Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:393 Notice to creditors and depositors
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§393. Notice to creditors and depositors A. All persons having claims against the bank shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the bank is closed. B. The receiver shall cause notice of the claims procedure to be…
La. Rev. Stat. § 6:394 Payment of claims
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§394. Payment of claims All claims filed after the one hundred eighty day claim period prescribed by R.S. 6:393 and subsequently accepted by the receiver or allowed by the receivership court shall be entitled to share in the distribution of assets only to the extent of the undist…
La. Rev. Stat. § 6:394.1 Right of set-off
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§394.1. Right of set-off Notwithstanding Civil Code Articles 1893, et seq. or any other provision of law to the contrary, any funds held on deposit with any state bank on behalf of a depositor may be used by the depositor as a set-off against any and all loans, extensions of cred…
La. Rev. Stat. § 6:395 Distribution of assets
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§395. Distribution of assets A. All claims against the bank's assets, proved to the receiver's satisfaction or approved by the receivership court, shall be paid in the following order: (1) Administration expenses of the liquidation. (2) Claims given priority under other provision…
La. Rev. Stat. § 6:396 Termination of executory contracts
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§396. Termination of executory contracts Within one hundred eighty days of the date of commencement of liquidation of the bank, the receiver may at his election reject any executory contract to which the bank is a party without any further liability to the bank or the receiver or…
La. Rev. Stat. § 6:397 Subrogation to rights of bank depositors
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§397. Subrogation to rights of bank depositors Whenever the FDIC pays or makes available for payment the insured deposit liabilities of a closed bank, the FDIC, whether or not it acts as receiver, shall be subrogated to all rights of depositors against the closed bank to the same…
La. Rev. Stat. § 6:398 Liquidation procedures involving trust assets
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§398. Liquidation procedures involving trust assets A.(1) The receiver, with the approval of the receivership court, has the authority to appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed bank as trustee, administrator, ex…
La. Rev. Stat. § 6:399 Destruction of records
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§399. Destruction of records Subject to the approval of the receivership court, the closed bank's records may be destroyed after the receiver determines that there is no further need for them. Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
La. Rev. Stat. § 6:4 Employment reference; release of certain information
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§4. Employment reference; release of certain information A. A bank, savings and loan association, trust company, or credit union may provide to any other such financial institution a written employment reference which may include information reported to federal banking regulators…
La. Rev. Stat. § 6:400 Discharge of receiver
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§400. Discharge of receiver A. Whenever the receiver has paid all necessary costs and expenses of the liquidation of a bank, and has paid to every depositor and creditor of the bank, not including stockholders and their claims on account of stock owned by them, whose claims have …
La. Rev. Stat. § 6:401 Exclusive procedures
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§401. Exclusive procedures This Part provides the full and exclusive powers and procedures for the liquidation of state banks under the laws of this state, and no receiver or other liquidating agent shall be appointed for such purpose except as expressly provided in this Part. Ac…
La. Rev. Stat. § 6:411 Engaging in business of banking without authority; penalty
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§411. Engaging in business of banking without authority; penalty A. It shall be unlawful for any person other than a financial institution to engage in the business of banking anywhere in this state. B. Financial institutions may only engage in the business of banking to the exte…
La. Rev. Stat. § 6:412 Unauthorized use of the word "bank" or similar words
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§412. Unauthorized use of the word "bank" or similar words A. It shall be unlawful for any person other than a bank to: (1) Use the word "bank", "banker", "banking", "trust", "trustee", "trust company", or any other word of similar import as part of its name or title, except that…
La. Rev. Stat. § 6:412.1 Soliciting using lender's name or customer loan information; restrictions; injunction;
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§412.1. Soliciting using lender's name or customer loan information; restrictions; injunction; damages; attorney fees; enforcement A. For purposes of this Section, the following terms shall have the following meanings: (1) "Lender" means a state or federally chartered bank, savin…
La. Rev. Stat. § 6:413 Prohibited use of the term "insured savings"
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§413. Prohibited use of the term "insured savings" A. No person shall offer, hold out, represent, or advertise any account, deposit, investment, stock purchase, indenture, passbook, or other evidence of a credit on deposit or maintained as an account as constituting "insured savi…
La. Rev. Stat. § 6:414 Use of certain terms by persons other than financial institutions prohibited
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§414. Use of certain terms by persons other than financial institutions prohibited A. No person other than a financial institution shall in any manner directly or indirectly in written or verbal advertising or other communication purport to offer a savings account, savings deposi…
La. Rev. Stat. § 6:414.1 Derogatory statements regarding financial condition of financial institution prohibited; penalty
