reglab/housing_qa huggingface dataset:
LA Rev Stat § 6:551.20 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§551.20. Capital requirements

RS 551.20 - Capital requirements Every foreign bank issued a certificate of authority to transact business in this state under the provisions of this Chapter shall comply with the following requirements, in addition to other requirements specifically provided in this Chapter: (1) Except as provided in Paragraph (2) of this Subsection, a foreign bank shall have total capital accounts in the following minimum amounts: (a) Twenty-five million dollars for the establishment of an agency, a branch, administrative office, agreement corporation, or international bank facility. (b) Ten million dollars for the establishment of an international representative office. (2) The commissioner of financial institutions may approve an application for a certificate of authority to establish an agency, branch, or office if: (a) The foreign bank is licensed to receive deposits from the general public in the country where it is organized and licensed to engage in such other activities as are usual in connection with the business of banking in such country; (b) The commissioner receives a certificate that is issued by the banking or supervisory authority of the country in which the foreign bank is organized and licensed which states that the foreign bank is duly organized and licensed and lawfully existing in good standing, and is empowered to conduct a banking business; and (c) The foreign bank has been in the business of banking for at least ten years. However, the commissioner shall not approve any application under this Section for a foreign bank having capital accounts of less than ten million dollars. (3) The commissioner may specify such other conditions as he determines appropriate, considering the public interest, the need to maintain a sound and competitive banking system, and the preservation of an environment conducive to the conduct of an international banking business in this state. In translating the capital accounts of a foreign bank, the commissioner may consider monetary corrections accounts that reflect results consistent with the requirements of generally accepted accounting principles in the United States. (4) For the purpose of this Chapter, the capital accounts of a foreign bank shall be determined in accordance with rules adopted by the commissioner. In adopting such rules, the commissioner shall consider similar rules adopted by bank regulatory agencies in the United States and the need to provide reasonably consistent regulatory requirements for international banking corporations which will maintain the safe and sound condition of international banking corporations doing business in this state. Acts 2004, No. 420, §1.
LA Rev Stat § 6:551.21 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§551.21. Purchase of credit instruments

RS 551.21 - Purchase of credit instruments Purchases and discounts of bills of exchange, bonds, debentures, and other obligations and extensions of credit and acceptances by an agency or branch within this state shall be subject to the same limitations as to amount in relation to capital, surplus, and undivided profits as are applicable to banks organized under the laws of this state; provided that with the prior approval of the commissioner, the capital notes and capital debentures of such foreign banks may be treated as capital in computing such limitations. Acts 2004, No. 420, §1.
LA Rev Stat § 6:551.22 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§551.22. Annual report and periodic reporting requirements

RS 551.22 - Annual report and periodic reporting requirements A. Every foreign bank doing business in this state and subject to this Chapter shall, at such times and in such form as the commissioner shall prescribe, make written reports in the English language to the commissioner under the oath of one of its officers, managers, or agents transacting business in this state, showing the amount of its assets and liabilities and containing such other matters as the commissioner shall prescribe. If any foreign bank shall fail to make any such report, as directed by the commissioner, or if any such report shall contain any false statement knowingly made, the same shall be grounds for revocation of the certificate of authority of the foreign bank. B. Every foreign bank operating in this state and subject to this Chapter shall file with the Office of Financial Institutions all periodic reports it is required to file with any federal agency. C. The commissioner of the Office of Financial Institutions shall have the authority to require any foreign bank operating within Louisiana, which is subject to this Chapter, to provide to the Office of Financial Institutions annual audited financial statements of its total operations, as well as an audited special purpose financial presentation of its Louisiana operations detailed on a separate basis. D. The commissioner of the Office of Financial Institutions is authorized to assess fees regarding the late filing of any required filings or reports. Acts 2004, No. 420, §1.
LA Rev Stat § 6:551.23 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§551.23. Termination

RS 551.23 - Termination A. When a foreign bank which has been granted a certificate of authority to maintain an agency, branch, or office in this state is dissolved or its authority or existence is otherwise terminated or canceled in the jurisdiction of its incorporation, a certificate of the official responsible for records of banking corporations of the jurisdiction of incorporation of such foreign bank attesting to the occurrence of any such event or a certified copy of an order or decree of a court of such jurisdiction directing the dissolution of such foreign bank or the termination of its existence or the cancellation of its authority shall be delivered by the commissioner. The filing of the certificate, order, or decree shall have the same effect as the revocation of such foreign bank's certificate of authority. B. The commissioner shall continue as agent of the foreign bank upon whom process against it may be served in any action based upon any liability or obligation incurred by the foreign bank within this state prior to the filing of such certificate, order, or decree; and the commissioner shall promptly cause a copy of such process to be mailed by registered or certified mail, return receipt requested, to such foreign bank at the post office address specified for such purpose on file with the commissioner. Acts 2004, No. 420, §1.
LA Rev Stat § 6:551.24 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§551.24. Rules and regulations

RS 551.24 - Rules and regulations The commissioner may promulgate rules and regulations in accordance with the Administrative Procedure Act to provide for the regulation of bank agencies, branches, and representative offices and any other authorized offices of foreign banks operating in this state. Additionally, the commissioner may promulgate any necessary rules and regulations regarding fees and assessments to ensure that the costs of regulation of these entities are adequately recaptured. Acts 2004, No. 420, §1.
LA Rev Stat § 6:551.25 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§551.25. Examination authority

RS 551.25 - Examination authority The Office of Financial Institutions shall have full authority to examine, at any time, any branch, agency, or other office authorized under this Chapter. Acts 2004, No. 420, §1.
LA Rev Stat § 6:551.26 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§551.26. Asset pledge requirements

RS 551.26 - Asset pledge requirements The commissioner of the Office of Financial Institutions is authorized to promulgate any necessary rules relating to asset pledge requirements for foreign banks operating in Louisiana and subject to this Chapter. Acts 2004, No. 420, §1.
LA Rev Stat § 6:571 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§571. General authority

RS 571 - General authority When authorized by the commissioner, a corporation may be chartered pursuant to the provisions of Chapter 3 of this Title for the purpose of becoming a trust company. The commissioner may apply the provisions of Chapter 3 of this Title, regarding state banks, and Chapters 1 and 22 of Title 12, the Business Corporations Law, and the law regarding limited liability companies, respectively, for purposes of administering and regulating the activities of trust companies and for purposes of voluntary and involuntary dissolution. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:572 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§572. Definitions

RS 572 - Definitions As used in this Chapter: (1) "Trust business" means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to perform any service of a fiduciary in this state or another state. (2) "Trust company" means a corporation or a limited liability trust company organized under this Chapter, including a trust company organized under the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. (3) "Trust office" means an office, other than the principal office, at which a trust company is licensed by the commissioner to act as a fiduciary. (4) "Trust representative office" means an office of an out-of-state trust company at which the company has been authorized by the commissioner to engage in a trust business other than acting as a fiduciary. At these offices, a trust company is permitted to market and solicit trust services and provide office and administrative support to their trust operations, but may not act as a fiduciary at these offices, or anywhere in this state. Any account originated at such office shall be governed by the laws of the state in which the trust company is domiciled. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:573 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§573. Organization

RS 573 - Organization A. A trust company shall be organized pursuant to this Title and shall be managed and governed pursuant to this Chapter. The organizational documents of a trust company must contain the following statement: "This corporation, limited liability company, limited partnership or limited liability partnership is subject to Chapter 7-A of Title 6 of the Louisiana Revised Statutes of 1950, and does not have the power to solicit, receive, or accept money or its equivalent on deposit or to lend money, except for lending reasonably related to and derived from its service as fiduciary or its conduct of trust business." This organizational document must be submitted to the commissioner. Upon approval by the commissioner, organizational documents shall be submitted for filing in the same manner as provided by in R.S. 6:213. B. Any charter which has been issued to a trust company becomes automatically canceled and must be returned to the commissioner immediately in the event the trust company becomes inactive or ceases to do the business for which it was chartered. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:574 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§574. Capital

