reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1099. Criminal penalties

RS 6:1099 - Criminal penalties
A. The commissioner may report the violations of the following provisions to the attorney general or to the district attorney of the appropriate parish, who may institute the proper proceedings.
B. It shall be a misdemeanor for a mortgage broker or lender to knowingly collect advance fees in excess of those provided for in R.S. 6:1096(G), and upon conviction he shall be subject to a fine not less than five hundred dollars and not more than one thousand dollars, or to imprisonment not exceeding one year, or both.
C. Any person who knowingly provides false or misleading information to the commissioner on an application and such information is material to approval of the application shall be guilty of a misdemeanor and upon conviction shall be subject to a fine not less than five hundred dollars and not more than one thousand dollars, or to imprisonment not exceeding one year, or both.
D. Any licensee or exempt registrant who fails to account for or deliver to any person any money, funds, deposits, checks, drafts, mortgages, or other documents, or things of value to the borrower in violation of the provisions of this Chapter shall be guilty of a misdemeanor and upon conviction shall be subject to a fine not less than five hundred dollars and not more than one thousand dollars, or to imprisonment not exceeding one year, or both.
E. Any licensee who fails to disburse, without just cause, any funds belonging to the borrower shall be guilty of a misdemeanor and upon conviction shall be subject to a fine not less than five hundred dollars and not more than one thousand dollars, or to imprisonment not exceeding one year, or both.
F. A lender, broker, originator, or servicer who knowingly operates without a license or while not exempt from the provisions of this Chapter shall be guilty of a misdemeanor and upon conviction shall be subject to a fine not less than five hundred dollars and not more than one thousand dollars, or to imprisonment not exceeding one year, or both.
Acts 2001, No. 617, §1, eff. June 22, 2001; Acts 2003, No. 875, §1; Acts 2009, No. 522, §1, eff. July 31, 2009; Acts 2014, No. 260, §1, eff. June 30, 2014.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1102. Counseling

RS 6:1102 - Counseling
A.(1) Prior to accepting a final and complete application for a conventional reverse mortgage loan or assessing any fees, a reverse mortgage lender shall provide the prospective borrower with a list of at least five nonprofit counseling agencies that have been approved by the United States Department of Housing and Urban Development for counseling and that offer counseling to residents of the state. The counseling agencies shall meet the standards and requirements established by the United States Department of Housing and Urban Development for reverse mortgage counseling.
(2) In connection with a conventional reverse mortgage loan, a mortgage lender shall not pay any counseling service fees without first informing the prospective borrower in writing that this may create a conflict of interest. A reverse mortgage lender shall disclose to the prospective borrower in writing any other payment arrangements or business affiliations between the lender and a counseling agency.
B. A reverse mortgage lender shall not accept a final and complete application for a conventional reverse mortgage loan from a prospective applicant or assess any fees upon a prospective applicant without first receiving a certification from the applicant or the applicant's authorized representative that the applicant has received counseling from an agency described in Subsection A of this Section. The certification shall be signed by the borrower and the agency counselor, and shall include the date of the counseling and the name, address, and telephone number of both the borrower and the counselor. An electronic facsimile copy of the housing counseling certification shall satisfy the requirements of this Section.
Acts 2010, No. 418, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1103. Commitment and cooling off period

RS 6:1103 - Commitment and cooling off period
In connection with a conventional reverse mortgage loan, at least seven calendar days prior to closing a reverse mortgage loan, a reverse mortgage lender shall provide the borrower with a loan term sheet or commitment letter outlining the proposed terms of the loan and informing the borrower that the borrower is not obligated to proceed with the loan transaction.
Acts 2010, No. 418, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1104. Reverse mortgage lender; duties to elders

