The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Michelle Ridge.
DIGEST
SB 355 Original 2022 Regular Session Smith
Present law provides for the regulation of financial institutions.
Proposed law requires a financial institution to assist a property owner that has an insurance claim
for property loss in any way possible to ensure the affected property is rebuilt or repaired in the
quickest, most efficient manner possible.
Proposed law provides that to assist the property owner, the financial institution shall, at a minimum,
do the following:
(1)Provide the property owner with a contact within the financial institution.
(2)Establish and implement a standard formula for the release of insurance claim proceeds held
by the financial institution to the property owner.
(3)Provide for an appeal process of any decision that fails to assist the property owner in the
rebuilding or repair of the affected property.
Proposed law penalizes a financial institution that fails to comply with proposed law with penalties
established in present law and provides that a violation of proposed law also be considered an unfair
or deceptive practice or act and subject the financial institution to penalties as provided in the Unfair
Trade Practices Law.
Effective August 1, 2022.
(Adds R.S. 6:424)