Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:1229.1 Applicability of rules and regulations
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§1229.1. Applicability of rules and regulations The provisions of R.S. 6:243 and 246, and the rules and regulations promulgated thereunder shall be applicable to savings banks in the same manner as they are applicable to banks. Acts 1995, No. 248, §1, eff. June 14, 1995; Acts 201…
La. Rev. Stat. § 6:123 Visitation and examination of state financial institutions
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§123. Visitation and examination of state financial institutions A.(1) The commissioner either in person or through an employee appointed by him shall visit and examine each financial institution chartered by his office on a recurring schedule consonant with the use to the fulles…
La. Rev. Stat. § 6:1230 Purchases of real estate for office and rental purposes
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§1230. Purchases of real estate for office and rental purposes A. A savings bank may acquire and hold real estate in full ownership, or leaseholds on which a building or buildings exist or are to be erected, suitable for the transaction of the savings bank's business, and from po…
La. Rev. Stat. § 6:1231 Usury law inapplicable
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§1231. Usury law inapplicable No interest premium, or interest on such interest premium, or charge which may accrue to a savings bank under the provisions of this Chapter shall be deemed to be usurious, and the same may be collected in the same manner as other debts in accordance…
La. Rev. Stat. § 6:1232 Prohibited loans
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§1232. Prohibited loans No loan shall be made by any savings bank to any person owning ten percent or more of the capital stock or to any affiliated person, agent, or attorney of that savings bank either for himself or as agent, or as partner of another, except in accordance with…
La. Rev. Stat. § 6:1233 Effect of unauthorized investments
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§1233. Effect of unauthorized investments A. Every loan or other investment made in violation of this Chapter shall be due and payable according to its terms, and the obligation thereof shall not be impaired. B. Every director or officer of a savings bank who knowingly shall viol…
La. Rev. Stat. § 6:1234 Acknowledgments
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§1234. Acknowledgments No acknowledgment of a deed, mortgage, or other instrument shall be invalid because such acknowledgment was taken before an officer authorized by the laws of this state to acknowledge conveyances who is also a member, director, employee, or officer of a sav…
La. Rev. Stat. § 6:1235 Loans to one borrower
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§1235. Loans to one borrower A. A state savings bank shall not loan on an unsecured basis to any one person, directly or indirectly, an amount in excess of ten percent of its net worth. B.(1) A state savings bank shall not loan on a secured basis to any one person, directly or in…
La. Rev. Stat. § 6:1236 Commissioner's regulations
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§1236. Commissioner's regulations A. The commissioner may make rules and regulations to determine permissible levels of investment and concentrations of assets permissible for savings banks applicable to all lending and investment authority granted by this Part. Such rules and re…
La. Rev. Stat. § 6:1237 Change in control
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§1237. Change in control A. Any person acting directly or indirectly or through or in concert with one or more persons, shall give the commissioner sixty days written notice of intent to acquire control of ten percent or more of a savings bank or savings bank affiliate operating …
La. Rev. Stat. § 6:124 Call reports; statement of financial condition
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§124. Call reports; statement of financial condition Four times a year, at the end of each calendar quarter, the commissioner shall require each state bank, savings and loan association, and savings bank to report to him, in the manner prescribed, its current financial condition.…
La. Rev. Stat. § 6:124.1 Community reinvestment rating; acceptance of public funds
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§124.1. Community reinvestment rating; acceptance of public funds A. The legislature hereby finds and declares that: (1) Regulated financial institutions are obligated to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they ar…
La. Rev. Stat. § 6:125 Reports of financial condition
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§125. Reports of financial condition Upon their request, the commissioner shall report to the governor, any statewide elected officials, or any member of the legislature on the condition of the state-chartered financial institutions under his jurisdiction. Acts 1984, No. 719, §1,…
La. Rev. Stat. § 6:1251 Withdrawable accounts; general definitions
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§1251. Withdrawable accounts; general definitions Withdrawable accounts may be referred to as shares, share capital, share accounts, share deposits, certificates of deposit, withdrawable shares, withdrawable accounts, withdrawable capital, withdrawable deposits, deposits, capital…
La. Rev. Stat. § 6:1252 Prohibited activities
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§1252. Prohibited activities A. No savings bank shall participate, directly or indirectly, in the sale or transfer of any equity or debt security or instrument of any affiliate of the savings bank or the parent holding company of the savings bank or its affiliates. B. No sharehol…
La. Rev. Stat. § 6:1253 Withdrawable accounts
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§1253. Withdrawable accounts A. Withdrawable accounts shall be: (1) Withdrawable and subject to enforced retirement as provided in this Part. Nothing in this Chapter shall prevent the withdrawal of funds from a savings bank by nonnegotiable order; (2) Entitled to interest as prov…