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§414.1. Derogatory statements regarding financial condition of financial institution prohibited; penalty A. It shall be unlawful for any person maliciously to make, circulate, or transmit to another person any statement, rumor, or suggestion which is directly or by inference dero…
La. Rev. Stat. § 6:415 Loans; other credit exposure; derivative transactions; restrictions; penalties
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§415. Loans; other credit exposure; derivative transactions; restrictions; penalties A. A state bank shall not loan on an unsecured basis to any one borrower, directly or indirectly, an amount in excess of twenty percent of the sum of its capital stock and surplus. B. A state ban…
La. Rev. Stat. § 6:416 Loan on pledge of own stock and pledge of own stock prohibited
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§416. Loan on pledge of own stock and pledge of own stock prohibited A. Except as otherwise provided by rule or regulation promulgated by the commissioner, no loan shall be made by any bank to any borrower on pledge of the bank's own stock or the stock of its parent company. Exce…
La. Rev. Stat. § 6:417 Unlawful solicitation or acceptance of gratuity or compensation by officer, director, or employee
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§417. Unlawful solicitation or acceptance of gratuity or compensation by officer, director, or employee A. No officer, director, or employee of any bank shall solicit, accept, or agree to accept, directly or indirectly, from any person other than the bank any gratuity, compensati…
La. Rev. Stat. § 6:418 Pledge of assets to secure deposits; exceptions; penalty
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§418. Pledge of assets to secure deposits; exceptions; penalty A. No bank shall pledge or hypothecate any of its assets for the purpose of securing any depositor or for the purpose of furnishing an indemnity bond to secure any depositor from any loss that might be occasioned to t…
La. Rev. Stat. § 6:419 Receipt of deposits while insolvent
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§419. Receipt of deposits while insolvent A. After an officer, director, or employee of a bank learns that the bank is insolvent, he shall not assent to the receipt of any deposit of which all or any portion thereof would not be insured by the Federal Deposit Insurance Corporatio…
La. Rev. Stat. § 6:420 False entries or reports; failure to exhibit books; reporting of criminal violations
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§420. False entries or reports; failure to exhibit books; reporting of criminal violations A. No director, officer, or employee of any state bank shall knowingly make false entries or knowingly omit and neglect to make proper entries in any of the books of the bank for the purpos…
La. Rev. Stat. § 6:421 Overdrafts
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§421. Overdrafts A. No officer of any state bank shall knowingly permit the aggregate amount of unsecured overdrafts due the bank to exceed ten percent of the sum of its capital stock and surplus. Overdrafts by parishes, municipalities, school boards, and other political subdivis…
La. Rev. Stat. § 6:422 Excessive borrowings or repurchase agreements
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§422. Excessive borrowings or repurchase agreements No state bank shall borrow additional sums as long as it has borrowed upon bills payable, rediscounts, or otherwise, or entered into repurchase agreements in any sum equal to three times its total capital less undivided profits.…
La. Rev. Stat. § 6:423 Check-cashing facility; location of business limited
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§423. Check-cashing facility; location of business limited A. No license shall be granted for the operation of a check-cashing facility which will be situated within three hundred feet or less of any official gaming establishment or designated docking facility of a riverboat lice…
La. Rev. Stat. § 6:451 Repealed by Acts 1991, No
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§451. Repealed by Acts 1991, No. 197, §1, eff. July 2, 1991.
La. Rev. Stat. § 6:452 Loan production offices; power of commissioner to adopt rules and regulations
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§452. Loan production offices; power of commissioner to adopt rules and regulations A.(1) Any Louisiana state-chartered bank, savings bank, or savings and loan association, or a wholly owned operating subsidiary of such bank, savings bank, or savings and loan association, may ope…
La. Rev. Stat. § 6:453 Deposit production offices; power of commissioner to adopt rules and regulations
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§453. Deposit production offices; power of commissioner to adopt rules and regulations A.(1) Any Louisiana state-chartered bank, savings bank, or savings and loan association, or a wholly owned operating subsidiary of such bank, savings bank, or savings and loan association, may …
La. Rev. Stat. § 6:454 Combination of loan production office, deposit production office, and electronic
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§454. Combination of loan production office, deposit production office, and electronic financial terminal Any Louisiana state-chartered bank, savings bank, or savings and loan association may operate, at the same location, a loan production office, a deposit production office, an…
La. Rev. Stat. § 6:5 Public policy
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§5. Public policy It is the declared public policy of the state of Louisiana to encourage and to foster the development of financial institutions under a dual chartering system of the state and federal governments. In order to carry out this policy, the office of financial instit…
La. Rev. Stat. § 6:501 Branch offices; authority
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§501. Branch offices; authority A. All banks domiciled in this state may open one or more branch offices within or outside the state or may acquire one or more banks or any or all branches thereof, or both. B. No branch office shall be opened without a certificate of authority fr…
La. Rev. Stat. § 6:502 Repealed by Acts 1988, No
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§502. Repealed by Acts 1988, No. 39, §2, eff. June 10, 1988.
