HLS 20RS-1182 ORIGINAL
2020 Regular Session
HOUSE BILL NO. 737
BY REPRESENTATIVE THOMAS
FINANCIAL INSTITUTIONS: Provides relative to offices of trust companies
1 AN ACT
2To amend and reenact R.S. 6:572(3) and (4), relative to trust companies; to provide for
3 definitions; to provide for authorization; to remove certain requirements; and to
4 provide for related matters.
5Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 6:572(3) and (4) are hereby amended and reenacted to read as
7follows:
8 ยง572. Definitions
9 As used in this Chapter:
10 * * *
11 (3) "Trust office" means an office, other than the principal office, at which
12 a trust company is licensed by the commissioner authorized to act as a fiduciary.
13 (4) "Trust representative office" means an office of an out-of-state trust
14 company at which the company has been authorized by the commissioner to engage
15 in a trust business other than acting as a fiduciary. At these offices, a trust company
16 is permitted to market and solicit trust services and provide office and administrative
17 support to their trust operations, but may not act as a fiduciary at these offices, or
18 anywhere in this state. Any account originated at such office shall be governed by
19 the laws of the state in which the trust company is domiciled.
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 20RS-1182 ORIGINAL
HB NO. 737
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 737 Original 2020 Regular Session Thomas
Abstract: Changes the definitions of "trust office" and "trust company".
Present law defines "trust office" as an office, other than the principal office, at which a trust
company is licensed by the commissioner to act as a fiduciary.
Proposed law removes the requirement that the "trust office" be licensed to act as a fiduciary
by the commissioner and instead only requires it to be authorized to act as a fiduciary.
Present law defines "trust representative office" as an office of an out-of-state trust company
at which the company has been authorized by the commissioner to engage in a trust business
other than acting as a fiduciary.
Proposed law removes the requirement that the "trust representative office" be authorized
by the commissioner to engage in a trust business, and instead only requires it to be
authorized to engage in a trust business.
(Amends R.S. 6:572(3) and (4))
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.