RS 6:1104 - Reverse mortgage lender; duties to elders
A. In addition to any other obligation under law, any reverse mortgage lender who offers, sells, or arranges the sale of a reverse mortgage to an elder, shall provide the elder with a notice that the elder should discuss the items outlined in this Section with a loan counselor. For the purposes of this Section, "elder" means any person sixty years of age or older.
B. The reverse mortgage counselor shall discuss the following items with a prospective reverse mortgage borrower:
(1) How unexpected medical or other events causing the borrower to move out of the borrower's home earlier than anticipated will impact the total annual cost of the reverse mortgage loan.
(2) The extent to which the borrower's financial needs would be better met by options other than a reverse mortgage loan, including less costly home equity lines of credit, property tax deferral programs, or governmental aid programs.
(3) Whether the borrower intends to use the proceeds of the reverse mortgage loan to purchase an annuity or other financial or insurance product and the consequences of doing so.
(4) The effect of repayment of the reverse mortgage loan on other residents of the domicile that is securing the reverse mortgage loan after all borrowers are deceased or permanently abandon the domicile.
(5) The borrower's ability to finance routine or catastrophic home repairs, especially if the maintenance is a factor that may determine when the reverse mortgage loan becomes payable.
(6) The impact that the reverse mortgage loan may have on the borrower's tax obligations and eligibility for government assistance programs, and the effect that losing equity in the domicile securing the reverse mortgage loan will have on the borrower's estate and heirs.
(7) The ability of the borrower to refinance alternative living accommodations, such as assisted living or long-term care, after the borrower's equity is depleted.
C. If the prospective reverse mortgage borrower meets with a loan counselor prior to meeting with or discussing a reverse mortgage loan with a lender, the loan counselor shall review the items discussed in Subsection B of this Section with the prospective reverse mortgage borrower and also meet the notice requirement in Subsection A of this Section.
Acts 2010, No. 418, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1111. Approval by commissioner of rules and regulations affecting financial institutions

RS 6:1111 - Approval by commissioner of rules and regulations affecting financial institutions
A rule, regulation, order, or administrative directive issued by a state or federal official, agency, or entity which is intended to be applicable to banks, banking associations, bank holding companies, savings banks, and savings institutions, homestead and savings and loan associations, credit unions, persons or companies engaged in the small loan business, extenders of consumer credit, or any other company or financial institution under the supervision of the commissioner of financial institutions and required to report to the commissioner or subject to rules and regulations issued by the commissioner, shall be effective as to any such company or financial institution only after the rule, regulation, order or other directive has been approved in writing by the commissioner of financial institutions.
Added by Acts 1978, No. 487, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1121. Definitions

RS 6:1121 - Definitions
For purposes of this Chapter, the following terms shall have the following meanings:
(1) "Credit agreement" means an agreement to lend or forbear repayment of money or goods or to otherwise extend credit, or make any other financial accommodation.
(2) "Creditor" means a financial institution or any other type of creditor that extends credit or extends a financial accommodation under a credit agreement with a debtor.
(3) "Debtor" means a person or entity that obtains credit or seeks a credit agreement with a creditor or who owes money to a creditor.
(4) "Financial institution" means a bank, savings and loan association, savings banks, or credit union authorized to transact business in this state.
Acts 1989, No. 531, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1122. Credit agreements to be in writing

RS 6:1122 - Credit agreements to be in writing
A debtor shall not maintain an action on a credit agreement unless the agreement is in writing, expresses consideration, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor.
Acts 1989, No. 531, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1122.1. Defenses to written credit agreements

RS 6:1122.1 - Defenses to written credit agreements
A.(1) In an action by a creditor, the debtor shall not assert a defense based on the terms and conditions of a credit agreement, unless the agreement is in writing, expresses conditions, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor.
(2) This Subsection shall not apply to unsecured revolving loan accounts, including those accessed by credit cards, or to any other unsecured consumer loans.
B. Nothing in this Section shall limit the debtor's ability to assert a defense of forgery, identity theft, mistaken identity, lack of authorization, lack of contractual capacity, or payment of the debt.
C. As used in this Section, the terms "consumer loan", "credit card", and "revolving loan account" shall have the meanings ascribed to them in the Louisiana Consumer Credit Law, R.S. 9:3510, et seq.
Acts 2013, No. 356, §1, eff. June 17, 2013.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1123. Actions not considered agreements

RS 6:1123 - Actions not considered agreements
A. The following actions shall not give rise to a claim that a new credit agreement is created, unless the agreement satisfies the requirements of R.S. 6:1122:
(1) The rendering of financial or other advice by a creditor to a debtor.
(2) The consultation by a creditor with a debtor.
(3) The agreement of a creditor to take or not to take certain actions, such as entering into a new credit agreement, forbearing from exercising remedies under a prior credit agreement, or extending installments due under a prior credit agreement.
B. A credit agreement shall not be implied from the relationship, fiduciary, or otherwise, of the creditor and the debtor.
Acts 1989, No. 531, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1124. No implied fiduciary obligations