RS 574 - Capital A. The commissioner shall not issue a charter to a trust company having required capital of less than two million dollars. Any trust company chartered pursuant to this Chapter shall maintain a minimum of two million dollars in capital at all times. B. The commissioner may require additional capital for a proposed or existing trust company if he finds the condition and operations of an existing trust company or the proposed scope or type of operations of a proposed trust company requires additional capital. The safety and soundness factors to be considered by the commissioner in the exercise of such discretion include but are not limited to the following: (1) The nature and type of business conducted. (2) The nature and degree of liquidity in assets held in a corporate capacity. (3) The amount of fiduciary assets under management. (4) The type of fiduciary assets held and the depository of such assets. (5) The complexity of fiduciary duties and degree of discretion undertaken. (6) The competence and experience of management. (7) The extent and adequacy of internal controls. (8) The presence or absence of annual unqualified audits by an independent certified public accountant. (9) The reasonableness of business plans for retaining or acquiring additional capital. (10) The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries, and grantors. C. The proposed effective date of an order requiring an existing trust company to increase its capital must be stated in the order. Unless the trust company requests a hearing before the commissioner in writing before the effective date of the proposed order, the order becomes effective and is final and nonappealable. D. Any institution that fails to maintain capital in accordance with this Section may be subject to enforcement action. The course of action taken shall be determined by the commissioner and governed by this Title. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:575 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§575. Powers

RS 575 - Powers A. A trust company shall have all powers necessary to conduct fiduciary and trust functions. However, a trust company does not have the power to solicit, receive, or accept money or its equivalent on deposit, or to lend money, except in transactions reasonably related to and derived from its service as fiduciary. B. A trust company may deposit cash, whether constituting principal or income, in any financial institution whether in Louisiana or any other state, if the account is held either in the name of the trust to which the cash belongs or in the name of the trust company, and is composed entirely of cash belonging to trust accounts, the respective contributions of which are reflected in the books and records of the trust company. C. A trust company may not use as a part of the name or title under which its business is conducted or in designating its business the word or words "bank", "banker", or "banking" or the plural of or any abbreviation of those words. A trust company shall include as a part of its name the word "trust" unless otherwise approved by the commissioner for good cause shown. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:576 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§576. New application, supervision, regulation, and examination of trust bank

RS 576 - New application, supervision, regulation, and examination of trust bank A. One or more natural persons, the majority of whom must be domiciled in this state, desiring to incorporate and operate a trust company shall file with the commissioner an application for a certificate of authority to operate a trust company upon such form as the commissioner may prescribe. At the time the application is filed, the commissioner shall also collect a nonrefundable filing fee as prescribed by rules or regulations. B. All trust companies organized under this Chapter shall be subject to the supervision, regulation, and examination of the commissioner, and the Office of Financial Institutions shall have all enforcement powers with respect thereto as provided in this Chapter. Fees for performing examinations and other administrative functions of the trust company shall be governed by rules and regulations promulgated by the commissioner. C. The commissioner shall have the power to promulgate rules and regulations implementing the provisions of this Chapter. D. A trust company may establish additional offices with the commissioner's approval. Application for such offices shall be submitted on a form prescribed by the commissioner and shall be accompanied by any applicable fee. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:577 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§577. Trust companies chartered under prior law

RS 577 - Trust companies chartered under prior law A. All provisions of this Chapter are applicable to all state-chartered trust companies domiciled in Louisiana, including existing trust companies. B. The charter of a state-chartered trust company issued before the effective date of this Chapter shall be presented to the commissioner prior to December 31, 2003, for substitution. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:578 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§578. Affiliates

