reglab/housing_qa huggingface dataset:
LA Rev Stat § 6:591 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§591. Private trust company

RS 591 - Private trust company A. A private trust company engaging in the trust business in this state shall comply with every provision of this Chapter applicable to a trust company, unless expressly exempted therefrom, in writing by the commissioner pursuant to this Section or by rule adopted by the commissioner. B. A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of this Chapter. The commissioner may grant the exemption in whole or in part if the commissioner finds that the private trust company does not and will not transact business with the general public. For purposes of this Section, "transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not completely owned by one or more family members. For purposes of this Section, "family member" means any individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or which is controlled by one or more trusts or charitable organizations established by such individual or individuals. C. All individuals who control a private trust company or establish trusts or charitable organizations controlling such private trust company must be related within the second degree of affinity or consanguinity. D. At the expense of the private trust company, the commissioner may examine or investigate the private trust company in connection with an application for exemption. Unless the application presents novel or unusual questions, the commissioner shall approve the application for exemption or set the application for hearing not later than the sixty-first day after the date the commissioner considers the application complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision. E. Any exemption granted under this Part may be subject to conditions or limitations imposed by the commissioner consistent with this Chapter. F. The commissioner may adopt rules defining other circumstances that do not constitute transaction of business with the public, specifying the provisions of this Chapter that are subject to an exemption request, and establishing procedures and requirements for obtaining, maintaining, or revoking exempt status. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:593 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§593. Conversion to public trust company

RS 593 - Conversion to public trust company A. A private trust company may terminate its status as a private trust company and commence transacting business with the general public upon compliance with this Section. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the commissioner, which shall set forth the name of the private trust company and an acknowledgment that any exemption granted or otherwise applicable to the private trust company pursuant to this Part shall cease to apply on the effective date of such notice, furnish a copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public, and pay the filing fee, if any, prescribed by the commissioner. B. The trust company may commence transacting business with the general public on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date. The thirty-day period of review may be extended by the commissioner upon a determination that the written notice raises issues that require additional information or additional time for analysis. If the period for review is extended, the trust company may commence transacting business with the public only on prior written approval by the commissioner. C. The commissioner may deny a private trust company's request to commence transacting business with the general public if the commissioner finds that the private trust company lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness, or that the proposed transacting of business with the general public would be contrary to the public interest, or if the commissioner determines that the private trust company will not, within a reasonable period of time, be in compliance with any provision of this Chapter from which the private trust company had been previously exempt. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:601 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§601. Investment in trust company facilities

RS 601 - Investment in trust company facilities A. In this Part, "trust company facility" means real estate, including an improvement, owned, or leased to the extent the lease or the leasehold improvements are capitalized, by a trust company for the purpose of providing space for trust company employees to perform their duties and space for parking by trust company employees and customers conducting trust business, including meeting the reasonable needs and convenience of the trust company's customers, computer operations, document and other item processing, maintenance and record retention and storage, holding, improving, and occupying as an incident to future expansion of the trust company's facilities, or conducting another activity authorized by the commissioner and permitted under this Chapter. B. A trust company shall comply with generally accepted accounting principles, consistently applied, in accounting for its investment in and depreciation of trust company facilities, furniture, fixtures, and equipment. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:602 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§602. Other real estate

RS 602 - Other real estate A. A trust company may acquire real estate only as permitted by this Part, including rules adopted under this Part, and with the prior written approval of the commissioner. B. To the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by Subsection A of this Section, a trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve real estate acquired under this Subsection or Subsection A of this Section. C. A trust company may hold other real estate in perpetuity if the property is not being operated by the trust company as a going concern, and the property has been written down to the value of one dollar on the trust company's books. D. For properties not meeting the requirements of Subsection C of this Section, the trust company must file a divestiture plan with the commissioner outlining its plan to divest itself of the property within a reasonable time period. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:611 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§611. Securities

RS 611 - Securities A. A trust company may invest its corporate funds in any type or character of equity or investment securities subject to the limitations provided by this Part. B. Unless the commissioner approves maintenance of a lesser amount in writing, a trust company shall maintain an amount equal to at least forty percent of its capital under R.S. 6:574 in unencumbered cash, cash equivalents, and readily marketable securities. C. Subject to Subsection D of this Section, the total investment in equity and investment securities of any one issuer, obligor, or maker, held by the trust company for its own account, may not exceed an amount equal to fifteen percent of the trust company's capital. The commissioner may authorize investments in excess of this limitation on written application if the commissioner concludes that the excess investment is not prohibited by other applicable law, and that the safety and soundness of the requesting trust company is not adversely affected. D. Notwithstanding Subsection C of this Section, a trust company may purchase for its own account, without limitation and subject only to the exercise of prudent judgment, any of the following: (1) Bonds and other legally created general obligations of an agency or political subdivision of a state, the United States, or an agency or instrumentality of the United States. (2) An investment security that this state, an agency or political subdivision of the United States, or an agency or instrumentality of the United States has unconditionally agreed to purchase, insure, or guarantee. (3) Securities that are offered and sold under 15 U.S.C. Section 77d(5). (4) Mortgage-related securities as defined in 15 U.S.C. Section 78c(a), except that notwithstanding Section 347 of the Riegle Community Development and Regulatory Improvement Chapter of 1994, a note or obligation that is secured by a first lien on one or more parcels of real estate on which is located one or more commercial structures is subject to the limitations of Subsection C of this Section. (5) Investment securities issued or guaranteed by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Agricultural Mortgage Association, or the Federal Farm Credit Banks Funding Corporation. (6) Investment securities issued or guaranteed by the North American Development Bank. (7) Securities issued by a Federal Home Loan Bank. E. Notwithstanding 15 U.S.C. Section 77r-1(c), Subsection C of this Section applies to investments in small business-related securities as defined by 15 U.S.C. Section 78c(a). Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:612 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§612. Transactions in trust company shares or participation shares