La. Rev. Stat. § 6:503 Repealed by Acts 1988, No
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§503. Repealed by Acts 1988, No. 39, §2, eff. June 10, 1988.
La. Rev. Stat. § 6:504 Branches in foreign countries
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§504. Branches in foreign countries A. All banks, savings banks, and trust companies having a paid-in capital and surplus of one million dollars or more may open and maintain branches in foreign countries, appoint correspondents, and establish agencies wherever they deem best for…
La. Rev. Stat. § 6:505 Repealed by Acts 1988, No
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§505. Repealed by Acts 1988, No. 39, §2, eff. June 10, 1988.
La. Rev. Stat. § 6:506 Certificate of authority for branch office
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§506. Certificate of authority for branch office A. Repealed by Acts 1988, No. 39, §2, eff. June 10, 1988. B. An application for a certificate of authority to open a branch office shall be in the manner and in the form required by the commissioner. C.(1) To determine whether to g…
La. Rev. Stat. § 6:507 Closure of branch office
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§507. Closure of branch office A. No bank or savings bank shall close a branch office except pursuant to the procedure provided by this Section. B. At least ninety days prior to the closure date, the bank shall submit in writing to the commissioner detailed reasons for the necess…
La. Rev. Stat. § 6:511 Declaration of policy
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§511. Declaration of policy It is declared to be the policy of this state to foster commerce in this state by encouraging effective competition among banking institutions and to accomplish these objectives by permitting bank holding companies to own or control one or more banking…
La. Rev. Stat. § 6:512 Definitions
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§512. Definitions A.(1) "Bank holding company" means any company: (a) Which directly or indirectly owns, controls, or has power to vote twenty-five percent or more of any class of the voting shares of any bank. (b) Which controls in any manner the election of a majority of the di…
La. Rev. Stat. § 6:513 Prohibitions
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§513. Prohibitions It shall be unlawful: (1) Until July 1, 1989, for any bank holding company or subsidiary thereof to open for business any bank not now opened for business whether or not a charter, permit, license, or certificate to open for business has already been issued. (2…
La. Rev. Stat. § 6:514 Penalties
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§514. Penalties A. Any bank holding company or any subsidiary thereof which willfully violates any provision of this Chapter or any regulation or order issued by the commissioner of financial institutions pursuant thereto shall upon conviction be fined not less than five hundred …
La. Rev. Stat. § 6:515 Administration
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§515. Administration A. The commissioner of financial institutions shall administer and carry out the provisions of this Chapter and may issue such regulations and orders as may be necessary to discharge this duty and to prevent evasions of this Chapter. B. The commissioner may p…
La. Rev. Stat. § 6:516 Savings clause
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§516. Savings clause A. Nothing herein contained shall be interpreted or construed as approving any act, action, or conduct which is or has been or may be in violation of any existing law, nor shall anything herein contained constitute a defense to any action, suit, or proceeding…
La. Rev. Stat. § 6:517 Minority stockholders' rights
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§517. Minority stockholders' rights A. Subject to the provisions of Subsection B of this Section, it shall be unlawful for a bank holding company to purchase for cash or any other form of consideration any voting security or percentage of equity ownership of any bank or bank hold…
La. Rev. Stat. § 6:518 Oppressed shareholder's remedies
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§518. Oppressed shareholder's remedies A. For the purposes of R.S. 12:1-1435(I), if the corporation is a bank holding company, any obligation to purchase a withdrawing shareholder's shares shall be subject to any policy, limitation, requirement, order, plan, directive, or enforce…
La. Rev. Stat. § 6:521 Prohibitions
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§521. Prohibitions A. It shall be unlawful for a bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank in this state if, after such acquisition, such bank holding company will, directly or indirectly, own or control five percent …
La. Rev. Stat. § 6:531 Declaration of policy
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§531. Declaration of policy It is declared to be the policy of this state to facilitate the economic development of this state, to promote a more efficient allocation of financial resources, to improve access to credit for Louisiana individuals and businesses, and to reinforce th…
La. Rev. Stat. § 6:532 Definitions
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§532. Definitions As used in this Part, unless the context otherwise requires, the term: (1) "Acquire", as applied to a bank holding company, means any of the following actions or transactions by a company: (a) The merger or consolidation with one or more bank holding companies. …
La. Rev. Stat. § 6:533 Scope of Part
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§533. Scope of Part Subject to the other provisions of this Part: (1) A Louisiana bank or bank holding company may acquire one or more out-of-state banks or branches thereof, or bank holding companies and, subject to the laws of the host state may convert these to branches of the…