2019 Regular Session ENROLLED
SENATE BILL NO. 126
BY SENATOR PRICE
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
1 AN ACT
2 To amend and reenact R.S. 6:315.1(A) and 659 and to enact R.S. 6:659.2, relative to credit
3 unions; to add credit unions to those financial institutions that may utilize abandoned
4 safety deposit box procedures; to provide relative to the transfer of certain deposits
5 to the surviving spouse or heirs upon the death of an intestate depositor; to allow
6 credit unions to expel members under limited circumstances; to provide terms and
7 conditions; and to provide for related matters.
8 Be it enacted by the Legislature of Louisiana:
9 Section 1. R.S. 6:315.1(A) and 659 are hereby amended and reenacted, and R.S.
10 6:659.2 is hereby enacted to read as follows:
11 §315.1. Transfer of small deposits; death of depositor; affidavits required; penalties
12 A. Upon the death of a depositor who dies intestate and who has deposits
13 standing in his name alone or jointly with a surviving spouse and heirs, if any, in the
14 total aggregate amount of twenty thousand dollars or less, in any depository financial
15 institution, such depository financial institution may transfer pay a sum not to
16 exceed twenty thousand dollars of such deposits to the surviving spouse and heirs,
17 if any, or to the heirs, if there is no surviving spouse, upon receipt of an affidavit
18 establishing jurisdiction and relationship. The affidavit shall also state that the
19 deceased depositor left no will, that the total aggregate amount on deposit subject to
ACT No. 188
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1 transfer under this Section does not exceed twenty thousand dollars total funds
2 withdrawn do not exceed twenty thousand dollars from all depositories, and that
3 such facts are true and correct.
4 * * *
5 §659. Expulsion and withdrawal of members
6 A.(1) At any regularly called meeting the members may, by a two-thirds vote
7 of those present, expel any member from the corporation for cause. A member may
8 withdraw from a credit union, as provided in this Chapter, by filing a written notice
9 of his intention.
10 (2) A credit union may expel a member for cause, pursuant to a written
11 policy adopted by its board of directors. This expulsion may occur solely by
12 board action, without the necessity of a meeting of the members. For the
13 purposes of this Section, "cause" includes conduct by the offending member
14 that caused a loss to the credit union, violated the membership agreement or
15 any policy or procedure adopted by the board of directors, or exhibited
16 inappropriate behavior such as physical or verbal abuse of other credit union
17 members or staff.
18 (3) Any person so expelled shall have the right to file a written request
19 to the board of directors to reconsider the expulsion.
20 B. All amounts paid in on shares of an expelled or withdrawing member with
21 any dividends credited to his share to the date of expulsion or withdrawal shall be
22 paid to the member, but only as funds for this become available and only after
23 deducting any amount due to the corporation by the member. All deposits and shares
24 of an expelled or withdrawing member, with any interest accrued, shall be paid the
25 member subject to sixty days notice, and any amounts due to the corporation by the
26 member shall be deducted. The member when withdrawing shares has no further
27 right in the credit union or to any of its benefits, but the expulsion or withdrawal
28 does not relieve the member from any remaining liability to the corporation.
29 * * *
30 §659.2. Federally insured credit unions; abandonment of safety deposit box
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1 The provisions of R.S. 6:327 shall apply to abandonment of a safety
2 deposit box leased from a federally insured credit union.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.