La. Rev. Stat. § 6:1254 Issuance, delivery, and transfer of certificates and account books
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§1254. Issuance, delivery, and transfer of certificates and account books A. Every withdrawable account shall be evidenced by one or more appropriate certificates or account book; and either such certificates or an account book, or both, shall be delivered to the holder of such a…
La. Rev. Stat. § 6:1255 Joint account; trust account; payment on death account
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§1255. Joint account; trust account; payment on death account A. If two or more persons opening or holding a withdrawable account shall execute a written agreement with the savings bank providing that the account shall be payable to any one of them or the survivor of them, the ac…
La. Rev. Stat. § 6:1256 Effect of payment to minor or fiduciary
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§1256. Effect of payment to minor or fiduciary A. Unless the written agreement provides otherwise, or unless the savings bank has had written notice of the terms under which a fiduciary holds a withdrawable account, the savings bank may make loans on the security of withdrawable …
La. Rev. Stat. § 6:1257 Payment on legal disability or death of holder in holder's own right of a withdrawable account
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§1257. Payment on legal disability or death of holder in holder's own right of a withdrawable account A. If the holder of a withdrawable account is adjudicated to be a person under legal interdiction by a court of competent jurisdiction, then the savings bank may pay the value of…
La. Rev. Stat. § 6:1258 Voluntary withdrawal of accounts
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§1258. Voluntary withdrawal of accounts A. A holder of a withdrawable account may make application to withdraw it and the savings bank may pay all or any part of the withdrawal value thereof at any time. However, a savings bank may enter into a contract pursuant to the laws of th…
La. Rev. Stat. § 6:1259 Enforced retirement of withdrawable accounts
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§1259. Enforced retirement of withdrawable accounts A. The board of directors, when authorized by the bylaws and in conformity with the provisions of this Part and of the bylaws, may retire any withdrawable accounts which have not been pledged as security for loans by enforcing t…
La. Rev. Stat. § 6:126 Assessments on financial institutions; disposition of fees; creation of special fund
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§126. Assessments on financial institutions; disposition of fees; creation of special fund A. Every financial institution subject to the jurisdiction of the office of financial institutions shall be assessed by the commissioner as provided by law or regulation. The commissioner s…
La. Rev. Stat. § 6:1260 Authorized charges
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§1260. Authorized charges A. A savings bank may charge a penalty for nonpayment when due, of installments, interest, or premiums on loans. B. A savings bank may make such charges or receive reimbursement for any expenses, other than ordinary business expenses, incurred by it or a…
La. Rev. Stat. § 6:1261 Withdrawable accounts subject to liens
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§1261. Withdrawable accounts subject to liens Every withdrawable account shall be subject to a lien for the payment of such charges as lawfully may accrue thereon under the provisions of this Chapter, and the bylaws may prescribe the manner of enforcing such lien, but no withdraw…
La. Rev. Stat. § 6:1262 Demand deposits; checking account
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§1262. Demand deposits; checking account A. A savings bank may offer demand deposit amounts, checking accounts, or any similar account upon which withdrawals may be made by negotiable order, check, or draft. B. A savings bank may pay interest on demand deposit, checking, or any s…
La. Rev. Stat. § 6:1263 Payment of interest
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§1263. Payment of interest A. The board of directors shall determine the rate and amount of interest to be paid on withdrawable accounts and for that purpose may establish reasonable classifications of withdrawable accounts, based on: (1) Types of classes of such accounts; (2) Th…
La. Rev. Stat. § 6:1264 Holders of withdrawable accounts
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§1264. Holders of withdrawable accounts Withdrawable accounts of a savings bank may be held: (1) By any individual in his own right, regardless of his age or marital status, or by two or more of such individuals; (2) By a fiduciary when authorized by law; (3) By a government or g…
La. Rev. Stat. § 6:127 Retention of records of financial institutions; microfilm
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§127. Retention of records of financial institutions; microfilm A. The commissioner may by regulation prescribe periods of time for the retention of records by any financial institution subject to his supervision. Records of any financial institution, including records of financi…
La. Rev. Stat. § 6:1271 Amendment of articles
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§1271. Amendment of articles A savings bank may amend and restate its articles of incorporation in accordance with the procedure set forth in Part III of Subchapter A of Chapter 3 of this Title. Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2003, No. 577, §1, eff. June 27, 200…
La. Rev. Stat. § 6:1272 Repealed by Acts 2003, No
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§1272. Repealed by Acts 2003, No. 577, §2, eff. June 27, 2003.
La. Rev. Stat. § 6:1273 Repealed by Acts 2003, No
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§1273. Repealed by Acts 2003, No. 577, §2, eff. June 27, 2003.
La. Rev. Stat. § 6:1274 Repealed by Acts 2003, No
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§1274. Repealed by Acts 2003, No. 577, §2, eff. June 27, 2003.
