Title 6, Banks and Banking
0 chapters · 809 sections in this title.
La. Rev. Stat. § 6:761 Members of mutual associations
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§761. Members of mutual associations Members shall be admitted to membership of a mutual association in such manner as may be prescribed in the articles of incorporation or the bylaws. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
La. Rev. Stat. § 6:762 Access to books and records
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§762. Access to books and records The right of inspection and examination of the books and records shall be exclusively vested in: (1) The commissioner or his duly authorized representative as provided in this Chapter; and (2) Any federal or state instrumentality or agency author…
La. Rev. Stat. § 6:763 Minors
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§763. Minors A. Minors may subscribe for, hold, own, transfer, withdraw, and surrender shares and savings accounts in associations without the authorization or intervention of their tutors, parents, or any other persons, and shall be considered in such matters as if they were the…
La. Rev. Stat. § 6:764 Authority relative to shares and savings accounts
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§764. Authority relative to shares and savings accounts A person may subscribe for, own, hold, withdraw, transfer, give, pledge, borrow upon, receive interest and dividends from, and surrender shares or savings accounts in associations registered in such person's name and the rec…
La. Rev. Stat. § 6:765 Shares or savings accounts payable to two or more persons; survivorship
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§765. Shares or savings accounts payable to two or more persons; survivorship A. When shares or savings accounts have been subscribed for or owned, or when any certificate of any class or evidence of indebtedness shows the investment of funds in any association, in the names of t…
La. Rev. Stat. § 6:766 Accounts of administrators, executors, tutors, custodians, trustees and other fiduciaries
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§766. Accounts of administrators, executors, tutors, custodians, trustees and other fiduciaries A.(1) Any association may accept savings accounts or issue shares in the name of any administrator, executor, custodian, conservator, tutor, trustee, or other fiduciary for named benef…
La. Rev. Stat. § 6:766.1 Payable on death accounts
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§766.1. Payable on death accounts A. Upon the death of a depositor who has deposited a sum in any account evidencing by the depositor's signature an intention that upon the death of the depositor, the funds shall belong to one or more named beneficiaries of the depositor, the ass…
La. Rev. Stat. § 6:767 Death of member or depositor and access and transfer of money and property by
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§767. Death of member or depositor and access and transfer of money and property by association to succession or estate representatives, legatees, or heirs; authority A. Upon the death of a member or depositor, the rights of membership or of a depositor shall continue in the succ…
La. Rev. Stat. § 6:767.1 Repealed by Acts 1970, No
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§767.1. Repealed by Acts 1970, No. 234, §2.
La. Rev. Stat. § 6:768 Transfer of contents of safety deposit boxes by an association to succession or estate
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§768. Transfer of contents of safety deposit boxes by an association to succession or estate representatives, legatees, heirs, minors, or interdicts; authority A. For all purposes, an association may deal with safety deposit boxes and the contents therein titled in the name of a …
La. Rev. Stat. § 6:769 Access to safety deposit boxes held jointly or standing in the name of a corporation, unincorporated association, trust estate, agents, or others
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§769. Access to safety deposit boxes held jointly or standing in the name of a corporation, unincorporated association, trust estate, agents, or others A. When a safety deposit box is leased from any bank under the names of two or more persons with the right of access being given…
La. Rev. Stat. § 6:770 Abandonment of safety deposit box
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§770. Abandonment of safety deposit box A. A safety deposit box leased from any association shall be deemed abandoned and the association may remove the contents of such safety deposit box, if the rental therefor remains unpaid, all as provided under Subsection B of this Section,…
La. Rev. Stat. § 6:771 Disposition of abandoned safety deposit box contents
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§771. Disposition of abandoned safety deposit box contents The provisions of R.S. 6:327 and 327.1 relative to the disposition of abandoned safety deposit box contents shall be applicable to savings and loan associations chartered under the Louisiana Savings and Loan Association L…
La. Rev. Stat. § 6:781 Indemnity bonds
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§781. Indemnity bonds A. Each association shall obtain and maintain a fidelity bond given by a surety company authorized to do business in Louisiana covering each officer, director, or employee before permitting such officer, director, or employee to enter upon the duties of thei…
La. Rev. Stat. § 6:782 Depositories
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§782. Depositories No association shall deposit any of its funds except with a federal home loan bank, or with a depository insured by the Federal Deposit Insurance Corporation or its successor, or the Federal Savings and Loan Insurance Corporation, or its successor, or the Natio…
La. Rev. Stat. § 6:783 Indemnification of officers, directors, and employees