RS 6:1124 - No implied fiduciary obligations
No financial institution or officer or employee thereof shall be deemed or implied to be acting as a fiduciary, or have a fiduciary obligation or responsibility to its customers or to third parties other than shareholders of the institution, unless there is a written agency or trust agreement under which the financial institution specifically agrees to act and perform in the capacity of a fiduciary. The fiduciary responsibility and liability of a financial institution or any officer or employee thereof shall be limited solely to performance under such a contract and shall not extend beyond the scope thereof. Any claim for breach of a fiduciary responsibility of a financial institution or any officer or employee thereof may only be asserted within one year of the first occurrence thereof. This Section is not limited to credit agreements and shall apply to all types of relationships to which a financial institution may be a party.
Acts 1991, No. 581, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1125. §§1125 to 1127 Repealed by Acts 1981, No. 873, §4, eff. Oct. 1, 1981.

RS 6:1125 - §§1125 to 1127 Repealed by Acts 1981, No. 873, §4, eff. Oct. 1, 1981.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1132. Policy and purposes

RS 6:1132 - Policy and purposes
A. The purpose of this Chapter is to provide for the chartering, regulation, and supervision of savings banks. The policy of this Chapter is: to encourage growth of the personal savings base of the citizens of Louisiana; to promote and assist their stockholders and members in purchasing, building, improving, and repairing immovable property and removing encumbrances therefrom for the purpose of lending money to their stockholders and members; to provide a healthy savings bank industry with safe and sound methods of investment so that this savings base will be retained in Louisiana for Louisiana's growth; to encourage the retention of capital in Louisiana; and to build a strong new system of financial institutions in Louisiana which will, by their strength, be controlled and owned by Louisiana citizens and corporations and which shall be the nucleus for a geographically expansive industry.
B. To further its purpose and policies, this Chapter shall be liberally construed except for those provisions which relate to safety and soundness of operations, investments, and management. In those areas, the legislature decrees that this Chapter shall be strictly construed and that each savings bank shall apply the prudent person rule. The commissioner of financial institutions shall interpret those provisions of this Chapter in keeping with that standard.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1133. Administration

RS 6:1133 - Administration
This Chapter shall be administered by the commissioner of financial institutions under the authority granted to him by Chapter 2 of Title 6 of the Louisiana Revised Statutes of 1950.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1134. Applicability

RS 6:1134 - Applicability
This Chapter shall apply to all financial institutions, no matter how named or chartered, if they comply with the provisions of this Chapter and with the rules of the commissioner promulgated pursuant to this Chapter.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1136. Powers; parity with other financial institutions

RS 6:1136 - Powers; parity with other financial institutions
A. Subject to the regulation of the commissioner and in addition to the powers granted by this Chapter, each savings bank operating under this Chapter shall possess all of the powers of a savings and loan association operating under the laws of the state of Louisiana and of a savings and loan association operating under the laws of the United States. Subject to the regulations of the commissioner, a savings bank may also obtain such other powers available to banks operating under the laws of the state of Louisiana as are consistent with the policy and purposes of this Chapter.
B. A savings bank may establish branches or offices at which savings or investments are regularly received or loans approved, as follows:
(1) To the same geographical extent that branch powers and offices are granted to state banks under the Louisiana Banking Law;
(2) To the same geographical extent to which a savings and loan association organized under the laws of this state or the United States and doing business in Louisiana is permitted; and
(3) To the same extent as holding companies and savings and loan associations headquartered outside the state of Louisiana but allowed to operate in Louisiana pursuant to Chapter 9-B of Title 6 of the Louisiana Revised Statutes of 1950.
C. Notwithstanding any other provision of this Chapter, a savings bank which purchases or assumes all or any part of the assets or liabilities of an eligible insured bank, savings bank, or savings and loan association, may retain and maintain the main premises or branches purchased from the eligible insured bank, savings bank, or savings and loan association, as branches of the purchasing savings bank, provided it assumes the deposit liabilities of the eligible insured bank, savings bank, or savings and loan association maintained at such main premises or branches.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1140. Status as an IRS qualified savings banks institution

RS 6:1140 - Status as an IRS qualified savings banks institution
All insured savings banks under the supervision of this Chapter shall qualify for and maintain the sixty percent asset test of the Internal Revenue Code of 1968 and any amendments thereto.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1141. Regulatory powers; promulgation of rules and regulations