RS 578 - Affiliates A. Any person acting as a trustee or in any other fiduciary capacity under this Section may hire and compensate, as a delegate, an affiliate of such person if authorized by any of the following: (1) A trust or fiduciary instrument. (2) A court order. (3) A written document signed by each affected client. B. Fees paid to an affiliate shall be competitive with fees charged by non-affiliates that provide substantially similar services. C. An affiliate shall include any of the following: (1) A company that controls the trust company. (2) A company that is controlled by the company that controls the trust company. (3) A subsidiary of the trust company. (4) A company controlled by a common shareholder who beneficially or otherwise controls the trust company or any company that controls the trust company. (5) A company in which a majority of its directors are also a majority of the directors of the trust company or the company that controls the trust company. (6) A company that is sponsored or advised on a contractual basis by the trust company or any subsidiary or affiliate of the trust company. (7) An investment company in which the trust company or any affiliate of the trust company is an investment advisor. D. An affiliate shall be subject to examination and visitation by the commissioner in the same manner as provided for by R.S. 6:123. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:579 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§579. Self-dealing

RS 579 - Self-dealing A. No contract or transaction between a trust company and one or more of its directors or officers, or between a trust company and any other person in which one or more of its directors or officers have a financial interest, shall be void or voidable solely for this reason or solely because his or their votes were counted for such purpose if either of the following occurs: (1) The material facts as to his interest and as to the contract or transaction were disclosed or known to the board of directors or the committee, and the board or committee in good faith authorized the contract or transaction by a vote sufficient for such purpose without counting the vote of the interested director or directors, and the material facts as to his interest and as to the contract or transaction were disclosed or known to the stockholders entitled to vote thereon, and the contract or transaction was approved in good faith by vote of the stockholders. (2) The contract was fair to the trust company as determined by the commissioner as of the time it was authorized, approved, or ratified by the board of directors, committee, or stockholders. B. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the board of directors or of a committee which authorized the contract or transaction. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:580 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§580. Insurance coverage

RS 580 - Insurance coverage A. A trust company shall obtain and maintain adequate insurance against loss, expense, and liability resulting from errors, omissions, or neglect in the performance of any trust which may be lawfully imposed upon and accepted by the trust company. B. The board of a trust company shall require protection and indemnity for clients, in reasonable amounts, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses, with a corporate insurance or surety company that is authorized to do business in this state, and that is acceptable to the commissioner. The policy shall cover each executive officer, trust officer, or other employee who handles cash or securities of the trust company. No employee shall be permitted to enter upon the duties of their offices or employment until fidelity bond coverage has been secured. The bond shall be in an amount determined by the board of directors of the trust company and may be required to be within guidelines set forth by the commissioner. C. Except as otherwise provided herein, coverage required under this Section must include each director, manager, managing participant, officer, and employee of the trust company without regard to whether the person receives salary or other compensation. D. A trust company may apply to the commissioner for permission to eliminate the bonding requirement of this Section for a particular individual. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:581 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§581. Capital notes or debentures

RS 581 - Capital notes or debentures A. With the prior written approval of the commissioner, any trust company may at any time, through action of its board, and without requiring action of its shareholders or participants, issue and sell its capital notes or debentures, which shall be subordinate to the claims of depositories and may be subordinate to other claims, including the claims of other creditors or classes of creditors or the shareholders or participants. Capital notes or debentures may be convertible into shares or participation shares of any class or series. The issuance and sale of convertible capital notes or debentures are subject to satisfaction of preemptive rights, if any, to the extent provided by law. B. The commissioner's prior approval shall be required to pay interest due or principal repayable on outstanding capital notes or debentures when the trust company is insolvent or operating in an unsafe and unsound condition, or if the proposed payment will cause the trust company to be in an unsafe and unsound condition or insolvent. C. As provided by rule or regulation, the commissioner may establish limitations on the amount of outstanding capital notes and debentures that meet the requirements of this Section that may be included in equity capital as required by R.S. 6:574. The amount of any outstanding capital notes or debentures that meet the requirements of this Section and that are subordinated to unsecured creditors of the trust company may be included in equity capital of the trust company for purposes of determining hazardous condition or insolvency, and for such other purposes deemed appropriate by the commissioner. Acts 2003, No. 573, §1, eff. June 27, 2003.