The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Morgan B. Robertson.
DIGEST
SB 126 Original 2019 Regular Session Price
Present law provides procedures relative to abandoned safety deposit boxes.
Proposed law adds credit unions to those financial institutions that may utilize the abandoned safety
deposit box procedures provided for in present law.
Present law provides that upon the death of a depositor who dies without a will, along with an
affidavit establishing jurisdiction and relationship, a depository financial institution may transfer
deposits to a surviving spouse or heirs, if the total aggregate amount on deposit is $20,000.00 or less.
Proposed law removes the $20,000 cap on deposit and provides that payout shall not exceed
$20,000.
Present law provides that members may, by a two-thirds vote of those present, expel any member
from the corporation for cause.
Present law provides that a member may withdraw from a credit union by filing a written notice of
his intention.
Proposed law retains present law and further allows a credit union to expel a member for cause
without a meeting of the members, pursuant to a written policy adopted by the board of directors.
Proposed law defines cause as conduct by the offending member that caused a loss to the credit
union, violated the membership agreement or any policy or procedure adopted by the board of
directors, or exhibited inappropriate behavior such as physical or verbal abuse of other credit union
members or staff.
Proposed law provides that an expelled member has the right to file a written request of
reconsideration.
Effective August 1, 2019.
(Amends R.S. 6:315.1(A) and 659; adds R.S. 6:327(E))