permit to organize
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§1165. Permit to organize A. The commissioner of financial institutions may require additional information and conduct whatever investigation he deems necessary to determine whether to issue a permit to organize, including the subpoena of books and records, taking of public testi…
La. Rev. Stat. § 6:1166 Temporary organization and capital subscriptions
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§1166. Temporary organization and capital subscriptions A. Each applicant shall become a member of the organization committee and shall elect officers and directors of the savings bank in organization. B. The officers and directors shall secure subscriptions for capital, in the f…
La. Rev. Stat. § 6:1167 Certificate of organization; issuance; refusal
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§1167. Certificate of organization; issuance; refusal A. The commissioner of financial institutions shall issue a certificate of authority to transact banking business as a savings bank only upon the fulfillment of the requirements of this Chapter. B. If the commissioner finds th…
La. Rev. Stat. § 6:1168 REPEALED BY ACTS 1993, NO
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§1168. REPEALED BY ACTS 1993, NO. 278, §1, EFF. JAN. 1, 1994.
La. Rev. Stat. § 6:1181 Members
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§1181. Members A. The membership of a mutual savings bank shall consist solely of every depositor or holder of a withdrawable account issued by the savings bank. B. The members of a stock savings bank shall consist solely of the owners of its capital stock. Jointly owned stock sh…
La. Rev. Stat. § 6:1182 Annual and special meetings
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§1182. Annual and special meetings A. Dates of annual meetings of members or stockholders shall be specified in the bylaws. Failure to hold an annual meeting shall not cause a forfeiture or dissolution of the savings bank. B. Special meetings may be called with not less than twel…
La. Rev. Stat. § 6:1183 Notice of meetings
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§1183. Notice of meetings A. Notice of an annual meeting shall be published once not less than ten days nor more than forty days before the date of the meeting. The notice shall also be displayed in a conspicuous place at the place of business of the savings bank in a manner whic…
La. Rev. Stat. § 6:1184 Quorum of annual or special meetings
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§1184. Quorum of annual or special meetings The articles of incorporation may specify a quorum requirement, but it shall not be less than one-third of the total number of votes entitled to be voted at such meeting. Any meeting, including one at which a quorum is not present, may …
La. Rev. Stat. § 6:1185 Voting
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§1185. Voting A. Voting at a meeting may be either in person, by means of remote communication in accordance with R.S. 12:1-709, or by proxy executed in writing by the member or stockholder or by his duly authorized attorney-in-fact. B. In the determination of all questions requi…
La. Rev. Stat. § 6:1186 Record date for voting, dividend, and other purposes
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§1186. Record date for voting, dividend, and other purposes A. For the purposes of determining the holders of stock, capital accounts, and membership entitled to notice of, or to vote at, any meeting of the members, or in order to make a determination of the members, holders, or …
La. Rev. Stat. § 6:1187 Proxies
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§1187. Proxies A. Voting at a meeting may be either in person, by means of remote communication in accordance with R.S. 12:1-709, or by proxy executed in writing by the member or shareholder or by his duly authorized attorney-in-fact. B. No proxy shall be valid: (1) After eleven …
La. Rev. Stat. § 6:1188 Directors
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§1188. Directors A. The business and affairs of the savings bank shall be exercised by its elected board of directors. B.(1) The board of directors shall consist of the number of directors fixed by the bylaws, but shall not be less than five nor more than twenty. No more than one…
La. Rev. Stat. § 6:1189 Bonds of officers and directors
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§1189. Bonds of officers and directors A.(1) Every person appointed or elected to any position requiring the receipt, payment, management, or use of money belonging to a savings bank, or whose duties permit or require access to or custody of any of the savings bank's money or sec…
La. Rev. Stat. § 6:1190 Conduct of directors and officers
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§1190. Conduct of directors and officers A.(1) Directors and officers occupy a fiduciary relationship to the savings bank of which they are directors or officers, and a director or officer shall not engage or participate, directly or indirectly, in any business or transaction con…
La. Rev. Stat. § 6:1191 Relation and liability of directors and officers
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§1191. Relation and liability of directors and officers A.(1) Notwithstanding the provisions of R.S. 6:1190, a director or officer of a savings bank shall not be held personally liable to the financial institution or the shareholders thereof for monetary damages unless the direct…
La. Rev. Stat. § 6:1201 Minimum capital for incorporation or conversion
