§ 6:453 — Deposit production offices; power of commissioner to adopt rules and regulations

Louisiana § 6:453

• Jurisdiction: Louisiana
• Title 6: Banks and Banking

Text

§453. Deposit production offices; power of commissioner to adopt rules and regulations
A.(1) Any Louisiana state-chartered bank, savings bank, or savings and loan
association, or a wholly owned operating subsidiary of such bank, savings bank, or savings
and loan association, may open one or more deposit production offices. Prior to opening a
deposit production office, the financial institution shall give written notice to the
commissioner. Upon receiving the written notice, the commissioner has forty-five days to
object. If the commissioner does not raise a timely objection, the financial institution may
proceed with opening the deposit production office. If the commissioner raises an objection,
the commissioner shall, upon request, notify the financial institution in writing as to the
nature of his objection.
(2) "Deposit production office" means a physically manned location, other than the
main office or branch office of a bank, savings bank, or savings and loan association, with
the authority to solicit deposits, provide information about deposit products, and assist
persons in completing application forms and related documents to open deposit accounts.
B. The commissioner shall authorize permissible activities of a deposit production
office by rule or regulation. The commissioner shall have the right, and is empowered to
promulgate any rules, regulations, filing procedures, instructions, and fees that he deems
necessary for the creation of deposit production offices in the state.
C. Notwithstanding Subsections A and B of this Section, or any other law, rule, or
regulation to the contrary, any state-chartered bank, savings bank, or savings and loan
association may seek to conduct any activity at a deposit production office that is a
permissible activity for a deposit production office of a national bank by complying with R.S.
6:242(C).

Legislative History

Acts 2020, No. 183, §1.