La. Rev. Stat. § 6:1275 Effect upon existing articles and bylaws
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§1275. Effect upon existing articles and bylaws Any adopted or amended articles which contain provisions contrary to the savings bank's bylaws, shall serve to repeal the particular bylaws without further action by the board. Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
La. Rev. Stat. § 6:1276 Merger; adoption of plan
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§1276. Merger; adoption of plan A. Any federally insured institution may merge into a savings bank operating under this Chapter. Approval of the plan of merger shall be by resolution adopted by a majority vote of all members of the board of directors of each merging institution. …
La. Rev. Stat. § 6:1277 Merger; vote of approval
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§1277. Merger; vote of approval The commissioner shall require that the plan of merger be submitted to the stockholders of the savings banks for approval. The commissioner may require that the plan of merger be submitted to members of a mutual savings bank. Each meeting of the me…
La. Rev. Stat. § 6:1278 Merger; commissioner's certificate
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§1278. Merger; commissioner's certificate The executed merger agreement together with copies of the resolutions of the members or stockholders of each merging institution approving it, certified by the managing officer, and attested to by the secretary, shall be filed with the co…
La. Rev. Stat. § 6:1279 Effect of merger
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§1279. Effect of merger The continuing savings bank shall be considered the same business and corporate entity as each merging institution, with all the property, rights, duties, and obligations of each merging institution, except as otherwise provided by the articles of incorpor…
La. Rev. Stat. § 6:128 Financial institutions' holidays; regulations
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§128. Financial institutions' holidays; regulations A. Repealed by Acts 1995, No. 1248, §2, eff. June 29, 1995. B. Whenever it is customary or desirable to observe a day or part of a day as a holiday, any financial institution may, at its option, close for business any or all of …
La. Rev. Stat. § 6:1280 Merger; commissioner's expenses
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§1280. Merger; commissioner's expenses The expenses of any examination made by or at the direction of the commissioner of financial institutions in connection with a proposed merger shall be paid for by the merging institutions. Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
La. Rev. Stat. § 6:1281 Sale of assets
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§1281. Sale of assets A savings bank, in one transaction not in the usual course of business, may sell all or substantially all of its assets, with or without its name and goodwill, to another savings bank, or to any other financial institution, in consideration of money, capital…
La. Rev. Stat. § 6:1282 Procedure to effect sale of all assets
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§1282. Procedure to effect sale of all assets A. The procedure to effect a sale authorized by R.S. 6:1279 and 1284 shall be as follows: (1) The board of directors shall adopt a resolution setting forth the terms of the proposed sale and shall submit the plan to the commissioner f…
La. Rev. Stat. § 6:1283 Authority to form a bridge charter
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§1283. Authority to form a bridge charter A. Any savings bank operating in Louisiana under this Chapter may form a phantom or interim subsidiary depository institution charter as a means to effect a corporate restructuring, a voluntary corporate change, or other transformation wh…
La. Rev. Stat. § 6:1284 Conversion of an existing financial institution to a savings bank
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§1284. Conversion of an existing financial institution to a savings bank An existing financial institution may become a Louisiana savings bank by: (1) Applying to the commissioner of financial institutions for a Louisiana savings bank charter. (2) Obtaining insurance of accounts …
La. Rev. Stat. § 6:1285 Emergency merger
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§1285. Emergency merger With the prior approval of the commissioner, which approval shall state that the proposed merger is in his opinion necessary for the protection of the depositors and other creditors, any financial institution may, by a vote of a majority of its board of di…
La. Rev. Stat. § 6:1286 Emergency sale of assets
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§1286. Emergency sale of assets A. With the approval in writing of the commissioner, which approval shall state that the proposed sale is, in his opinion, necessary for the protection of the depositors and other creditors, any savings bank may, by a vote of a majority of its boar…
La. Rev. Stat. § 6:129 Circulating rumor respecting condition of financial institution
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§129. Circulating rumor respecting condition of financial institution Any employee of the office of financial institutions who makes, circulates, or transmits in violation of the policies of the office of financial institutions any written, printed, or spoken statement, rumor, re…
La. Rev. Stat. § 6:130 Relocation of main office
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§130. Relocation of main office The commissioner shall promulgate rules and regulations providing for the establishment and relocation of bank offices. Acts 1995, No. 1248, §1, eff. June 29, 1995.
La. Rev. Stat. § 6:1301 Powers of commissioner
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§1301. Powers of commissioner The commissioner shall have the following powers and duties: (1) To exercise the rights, powers, and duties set forth in this Chapter or in any related provision of this Title. (2) To establish such regulations as may be necessary and appropriate to …
La. Rev. Stat. § 6:1302 Examination
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§1302. Examination A. The commissioner either in person or through an employee appointed by him shall visit and examine each savings bank on a recurring schedule consonant with the use to the fullest extent possible of the resources of the office in accordance with good examinati…