RS 6:1141 - Regulatory powers; promulgation of rules and regulations
A. The commissioner of financial institutions shall have the power to enact and promulgate rules and regulations as may be necessary or appropriate to implement the provisions of this Chapter. When making rules and regulations pursuant to this power, the commissioner shall consider among other matters the impact any such rule or regulation will have on a dual-banking system as well as the impact any such rule or regulation will have on the public interest in the business of banking. The commissioner may also consider the regulations of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Home Loan Bank Board to allow financial institutions organized under the laws of this state to offer services consistent with services offered by financial institutions organized under the laws of the United States.
B. All regulations enacted and promulgated under this Section shall be subject to the provisions of R.S. 49:951, 953, 956, and 961, and prior to the promulgation of any such rule or regulation, the commissioner shall give each financial institution organized under this Chapter affected by the rule or regulation written notification of the content of such rule and regulation and the date and time of any public hearing held pursuant to those statutes. The commissioner shall provide notice at least ten days prior to the adoption of such rule or regulation, but the failure of a particular financial institution to receive notice thereof shall not affect the validity of such rule or regulation.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1142. Safety deposit boxes and safekeeping

RS 6:1142 - Safety deposit boxes and safekeeping
The provisions of R.S. 6:321 through 328 relative to safety deposit boxes and safekeeping shall be applicable to savings banks chartered under the provisions of the Louisiana Savings Bank Act of 1990 in the same manner as they are applicable to state banks.
Acts 2020, No. 236, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1151. Definitions

RS 6:1151 - Definitions
A. "Savings bank holding company" means any stock or mutual company which directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing more than twenty-five percent of the voting shares or rights of any savings bank or savings bank holding company or controls in any manner, whether by holding of proxies or otherwise, the election of a majority of the directors of any savings bank or savings bank holding company. Notwithstanding the foregoing, no company shall be deemed to have control of, or over, a savings bank or holding company:
(1) By virtue of its ownership or control of shares in a fiduciary capacity arising in the ordinary course of its business;
(2) By virtue of its ownership or control of shares acquired by it in connection with its underwriting of securities which are held only for such period of time as will permit the sale thereof upon a reasonable basis;
(3) By virtue of its holding any shares as collateral taken in the ordinary course of securing a debt or other obligation;
(4) By virtue of its ownership or control of shares acquired in the ordinary course of collecting a debt or other obligation previously contracted in good faith, until five years after the date acquired; or
(5) By virtue of its voting rights with respect to shares of any savings bank or holding company acquired in the course of a proxy solicitation in the case of a company formed and operated for the sole purpose of participating in a proxy solicitation.
B. "Louisiana savings bank holding company" means a savings bank holding company whose principal place of business is in Louisiana and which is not controlled, directly or indirectly, by another savings bank holding company whose principal place of business is outside Louisiana.
C. "Out-of-state savings bank holding company" means a savings bank holding company whose principal place of business is in a state other than Louisiana.
D. "Principal place of business" of a savings bank holding company means the state in which the total deposits of all offices of all subsidiaries are the largest as shown by the most recent reports of condition filed with state or federal regulatory authorities.
E. "Subsidiary of an individual or company" means any company which is controlled by such person or by a company which is a subsidiary of such person by virtue of this Section.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1161. Application for permit to organize

RS 6:1161 - Application for permit to organize
A. Savings banks shall be organized and incorporated in the same manner as state banks under the provisions of Chapter 3 of Title 6 of the Louisiana Revised Statutes of 1950.
B. Not less than five natural persons may organize a savings bank under this Chapter.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1162. Content of application for permit to organize

RS 6:1162 - Content of application for permit to organize
The application for a permit to organize shall be on forms required by the commissioner and shall include such information as he shall require, including but not limited to the following:
(1) The name, address, social security number, date of birth, business address, home address, place of birth, and occupation of each organizer.
(2) The name of the proposed savings bank.
(3) The address of the headquarters, main business office, and branch offices and branches, if known, of the proposed savings bank. Such information shall include any real estate interests of the organizers which may be involved with any of these locations.
(4) The anticipated duration of the proposed savings bank which may be perpetual.
(5) The proposed articles of incorporation and bylaws.
(6) The number of shares of capital stock, the number of shares and classes of preferred stock if any, par value of each type of stock which may not be less than one dollar, the number of shares to be sold, and the per share initial asking price of each share.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1163. Contents of articles of incorporation

