Louisiana Revised Statutes 6:853 – Closure of branch office
Terms Used In Louisiana Revised Statutes 6:853
- Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
- Commissioner: means the commissioner of financial institutions, of the state of Louisiana, in his capacity as supervisor of associations. See Louisiana Revised Statutes 6:703
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
A. No savings and loan association or savings bank shall close a branch office except pursuant to the procedure provided by this Section.
B. At least ninety days prior to the closure date, the association or savings bank shall submit in writing to the commissioner detailed reasons for the necessity of the closure, evidence that the appropriate federal banking agency has been notified of said closure, and, if applicable, the location to which the branches’ accounts and safe deposit boxes are to be transferred.
C. At least thirty days prior to the closure date, the association or savings bank shall post a notice in a conspicuous location in the branch office to be closed, that the branch office will be closed, stating the closure date and, if applicable, the location to which the branches’ accounts and safe deposit boxes are to be transferred.
Acts 1987, No. 105, §1; Acts 1992, No. 66, §1, eff. Sept. 1, 1992.