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§783. Indemnification of officers, directors, and employees A. An association may indemnify any person who was or is party or is threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, including any action by or…
La. Rev. Stat. § 6:784 Illegal loans
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§784. Illegal loans A. Should the directors or officers exceed any of the limitations set out in R.S. 6:822(1), all officers and directors present at any meeting or conference authorizing such illegal loans and consenting to such loans shall be liable in solido for the full amoun…
La. Rev. Stat. § 6:785 Directors, employees and members not disqualified to make acknowledgments
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§785. Directors, employees and members not disqualified to make acknowledgments No public officer qualified to take acknowledgments or proof of written instruments shall be disqualified from taking the acknowledgment or proof of any instrument in writing in which an association i…
La. Rev. Stat. § 6:786 Relation and liability of directors and officers
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§786. Relation and liability of directors and officers A. Financial institution officers and directors shall be deemed to stand in a fiduciary relation to their financial institution and its stockholders or members and shall discharge the duties of their positions in good faith a…
La. Rev. Stat. § 6:787 Actions against directors and officers
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§787. Actions against directors and officers A. No action for damages against any director or officer of a financial institution for breach of the director's or officer's contract with the financial institution in the capacity of director or officer, or for breach of his duty as …
La. Rev. Stat. § 6:788 §§788 to 790 Repealed by Acts 1970, No
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§788. §§788 to 790 Repealed by Acts 1970, No. 234, §2.
La. Rev. Stat. § 6:791 Records
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§791. Records A. Each association shall keep correct and complete books of account and minutes of the proceedings of members, stockholders, directors, and the executive committee and complete records of all business transacted for a period to be determined by regulation of the co…
La. Rev. Stat. § 6:792 Misdescriptions of assets; false entries
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§792. Misdescriptions of assets; false entries A.(1) No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person, partnership, association, or corporation or u…
La. Rev. Stat. § 6:793 Directors' examination of association
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§793. Directors' examination of association The commissioner shall require at least once in each year that each association cause its books, records, and accounts to be examined in accordance with a regulation promulgated by the commissioner. Acts 1970, No. 234, §1. Amended by Ac…
La. Rev. Stat. § 6:794 Examination
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§794. Examination A. All associations operating under this Chapter or under similar laws, or authorized to transact in Louisiana a business similar to that authorized by this Chapter, shall be under the control and supervision of the commissioner. B. Repealed by Acts 1995, No. 24…
La. Rev. Stat. § 6:795 §§795, 796 Repealed by Acts 1970, No
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§795. §§795, 796 Repealed by Acts 1970, No. 234, §2.
La. Rev. Stat. § 6:801 Savings liability; demand deposit liability
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§801. Savings liability; demand deposit liability A. The savings account liability and the demand deposit account liability of an association is not limited, and shall consist only of the aggregate amount of accounts of depositors and shares of members, plus earnings credited to …
La. Rev. Stat. § 6:802 Contingent loss account
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§802. Contingent loss account A contingent loss account may be established and shall be established if the commissioner so directs. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
La. Rev. Stat. § 6:803 Earnings; payment
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§803. Earnings; payment Except as otherwise provided by this Chapter and the articles or bylaws, an association may pay earnings on its savings accounts or shares from sources available for payment of earnings at such rate and at such times as shall be determined by resolution of…
La. Rev. Stat. § 6:804 Casual deposits
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§804. Casual deposits An association may receive casual deposits in connection with incomplete loans, fire losses, or building contracts and any other monies which an association may hold for its members, stockholders, or other persons in accordance with its business and operatio…
La. Rev. Stat. § 6:805 Withdrawal of savings accounts and shares
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§805. Withdrawal of savings accounts and shares A. Except as otherwise provided in the instrument or document evidencing a savings account or shares, any member, depositor, or his authorized representative, or a person authorized by law may present at any time a written applicati…
La. Rev. Stat. § 6:806 Board to determine amounts to be withdrawn
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§806. Board to determine amounts to be withdrawn The attribution to be made from receipts or other assets for the payment of withdrawals shall be under the sole control and administration of the board of directors, which shall determine the amount to be used for the payment of sa…
La. Rev. Stat. § 6:807 Amounts payable
