HLS 10RS-1417 ORIGINAL
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2010
HOUSE BILL NO. 439
BY REPRESENTATIVE ARNOLD
CREDIT/UNIONS: Provides relative to money deposited in credit unions
AN ACT1
To amend and reenact R.S. 6:664(A), relative to deposits in credit unions; to repeal a notice2
requirement by credit unions to the Department of Revenue; and to provide for3
related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 6:664(A) is hereby amended and reenacted to read as follows: 6
ยง664. Money deposited in a multiple party account7
A. When a deposit in a share account is made in any credit union under the8
names of two or more members payable to any one of such members, that share9
account or any part of it or any interest or dividend on it may be paid to any one of10
such members, whether the other member or members be living or not, and the11
receipt or acquittance of the member paid is a full release and discharge of the credit12
union as to any heir, legatee, creditor, or other person having rights or claims to13
funds of such deceased member for any payment made; nor shall any credit union14
paying any such member in accordance with the provisions of this Section thereby15
be liable for any estate, inheritance, or succession taxes that may be due this state.16
However, a credit union which has received notice addressed to it in writing of the17
death of any such account owner shall thereafter report payments made out of the18
account to the secretary of the Department of Revenue within fifteen days after19
payment is made.20
* * *21 HLS 10RS-1417 ORIGINAL
HB NO. 439
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Arnold HB No. 439
Abstract: Repeals a notice requirement by credit unions to the Dept. of Revenue regarding
payments made out of a joint account upon the death of an account owner.
Present law provides that a credit union which has received notice addressed to it in writing
of the death of any such account owner shall thereafter report payments made out of the
account to the secretary of the Dept. of Revenue within 15 days after payment is made.
Proposed law repeals present law.
(Amends R.S. 6:664(A))