This text of Louisiana § 6:1331 is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§1331. Affirmative action to correct conditions resulting from violations of law, regulations, orders, or from practices
The commissioner is hereby granted authority to issue orders under this Chapter, which orders shall require a savings bank or an institution-affiliated party to take affirmative action to correct any conditions resulting from any violations or practices cited with respect to the order. The order may require the savings bank or the institution-affiliated party to:
(1)Make restitution, provide reimbursement, indemnification, or guarantees for or against losses if:
(a)The savings bank or the institution-affiliated party was unjustly enriched or received direct or indirect personal benefit in connection with such violation or practice, or;
(b)The violation or practice inv
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§1331. Affirmative action to correct conditions resulting from violations of law, regulations, orders, or from practices
The commissioner is hereby granted authority to issue orders under this Chapter, which orders shall require a savings bank or an institution-affiliated party to take affirmative action to correct any conditions resulting from any violations or practices cited with respect to the order. The order may require the savings bank or the institution-affiliated party to:
(1) Make restitution, provide reimbursement, indemnification, or guarantees for or against losses if:
(a) The savings bank or the institution-affiliated party was unjustly enriched or received direct or indirect personal benefit in connection with such violation or practice, or;
(b) The violation or practice involved a reckless disregard for applicable laws, regulations, or written agreements or written orders of the commissioner or other appropriate regulator.
(2) Restrict the savings bank's growth or institute appropriate operating restrictions.
(3) Dispose of any loan or asset involved.
(4) Rescind agreements or contracts.
(5) Submit candidates for future directors, employees, or officers, to the commissioner for approval.
(6) Take any other actions the commissioner deems necessary.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.