RÉSUMÉ DIGEST
ACT 99 (HB 159) 2019 Regular Session Berthelot
Existing law requires a bank to provide security for deposits made by a political subdivision
of the state. Specifies acceptable securities.
New law authorizes the following additional forms of security for such deposits:
(1)Any obligation, security, or investment that a political subdivision may invest in
directly.
(2)Letters of credit issued by the Federal Home Loan Bank.
(3)Any recognized system or program providing Federal Depositors Insurance Corp.
insurance coverage.
Effective August 1, 2019
(Adds R.S. 39:1221(7), (8), and (9) and 1242(A)(4), (5), and (6)).