RS 6:1163 - Contents of articles of incorporation
A. The articles of incorporation shall set forth:
(1) The name of the savings bank, which may be called an association;
(2) The initial location of the business office;
(3) The duration of existence, which is perpetual unless otherwise specified;
(4) The initial number of directors which shall be not less than five;
(5) The authorization, if any, to issue withdrawable shares, the aggregate amount of which may be unlimited;
(6) The authorization, if any, to issue stock, the aggregate number thereof, and the par value per share, which shall not be less than one dollar;
(7) The quorum required for action of members if a quorum other than that specified in this Chapter is desired; and
(8) Any other provision, not inconsistent with law, which the subscribers or members may desire for the internal regulation of the affairs of the savings bank.
B. The articles of incorporation need not set forth any of the powers which this Chapter confers.
C. The commissioner of financial institutions may publish one or more standard forms of suggested articles of incorporation conforming to the provisions of this Chapter which may be adopted by savings banks.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2001, No. 633, §1, eff. June 22, 2001.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1164. Contents of bylaws

RS 6:1164 - Contents of bylaws
A. The bylaws of the savings bank shall provide for the following matters consistent with any applicable provisions of this Chapter:
(1) The number of directors and the minimum frequency of directors' meetings, which shall be at least monthly;
(2) The titles and duties of the officers;
(3) The officers authorized, or who may be authorized, by the directors to execute instruments;
(4) Repealed by Acts 1995, No. 248, §2, eff. June 14, 1995.
(5) The fiscal year of the savings bank;
(6) The location of the business office; and
(7) The date of the annual meeting of the members which shall be not more than one hundred twenty days after the close of the savings bank's fiscal year.
B. Such bylaws may provide also for any or all of the following matters, among others, consistent with any applicable provisions of this Chapter:
(1) The method of calling special meetings of the members, requirements for giving notice of meetings of members in addition to the notice prescribed by this Chapter, and methods of nominating directors and other voting and election procedures;
(2) The method of determining the record date for voting, dividends, and other purposes;
(3) The procedure for the transfer of ownership of capital and for the enforcement of charges and liens;
(4) The plan or plans under which withdrawable capital is to be issued; the classes into which it may be divided; and the characteristics of each class as to time of issuance, times, and amounts of payments to be made, classification for dividends, purposes, and such other terms as are permitted by this Chapter;
(5) The method by which the directors may enforce retirement of unpledged withdrawable capital;
(6) The frequency with which profits of the savings bank shall be apportioned and the methods of apportionment; and
(7) Provision for establishment of executive, loan, investment and appraisal committees, and such other special or standing committees as may be desirable, and for an overall business plan for the savings bank.
C. The commissioner may publish one or more standard forms of bylaws conforming to the provisions of this Chapter which may be adopted by savings banks.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 1995, No. 248, §§1, 2, eff. June 14, 1995.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1165. Permit to organize

RS 6:1165 - Permit to organize
A. The commissioner of financial institutions may require additional information and conduct whatever investigation he deems necessary to determine whether to issue a permit to organize, including the subpoena of books and records, taking of public testimony, and conduct of hearings. The applicants shall share the expense of such investigations.
B. The commissioner shall find and declare, based on the record of application and his investigation, that:
(1) The proposed management, business plan, and capitalization promise to meet regulatory requirements;
(2) The application information is not in dispute;
(3) The proposed name is not deceptively similar to that of any other financial institution within an area defined by regulation of the commissioner; and
(4) The proposed business plan and capitalization promise to serve the needs of the community and its residents.
C. Insurance of accounts shall be effective prior to issuance of a certificate of complete organization.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1166. Temporary organization and capital subscriptions

RS 6:1166 - Temporary organization and capital subscriptions
A. Each applicant shall become a member of the organization committee and shall elect officers and directors of the savings bank in organization.
B. The officers and directors shall secure subscriptions for capital, in the form of pledges to purchase stock.
C. The officers and directors shall prepare articles of incorporation, bylaws, and other items as required by this Chapter.
D. The directors shall apply for insurance of accounts and advise the commissioner of financial institutions of each filing, conference, and all correspondence accompanying and required by such a filing.
E. The officers and directors shall take any other actions necessary to complete organization.
F. The officers and directors shall furnish the commissioner with the names and addresses of all investors who subscribed to purchase stock.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1167. Certificate of organization; issuance; refusal

RS 6:1167 - Certificate of organization; issuance; refusal
A. The commissioner of financial institutions shall issue a certificate of authority to transact banking business as a savings bank only upon the fulfillment of the requirements of this Chapter.
B. If the commissioner finds that the public interest will not be served by permitting the organization of the proposed savings bank, that there is no need for additional banking facilities in the community where the savings bank is to be located, or that there is a lack of ability within the community to support additional banking facilities, he shall refuse to issue the certificate of authority.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 1995, No. 248, §1, eff. June 14, 1995.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1181. Members

RS 6:1181 - Members
A. The membership of a mutual savings bank shall consist solely of every depositor or holder of a withdrawable account issued by the savings bank.
B. The members of a stock savings bank shall consist solely of the owners of its capital stock. Jointly owned stock shall constitute one membership.
C. Any savings bank which had legal existence under another statute prior to September 1, 1990, and which, if it was organized on a mutual basis, included borrowers as members or, if its ownership was evidenced by stock, included borrowers and/or depositors as voting or nonvoting members, may retain that membership structure by resolution of its board of directors to be included in its application for a savings bank charter under this Chapter. Otherwise, borrowers may not be members of a savings bank operating under this Chapter and only mutual savings banks may include depositors as members.
D. Joint ownership of an account constitutes one membership.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1182. Annual and special meetings

RS 6:1182 - Annual and special meetings
A. Dates of annual meetings of members or stockholders shall be specified in the bylaws. Failure to hold an annual meeting shall not cause a forfeiture or dissolution of the savings bank.
B. Special meetings may be called with not less than twelve hours' written or oral notice, by the board of directors, the holders of not less than twenty-five percent of the outstanding capital stock shares, by such other person as the bylaws may designate or by the commissioner. Every annual or special meeting shall be held at the business office of the savings bank, or by remote communication as provided in R.S. 12:1-709, or if the space is inadequate, in such other place within the same parish as shall be specifically designated in the notice of such meeting.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2021, No. 23, §1, eff. June 1, 2021.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1183. Notice of meetings

RS 6:1183 - Notice of meetings
A. Notice of an annual meeting shall be published once not less than ten days nor more than forty days before the date of the meeting. The notice shall also be displayed in a conspicuous place at the place of business of the savings bank in a manner which will assure that members of the general public will be provided an opportunity to read said notice. The notice shall state the time, place, and purpose of the meeting. If the state savings bank has authorized participation at a stockholders' meeting by means of remote communication as provided in R.S. 12:1-709, notice of the place shall include the means of remote communication to be used and any required access instructions.
B. For any special meeting, or for any annual meeting which is to consider any proposition which requires an affirmative vote of two-thirds of the members or stockholders, the notice shall be by mail, postmarked between ten and forty days before the date of the meeting, and shall also be posted at the savings bank's offices as if for an annual meeting, beginning on the date notice is given. All notices shall state the time, place, and purpose of the meeting.
C. Notwithstanding any other provision of law to the contrary, the articles of incorporation or bylaws of a savings bank may authorize or require delivery of notices of meetings and other communications to members or stockholders by electronic transmission to the same extent and in the same manner as permitted for a Louisiana corporation in accordance with R.S. 12:1-141.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2018, No. 88, §1, Acts 2021, No. 23, §1, eff. June 1, 2021.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1184. Quorum of annual or special meetings

RS 6:1184 - Quorum of annual or special meetings
The articles of incorporation may specify a quorum requirement, but it shall not be less than one-third of the total number of votes entitled to be voted at such meeting. Any meeting, including one at which a quorum is not present, may be adjourned by majority vote of those present to a specified date without future notice.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1185. Voting

RS 6:1185 - Voting
A. Voting at a meeting may be either in person, by means of remote communication in accordance with R.S. 12:1-709, or by proxy executed in writing by the member or stockholder or by his duly authorized attorney-in-fact.
B. In the determination of all questions requiring ascertainment as to who is entitled to vote and of the number of outstanding shares, the following rules shall apply:
(1) The date of determination shall be the record date for voting provided in this Chapter.
(2) Except as otherwise provided for in the articles of incorporation or bylaws, each person holding one or more withdrawable accounts in a mutual savings bank shall have the vote of one share for each one hundred dollars of the aggregate withdrawal value of such accounts and shall have the vote of one share for any fraction of one hundred dollars held in each of such accounts based upon the average daily deposits in said account for the thirty days prior to the record date. However, no member shall cast more than five hundred votes.
(3) Each holder of capital stock held shall have one vote for each share held.
(4) Shares owned by the savings bank shall not be counted or voted.
(5) A savings bank authorized to issue stock shall provide in its articles of incorporation that voting rights may be vested exclusively in stockholders.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2007, No. 15, §1, eff. June 18, 2007; Acts 2021, No. 23, §1, eff. June 1, 2021.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1186. Record date for voting, dividend, and other purposes