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§807. Amounts payable A. If sufficient funds have been made available and if the association so elects, it may at any time pay in full each application as presented. It shall not, however, pay some in full unless it can pay every application on file in full. B. Payments shall be …
La. Rev. Stat. § 6:808 Insufficient funds; notices
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§808. Insufficient funds; notices A. Whenever the proportion of receipts ordinarily made applicable to the demands of withdrawing members or depositors is not sufficient to pay all such demands for either savings accounts or shares, including those accounts which have matured due…
La. Rev. Stat. § 6:809 Board may prescribe rules
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§809. Board may prescribe rules A. The board of directors shall have full authority to prescribe such rules as, in its discretion, may be suitable to prevent members or depositors from making any simulated or otherwise improper transfer of shares or savings accounts in order to a…
La. Rev. Stat. § 6:810 Rights of withdrawing members
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§810. Rights of withdrawing members A. A member or depositor who has served notice of his intention to withdraw remains a member or depositor, but shall have the status of and be classified as a withdrawing member or depositor. His rights and privileges are prescribed, limited, a…
La. Rev. Stat. § 6:811 New loans and payment of debts during existence of withdrawal list
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§811. New loans and payment of debts during existence of withdrawal list A. The existence of a withdrawal list shall not prevent the making of new loans to new or continuing members or depositors, or to those to whom loan commitments have been given; however, when there is a with…
La. Rev. Stat. § 6:812 Commissioner's action may stop withdrawal procedure
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§812. Commissioner's action may stop withdrawal procedure A. Whenever the amount of withdrawal exceeds sixty percent of the accumulated capital of any mutual association, the commissioner, if he believes that the condition of the association justifies such an order, may direct th…
La. Rev. Stat. § 6:813 Prohibition against institution of action
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§813. Prohibition against institution of action No suit shall be instituted by a withdrawing member or by a depositor against an association, its officers, or representatives, except for a violation of the provisions of this Part or to enforce compliance therewith. Acts 1970, No.…
La. Rev. Stat. § 6:814 Redemption
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§814. Redemption A. At any time funds are on hand for the purpose of redeeming accounts or shares, the association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts or shares on an earnings …
La. Rev. Stat. § 6:822 Loans and investments
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§822. Loans and investments An association may invest in, sell, participate, or otherwise deal in or with the following loans or other investments as hereinafter provided: (1) No association shall make a loan to one borrower if the sum of (a) the amount of such loan, and (b) the …
La. Rev. Stat. § 6:823 Appraisal
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§823. Appraisal No investment in a real estate loan shall be made until either an independent qualified person, a central appraisal bureau, or an appraisal committee approved by the board of directors shall have made a physical inspection and submitted a signed appraisal of the v…
La. Rev. Stat. § 6:824 Payments
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§824. Payments A.(1) A borrower shall repay his loan when due in accordance with the contract by which the loan is made. (2) All loans made by an association shall be repaid in cash, except that in the discretion of the board of directors, appropriate adjustments may be made for …
La. Rev. Stat. § 6:824.1 Late charges prohibited on certain payments
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§824.1. Late charges prohibited on certain payments No association organized under this Chapter shall assess a late charge or impose any penalty upon a borrower as to any payment received by it when the due date of the payment falls on a day during which the association is not op…
La. Rev. Stat. § 6:825 REPEALED BY ACTS 1993, NO
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§825. REPEALED BY ACTS 1993, NO. 280, §1, EFF. OCT. 1, 1993.
La. Rev. Stat. § 6:826 Provision for taxes, insurance
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§826. Provision for taxes, insurance An association may require the borrower to pay monthly in advance, in addition to interest and principal payments, the equivalent of one-twelfth of the estimated annual taxes, assessments, insurance premiums, ground rents, and other charges up…
La. Rev. Stat. § 6:827 REPEALED BY ACTS 1993, NO
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§827. REPEALED BY ACTS 1993, NO. 280, §1, EFF. OCT. 1, 1993.
La. Rev. Stat. § 6:828 Loan expenses
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§828. Loan expenses A. Every association may require borrowers to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting, or renewing of loans. Without limiting the generality of the foregoing, such expenses may include app…
La. Rev. Stat. § 6:829 Repealed by Acts 2003, No
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§829. Repealed by Acts 2003, No. 69, §1, eff. May 28, 2003.
La. Rev. Stat. § 6:830 Security for loan on immovable properties; purchase and sale of property
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§830. Security for loan on immovable properties; purchase and sale of property A. Except as otherwise provided in this Chapter, every loan on immovable property shall be secured by a mortgage upon the property, and also, where applicable, accompanied by a pledge to the associatio…