RS 612 - Transactions in trust company shares or participation shares A. A trust company may acquire its own shares or participation shares if the amount of its undivided profits is sufficient to absorb fully the acquisition of the shares or participation shares under regulatory accounting principles, or if the trust company obtains the prior written approval of the commissioner. B. A trust company may acquire a lien upon its own shares or participation shares if the aggregate amount of indebtedness so secured is less than the amount of the trust company's undivided profits, or the trust company obtains the prior written approval of the commissioner. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:613 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§613. Subsidiaries

RS 613 - Subsidiaries A. Except as otherwise provided by this Chapter or rules adopted under this Chapter, a trust company may acquire or establish a subsidiary to conduct any activity that may lawfully be conducted through the form of organization chosen for the subsidiary. B. A trust company may not invest more than an amount equal to fifteen percent of its capital in a single subsidiary and may not invest an amount in excess of its capital in all subsidiaries. The amount of a trust company's investment in a subsidiary is the total amount of the trust company's investment in equity or investment securities issued by its subsidiary and any loans and extensions of credit from the trust company to its subsidiary. The commissioner may authorize investments in excess of these limitations upon written application, if the commissioner concludes that the excess investment is not prohibited by other applicable law, and the safety and soundness of the trust company is not adversely affected. C. A trust company may acquire or establish a subsidiary or begin performing new activities in an existing subsidiary only with the prior written approval of the commissioner. The request to establish the subsidiary or exercise new activities in a subsidiary shall be filed on a form prescribed by the commissioner and accompanied by any applicable fee as established by rule. D. A subsidiary of a trust company is subject to regulation by the commissioner to the extent provided by this Chapter or rules adopted under this Chapter. In the absence of limiting rule or regulation, the commissioner may regulate a subsidiary as if it were a trust company. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:614 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§614. Mutual funds

RS 614 - Mutual funds A. A trust company may invest for its own account in equity securities of an investment company registered under the Investment Company Chapter of 1940 (15 U.S.C. Section 80a-1 et seq.) and the Securities Chapter of 1933 (15 U.S.C. Section 77a et seq.) if the portfolio of the investment company consists wholly of investments in which the trust company could invest directly for its own account. B. If the portfolio of an investment company described in R.S. 6:611(D) consists wholly of investments in which the trust company could invest directly without limitation under this Chapter, the trust company may invest in the investment company without limitation. C. If the portfolio of an investment company described in Subsection A of this Section contains any investment that is subject to the limits of R.S. 6:611(C), the trust company may invest in the investment company not more than an amount equal to fifteen percent of the trust company's capital. This provision does not apply to a money market fund. D. In evaluating investment limits under this Chapter, a trust company shall not be required to combine the following: (1) The trust company's pro rata share of the securities of an issuer in the portfolio of an investment company with the trust company's pro rata share of the securities of that issuer held by another investment company in which the trust company has invested. (2) The trust company's own direct investment in the securities of an issuer with the trust company's pro rata share of the securities of that issuer held by each investment company in which the trust company has invested under this Section. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:615 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§615. Engaging in commerce prohibited

RS 615 - Engaging in commerce prohibited Except as otherwise provided by this Chapter or rules adopted under this Chapter, a trust company may not invest its funds in trade or commerce by buying, selling, or otherwise dealing in goods or by owning or operating a business not part of the trust business, except as necessary to fulfill a fiduciary obligation to a client. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:621 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§621. Borrowing limit

RS 621 - Borrowing limit Except with the prior written approval of the commissioner, a trust company may not have outstanding liabilities exceeding an amount equal to three times its capital. However, the commissioner may impose a lower limit consistent with the safety and soundness of the trust company. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:622 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§622. Pledge of assets

RS 622 - Pledge of assets A trust company may not pledge or create a lien on any of its assets except to secure the repayment of money borrowed or authorized or required by this Chapter or by rules adopted under this Chapter. An act, deed, conveyance, pledge, or contract in violation of this Section is void. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:623 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§623. Fiduciary responsibility

