RÉSUMÉ DIGEST
ACT 188 (SB 126) 2019 Regular Session Price
Prior law provided procedures for banks relative to abandoned safety deposit boxes.
New law retains prior law and adds that federally insured credit unions shall follow the same
procedures for abandoned safety deposit boxes.
Prior law provided 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 or less.
New law removes the $20,000 cap on deposit and provides that payout shall not exceed
$20,000.
Prior law provided that members may, by a two-thirds vote of those present, expel any
member from the corporation for cause.
Prior law provided that a member may withdraw from a credit union by filing a written
notice of his intention.
New law retains prior 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.
New law defined 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.
New 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. 6:659.2)