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CODING: Words in struck through type are deletions from existing law; words underscored
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ACT No. 32
Regular Session, 2013
HOUSE BILL NO. 114
BY REPRESENTATIVES KATRINA JACKSON AND PONTI
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
AN ACT1
To amend and reenact R.S. 49:317 and to repeal R.S. 6:124.1(C) and R.S. 39:1220(A)(4), relative2
to the acceptance of public funds by certain financial institutions; to repeal requirement of3
ratings under the federal Community Reinvestment Act; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 49:317 is hereby amended and reenacted to read as follows: 6
ยง317. Designation of state depositories; restriction 7
The Interim Emergency Board shall designate as state depositories such financial8
institutions doing business in this state as it may deem advisable after considering the9
recommendations of the treasurer. No financial institution that has received two consecutive10
ratings of less than satisfactory under the Community Reinvestment Act of 1977, 12 U.S.C.11
2901 et seq., shall be selected to receive the deposits of any public funds. When a financial12
institution receives two such consecutive ratings of less than satisfactory, the institution may13
continue to hold all public funds until maturity to avoid the imposition of a penalty upon the14
depositor; however, the institution shall not accept the public funds for reinvestment and15
shall not accept additional public funds.16
Section 2. R.S. 6:124.1(C) is hereby repealed in its entirety.17
Section 3. R.S. 39:1220(A)(4) is hereby repealed in its entirety.18
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: