Louisiana House Bill HB360

Louisiana 2018 Regular Session

• Introduced: 3/1/18
• Refer: 3/1/18
• Refer: 3/12/18
• Report Pass: 3/20/18
• Engrossed: 3/27/18
• Refer: 3/28/18
• Report Pass: 4/25/18
• Enrolled: 5/7/18
• Chaptered: 5/10/18
• Passed: 5/10/18

Caption

Provides for electronic notifications to board members and stockholders of banks, savings and loan associations, and savings banks

Impact

The bill makes substantial changes to the way banks and financial institutions interact with their stakeholders by allowing notifications and communications to be sent electronically, thus facilitating quicker and more reliable dissemination of information. The modernized process is expected to help financial institutions operate more efficiently in the digital age, enhancing their ability to communicate vital information to stockholders and board members promptly.

Summary

House Bill 360 focuses on modernizing communication methods for stockholders and directors within banks, savings and loan associations, and savings banks in Louisiana. It amends existing laws to explicitly authorize the delivery of notices of meetings and other communications electronically, aligning with practices permitted for corporations in Louisiana. This legislative change is aimed at improving communication efficiency and reducing the administrative burden of traditional mailing methods.

Sentiment

Overall, the sentiment surrounding HB 360 appears to be positive, particularly among financial institutions and business advocates who view the shift to electronic communication as a necessary evolution in corporate governance. This modernization aligns with broader trends in digital transformation seen across various sectors. There seems to be minimal opposition, likely due to the clarity and relevance of the changes proposed, which are seen as beneficial for all parties involved.

Contention

While there is general support for HB 360, some concerns may arise regarding the security and privacy of electronic communications, particularly in the banking sector. As organizations transition to digital methods of communication, it is important to ensure that proper safeguards are in place to protect sensitive information. Nonetheless, the bill is positioned as a straightforward update to existing laws without significant contention regarding its provisions or implications.