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§1201. Minimum capital for incorporation or conversion The commissioner of financial institutions shall not issue a certificate of authority for a capital stock savings bank unless he shall affirmatively determine that: (1) The amount of capital stock subscribed is sufficient for…
La. Rev. Stat. § 6:1202 Types of capital; personal property
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§1202. Types of capital; personal property A. The capital of a stock savings bank shall be represented by capital stock and noncumulative perpetual preferred stock as authorized by the articles of incorporation, related paid-in surplus, undivided profits, retained earnings, and s…
La. Rev. Stat. § 6:1203 Capital stock; nature
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§1203. Capital stock; nature Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted and shall have a par value of one dollar each or such greater amount as the articles of incorporation may presc…
La. Rev. Stat. § 6:1204 Capital stock; authorization of issuance
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§1204. Capital stock; authorization of issuance A savings bank may provide for the issuance of capital stock, either by its original articles of incorporation or by an amendment thereto authorized by this Chapter. Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
La. Rev. Stat. § 6:1205 Who may hold capital
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§1205. Who may hold capital Capital stock of a savings bank may be held: (1) By any individual in his own right, regardless of age or marital status, or by two or more such individuals; (2) By a fiduciary when authorized by law; (3) By a government or governmental instrumentality…
La. Rev. Stat. § 6:1206 Capital maintenance
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§1206. Capital maintenance A. A savings bank whose overall financial condition is fundamentally sound shall maintain a minimum acceptable capital requirement as determined by the commissioner of financial institutions. B. When the commissioner determines that the financial condit…
La. Rev. Stat. § 6:1207 Dividends; capital surplus required
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§1207. Dividends; capital surplus required A. The board of directors of a savings bank shall not declare or pay any cash dividends for a period of two years from the issuance of its certificate of authority or for such shorter period as the commissioner of financial institutions …
La. Rev. Stat. § 6:1208 Loans or discounts on capital stock
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§1208. Loans or discounts on capital stock Notwithstanding any other provisions of this Chapter, a savings bank shall not make a loan or discount on the security of or be the purchaser or holder of the shares of its own capital stock or preferred stock or of the security of its o…
La. Rev. Stat. § 6:1208.1 Applicability of statute, rules and regulations
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§1208.1. Applicability of statute, rules and regulations The provisions of R.S. 6:416 and the rules and regulations promulgated thereunder shall be applicable to savings banks chartered under the provisions of this Title in the same manner as they are applicable to state banks. A…
La. Rev. Stat. § 6:121 Regulatory powers; promulgation of rules and regulations
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§121. Regulatory powers; promulgation of rules and regulations A. The commissioner shall have in addition to those powers specifically enumerated in this Title any power necessary and appropriate to perform his duties under this Title as well as any power necessary and appropriat…
La. Rev. Stat. § 6:121.1 Enforcement powers of commissioner
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§121.1. Enforcement powers of commissioner A. The commissioner may, in his discretion, conduct such investigations and hearings as he deems necessary to ascertain possible violations of this Title or any rule, regulation, or order promulgated or issued thereunder. Such hearings s…
La. Rev. Stat. § 6:121.1.1 Restrictions on enforcement power; cannabis-related legitimate businesses and
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§121.1.1. Restrictions on enforcement power; cannabis-related legitimate businesses and service providers; egregious violations A. For purposes of this Section: (1) "Cannabis-related legitimate business" means any person or company that participates in any business or organized a…
La. Rev. Stat. § 6:121.2 Authority to obtain criminal history record information
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§121.2. Authority to obtain criminal history record information A. As used in this Section: (1) "Bureau" means the Louisiana Bureau of Criminal Identification and Information of the office of state police within the Department of Public Safety and Corrections. (2) "Criminal histo…
La. Rev. Stat. § 6:121.3 Guidance by commissioner; advisory opinions
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§121.3. Guidance by commissioner; advisory opinions A. Advisory opinions and interpretations of the office shall not be considered rules requiring compliance with the rulemaking process under the Louisiana Administrative Procedure Act. B. This Section shall only have prospective …
La. Rev. Stat. § 6:121.4 Addition of directors and executive officers of troubled state- chartered institutions and holding companies
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§121.4. Addition of directors and executive officers of troubled state- chartered institutions and holding companies A. If a state-chartered financial institution or holding company whose lead institution is state chartered is in troubled condition as defined by Subsection D of t…
La. Rev. Stat. § 6:121.5 Application containing false information or misrepresentations
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§121.5. Application containing false information or misrepresentations It shall be unlawful for any person to knowingly submit an application for a financial institution charter, license, registration, or notification, or any other document to the commissioner which contains fals…
La. Rev. Stat. § 6:121.6 Authority of the commissioner; nondepository institutions; emergencies
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§121.6. Authority of the commissioner; nondepository institutions; emergencies A. In addition to any other powers specifically authorized, the commissioner is authorized to waive, suspend, or delay compliance with all or part of any statute it is the duty of the commissioner to a…
La. Rev. Stat. § 6:121.7 Return of payment; imposition of fee
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§121.7. Return of payment; imposition of fee The commissioner is authorized to impose a fee of twenty-five dollars on any person who submits a payment with an instrument or other method of payment and which payment is returned unpaid, refused, or declined. Acts 2006, No. 232, §1,…
La. Rev. Stat. § 6:121.8 Licensing systems
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§121.8. Licensing systems A. Notwithstanding any other law to the contrary, the commissioner shall have the authority to take all action regarding the utilization of an electronic database licensing system or systems with respect to any person subject to licensure by him, in his …
La. Rev. Stat. § 6:122 Power to issue cease and desist orders
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§122. Power to issue cease and desist orders A.(1) The commissioner shall have the power to issue cease and desist orders to prevent or terminate an unsafe or unsound practice or condition or a violation of any Section of this Title or any regulation or order of the commissioner …
La. Rev. Stat. § 6:1221 Underwriting
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§1221. Underwriting A. No savings bank shall make any loan or investment authorized by this Part unless the savings bank first has determined that the type, amount, purpose, and repayment provisions of the loan or investment in relation to the borrower's or issuer's resources and…
La. Rev. Stat. § 6:1222 Investment in loans
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§1222. Investment in loans A savings bank may loan funds as follows: (1) On the security of withdrawable accounts, but no such loan shall exceed the withdrawal value of the pledged account; (2) On the security of real estate: (a) Of a value, determined in accordance with this Cha…
La. Rev. Stat. § 6:1223 Other investments
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§1223. Other investments If the board of directors determines at any time that funds are available in excess of the demands and needs for loans, maturities, and withdrawals, a savings bank may invest such funds as provided in this Part: (1) In demand, time, or savings deposits or…
La. Rev. Stat. § 6:1224 Calculation of interest; postpayments and prepayments
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§1224. Calculation of interest; postpayments and prepayments A. In any contract or loan which is secured by a mortgage, deed of trust, or conveyance in the nature of a mortgage for the purpose of purchase or refinance of residential real estate, the interest which is computed, ca…
La. Rev. Stat. § 6:1225 General loan contract provisions
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§1225. General loan contract provisions Each loan, and any agreement for securing the same, shall be evidenced by one or more written instruments, consistent with sound lending practices in the locality. Whenever recording of such an agreement is necessary to establish priority o…
La. Rev. Stat. § 6:1226 Modification agreements
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§1226. Modification agreements The savings bank at any time may enter into a written agreement with the borrower to modify, in any manner not inconsistent with the provisions of this Chapter, the terms of a loan as to the amount, time, or method of the payments to be made, the in…
La. Rev. Stat. § 6:1227 Sale, assignment, and servicing of loans and contracts
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§1227. Sale, assignment, and servicing of loans and contracts A. Any savings bank may sell any loan or a participating interest in a loan at any time, in the usual and regular course of business. Loans may be sold with or without recourse, except as may otherwise be provided by r…
La. Rev. Stat. § 6:1228 Purchase of real estate at judicial sale
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§1228. Purchase of real estate at judicial sale A savings bank may purchase, hold, and convey real estate acquired at any sheriff's sale or other judicial sale, either public or private, upon which the savings bank has any good faith mortgage, lien, or other encumbrance, or in wh…
La. Rev. Stat. § 6:1229 Immovable property; dealings
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§1229. Immovable property; dealings A. A savings bank may hold and convey real estate which it has acquired in satisfaction of debts previously contracted bona fide in the course of its business. B. A savings bank may, in accordance with regulations adopted by the commissioner, m…