RS 623 - Fiduciary responsibility The board of a trust company is responsible for the proper exercise of fiduciary powers by the trust company and each matter pertinent to the exercise of fiduciary powers, including determination of policies, investment, and disposition of property held in a fiduciary capacity, and the direction and review of the actions of each officer, employee, and committee used by the trust company in the exercise of its fiduciary powers. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:624 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§624. Reports of apparent crime

RS 624 - Reports of apparent crime A trust company that is the victim of a robbery, that has a shortage of corporate or fiduciary funds in excess of five thousand dollars, or that is the victim of an apparent or suspected misapplication of its corporate or fiduciary funds or property in any amount by a director, manager, managing participant, officer, or employee shall report such robbery, shortages, or apparent or suspected misapplication to the commissioner within forty-eight hours after the time it is discovered. The initial report may be oral if the report is promptly confirmed in writing. The trust company or a director, manager, managing participant, officer, employee, or agent is not subject to liability for defamation or other charge resulting from information supplied in the report. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:625 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§625. Out-of-state activities

RS 625 - Out-of-state activities To the extent allowed by the laws of another state, a Louisiana trust company may establish and maintain trust offices or solicit and market trust services in a state other than Louisiana by adhering to the following: (1) To establish a trust office in another state, a Louisiana trust company shall file an application with the office of financial institutions on a form prescribed by the commissioner. (2) To establish a trust representative office in another state, a Louisiana trust company shall provide the commissioner with notice of its intent to operate the representative office at least thirty days prior to commencing business at the out-of-state location. Upon a showing of good cause, the commissioner may lengthen or shorten the notification period. (3) To solicit and market trust services in another state through the mail and other means of interstate commerce without maintaining a physical presence in the other state, a Louisiana trust company may do so without filing any applications or notifications with the commissioner of financial institutions. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:626 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§626. Out-of-state trust companies

RS 626 - Out-of-state trust companies  A.(1) An out-of-state trust company may act as a fiduciary from a trust office only if both of the following conditions are met:  (a) The out-of-state trust company maintains a trust office in the state of Louisiana.  (b) In the state where the out-of-state trust company has its principal location, similar institutions chartered under Louisiana law may establish offices and engage in substantially similar activities authorized under this Chapter.  (2) Subject to the requirements of Paragraph (1) of this Subsection, an out-of-state trust company that maintains one or more trust offices in the state may at each office conduct any activity authorized to be conducted by a Louisiana trust company under this Chapter.  (3) An out-of-state trust company may establish a trust representative office in Louisiana at which the out-of-state trust company may perform trust-related business, except that the company may not enter into any trust agreements pursuant to the laws of this state.  B. An out-of-state trust company may solicit and market its fiduciary trust services in this state through the mail and other means of interstate commerce without maintaining a physical presence in this state and without filing an application or notice with the commissioner.  Acts 2003, No. 573, §1, eff. June 27, 2003; Acts 2019, No. 334, §1, eff. June 11, 2019.
LA Rev Stat § 6:627 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§627. Interstate supervision and regulation

RS 627 - Interstate supervision and regulation The commissioner may rely upon applications, notifications, and examination reports provided by the appropriate home states or federal regulator, or enter into agreements with other state regulators to supervise and regulate the trust activities of interstate trust companies. Acts 2003, No. 573, §1, eff. June 27, 2003.
LA Rev Stat § 6:641.1 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§641.1. Public policy

RS 641.1 - Public policy It is the declared public policy of the state of Louisiana to encourage and to foster the development of credit unions under a dual chartering system of the state and federal governments. In order to carry out this policy, the office of financial institutions of the state of Louisiana is authorized and requested to use its resources in the promotion and development of credit unions chartered under the laws of Louisiana. Added by Acts 1978, No. 480, §1.
LA Rev Stat § 6:641.2 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§641.2. REPEALED BY ACTS 1989, No. 495, §6.

RS 641.2 - REPEALED BY ACTS 1989, No. 495, §6.
LA Rev Stat § 6:642 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§642. Amendments of act of incorporation; commissioner's approval

RS 642 - Amendments of act of incorporation; commissioner's approval At a general meeting convened for that purpose, or at any annual meeting after notice mailed at least ten days previous to the date of the meeting and directed to the last known address of each member of record as of the date of issuance of notice, and after one notice properly displayed at the office of the credit union, the members may make modifications, additions or changes in the act of incorporation by a three-fourths vote of all of the members present at the meeting. All proposed amendments, however, must be approved in writing by the commissioner in advance of their submission to the members. Amended by Acts 1954, No. 530, §1.
LA Rev Stat § 6:643 (2021)
2021 Louisiana Laws|Revised Statutes|Title 6 - Banks and Banking|§643. Restriction of the use of term credit union

RS 643 - Restriction of the use of term credit union A. Except for corporations formed under the provision of this Chapter, any person, partnership, firm, or corporation using any name or title containing the words "credit union" shall be fined not less than one hundred dollars or more than one thousand dollars, or be imprisoned for not more than one year, or both. B. The provisions of Subsection A do not apply to credit unions organized under the laws of the United States and the several states and to organizations whose membership consist primarily of credit unions. Amended by Acts 1975, No. 653, §1.