RS 6:1186 - Record date for voting, dividend, and other purposes
A. For the purposes of determining the holders of stock, capital accounts, and membership entitled to notice of, or to vote at, any meeting of the members, or in order to make a determination of the members, holders, or other persons for any other proper purpose, the bylaws may provide for a record date, not less than ten days nor more than forty days before the meeting or other event or transaction with regard to which the determination is to be made. This determination shall be made as of the close of business on such record date.
B. If the bylaws do not provide for a record date, the board of directors may fix such a date for each such determination within such time. If the board of directors fails to fix such a date, the record date for a meeting shall be the date on which the first notice of meeting is given.
C. Shares of stock or withdrawable accounts withdrawn or retired after such record date shall not be voted or counted in determining the number of shares outstanding. This Part shall be applicable to the dividend payments on capital stock, but dividends on withdrawable accounts shall be governed by R.S. 6:1207.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1187. Proxies

RS 6:1187 - Proxies
A. Voting at a meeting may be either in person, by means of remote communication in accordance with R.S. 12:1-709, or by proxy executed in writing by the member or shareholder or by his duly authorized attorney-in-fact.
B. No proxy shall be valid:
(1) After eleven months from the date of its execution, unless otherwise provided in the proxy.
(2) Unless executed in an instrument separate from other forms or documents relating to the member's accounts.
(3) For any meeting at which the member who gave it is present, provided that notice of his presence is given by the member in writing, prior to the taking of any vote, to an official whom the savings bank shall identify at the meeting as having responsibility for such matter.
(4) Unless the member giving the proxy is told by the person to whom it is given that the proxy is optional and that the voting rights it represents may be exercised by the member himself.
(5) Unless the proxy is filed with the secretary of the savings bank for verification at least forty-eight hours prior to the time of the meeting at which the proxy is to be voted or at such other time as the articles or bylaws of the savings bank may provide.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 1997, No. 42, §1; Acts 2021, No. 23, §1, eff. June 1, 2021.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1188. Directors

RS 6:1188 - Directors
A. The business and affairs of the savings bank shall be exercised by its elected board of directors.
B.(1) The board of directors shall consist of the number of directors fixed by the bylaws, but shall not be less than five nor more than twenty. No more than one-half of the directors shall be salaried employees of the savings bank.
(2) The articles of incorporation of the savings bank may provide that the board of directors shall be divided into three classes of as nearly equal numbers of directors as possible. The term of office of the first class shall expire at the first annual meeting that follows such division; of the second class, at the second such meeting; and of the third class, at the third such meeting. At each annual meeting following such division, directors shall be elected for a full-term of three years to succeed those whose terms expire at such meeting. No director shall be elected for a longer single term than three years.
C. The provisions of R.S. 6:282 and 285 and the rules and regulations promulgated thereunder shall be applicable to savings banks in the same manner as they are applicable to banks.
D. Repealed by Acts 2001, No. 637, §2, eff. June 22, 2001.
E. Immediately following their election, and in every case before assuming the duties of their office, all directors of a stock or mutual savings bank shall take an oath of office to discharge their duties as directors properly and conscientiously, which oath shall be subscribed to by the director making and taking it and entered into the minutes of the next regular or special meeting of the board of directors. The oath shall be retained in the records of the savings bank for examination by the commissioner. These oaths shall be in writing and on a form provided by the commissioner, and shall be renewed as to each director upon the occasion of each reelection to the board. The commissioner may suspend any director who fails to comply with this requirement, and no suspended director shall be reinstated, except for good cause shown after taking the oath.
F. Notwithstanding any other provision of law to the contrary, the articles of incorporation or bylaws of a savings bank may authorize or require delivery of notices of meetings and other communications to directors by electronic transmission to the same extent and in the same manner as permitted for a Louisiana corporation in accordance with R.S. 12:1-141.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 1993, No. 276, §1, eff. Oct. 1, 1993; Acts 1997, No. 66, §1;Acts 2001, No. 637, §§1 and 2, eff. June 22, 2001; Acts 2003, No. 72, §1, eff. May 28, 2003; Acts 2007, No. 15, §1, eff. June 18, 2007; Acts 2018, No. 88, §1.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1189. Bonds of officers and directors

RS 6:1189 - Bonds of officers and directors
A.(1) Every person appointed or elected to any position requiring the receipt, payment, management, or use of money belonging to a savings bank, or whose duties permit or require access to or custody of any of the savings bank's money or securities, or whose duties permit the regular making of entries in the books or other records of the savings bank, before assuming any duties shall become bonded in some trust or company authorized to issue bonds in this state, or in a fidelity insurance company licensed to do business in this state.
(2) Each such bond shall be on a form and in an amount to be approved by the commissioner of financial institutions, who may at any time require one or more additional bonds or an increase in the existing bond. Each such bond, payable to the savings bank, shall be an indemnity for any loss the savings bank may sustain in money or other property through any dishonest or criminal act or omission by any person required to be bonded, committed either alone or in concert with others. A true copy of every bond, including all riders and endorsements executed subsequent to the effective date of the bond, shall be filed with the commissioner.
(3) Each bond shall provide that a cancellation thereof either by the surety or by the insured shall not become effective until thirty days after written notice shall have been given to the commissioner, unless he shall have approved such cancellation earlier.
B. Nothing contained herein shall preclude the commissioner from proceeding against an association as provided in this Chapter should he believe that it is being conducted in an unsafe and unsound manner in that the form or amount of bonds so fixed and approved by the board of directors is inadequate to give reasonable protection to the savings bank.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1201. Minimum capital for incorporation or conversion

RS 6:1201 - Minimum capital for incorporation or conversion
The commissioner of financial institutions shall not issue a certificate of authority for a capital stock savings bank unless he shall affirmatively determine that:
(1) The amount of capital stock subscribed is sufficient for the safe and proper operation of the corporation, but in no event shall it be less than five hundred thousand dollars.
(2) The proposed corporation has set aside sufficient permanent capital reserve for the safe and proper operation of the savings bank, but in no event less than twenty percent of its capital stock, and shall be credited to be paid-in surplus and may be used to offset losses from operations, except as the commissioner may waive this requirement for a financial institution converting to a savings bank. Subject to the approval of the commissioner, all of the financial institutions which meet minimum capital requirements as determined by the commissioner prior to the conversion to a state savings bank shall be deemed to meet the requirements of this Part.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1202. Types of capital; personal property

RS 6:1202 - Types of capital; personal property
A. The capital of a stock savings bank shall be represented by capital stock and noncumulative perpetual preferred stock as authorized by the articles of incorporation, related paid-in surplus, undivided profits, retained earnings, and such other forms of capital deemed to be qualifying capital by the insurance corporation providing insurance of the savings bank's deposits.
B. The capital of a mutual savings bank shall be represented by retained earnings and such other forms of capital deemed to be qualifying capital by the insurance corporation providing insurance of the savings bank's deposits.
C. All shares and capital accounts shall be personal property in the hands of their holders and transferable as provided in this Chapter and the bylaws of the savings bank.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1203. Capital stock; nature

RS 6:1203 - Capital stock; nature
Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted and shall have a par value of one dollar each or such greater amount as the articles of incorporation may prescribe. These shares shall be:
(1) Nonwithdrawable, except as provided in this Part relative to retirement or reduction of capital stock, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts;
(2) Entitled to dividends only as provided in this Part concerning dividends; and
(3) Issued only upon cash payment of not less than the par value thereof, or in connection with a merger, sale of all assets, or conversion, or as stock dividends as provided in the provisions of this Part relative to dividends.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1204. Capital stock; authorization of issuance

RS 6:1204 - Capital stock; authorization of issuance
A savings bank may provide for the issuance of capital stock, either by its original articles of incorporation or by an amendment thereto authorized by this Chapter.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
2023 Louisiana Laws › Revised Statutes › Title 6 - Banks and Banking › §6:1205. Who may hold capital

RS 6:1205 - Who may hold capital
Capital stock of a savings bank may be held:
(1) By any individual in his own right, regardless of age or marital status, or by two or more such individuals;
(2) By a fiduciary when authorized by law;
(3) By a government or governmental instrumentality when authorized by law; and
(4) By any corporation or other person when not prohibited by law.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.