RS 6:1221 – Underwriting A. No savings bank shall make any loan or investment authorized by this Part unless the savings bank first has determined that the type, amount, purpose, and repayment provisions of the loan or investment in relation to the borrower’s or issuer’s resources and credit standing support the reasonable belief that the […]
RS 6:1222 – Investment in loans A savings bank may loan funds as follows: (1) On the security of withdrawable accounts, but no such loan shall exceed the withdrawal value of the pledged account; (2) On the security of real estate: (a) Of a value, determined in accordance with this Chapter, sufficient to provide good […]
RS 6:1223 – Other investments If the board of directors determines at any time that funds are available in excess of the demands and needs for loans, maturities, and withdrawals, a savings bank may invest such funds as provided in this Part: (1) In demand, time, or savings deposits or accounts, withdrawable accounts or other […]
RS 6:1224 – Calculation of interest; postpayments and prepayments A. In any contract or loan which is secured by a mortgage, deed of trust, or conveyance in the nature of a mortgage for the purpose of purchase or refinance of residential real estate, the interest which is computed, calculated, charged, or collected pursuant to such […]
RS 6:1225 – General loan contract provisions Each loan, and any agreement for securing the same, shall be evidenced by one or more written instruments, consistent with sound lending practices in the locality. Whenever recording of such an agreement is necessary to establish priority over the claim of any third party, the agreement shall be […]
RS 6:1226 – Modification agreements The savings bank at any time may enter into a written agreement with the borrower to modify, in any manner not inconsistent with the provisions of this Chapter, the terms of a loan as to the amount, time, or method of the payments to be made, the interest rate, and […]
RS 6:1227 – Sale, assignment, and servicing of loans and contracts A. Any savings bank may sell any loan or a participating interest in a loan at any time, in the usual and regular course of business. Loans may be sold with or without recourse, except as may otherwise be provided by regulations of the […]
RS 6:1228 – Purchase of real estate at judicial sale A savings bank may purchase, hold, and convey real estate acquired at any sheriff’s sale or other judicial sale, either public or private, upon which the savings bank has any good faith mortgage, lien, or other encumbrance, or in which the savings bank has any […]
RS 6:1229 – Immovable property; dealings A. A savings bank may hold and convey real estate which it has acquired in satisfaction of debts previously contracted bona fide in the course of its business. B. A savings bank may, in accordance with regulations adopted by the commissioner, make a loan or other extension of credit […]
RS 6:1229.1 – Applicability of rules and regulations The provisions of R.S. 6:243 and 246, and the rules and regulations promulgated thereunder shall be applicable to savings banks in the same manner as they are applicable to banks. Acts 1995, No. 248, §1, eff. June 14, 1995; Acts 2019, No. 16, §1.
RS 6:1230 – Purchases of real estate for office and rental purposes A. A savings bank may acquire and hold real estate in full ownership, or leaseholds on which a building or buildings exist or are to be erected, suitable for the transaction of the savings bank’s business, and from portions of which, not required […]
RS 6:1231 – Usury law inapplicable No interest premium, or interest on such interest premium, or charge which may accrue to a savings bank under the provisions of this Chapter shall be deemed to be usurious, and the same may be collected in the same manner as other debts in accordance with the laws of […]
RS 6:1232 – Prohibited loans No loan shall be made by any savings bank to any person owning ten percent or more of the capital stock or to any affiliated person, agent, or attorney of that savings bank either for himself or as agent, or as partner of another, except in accordance with laws and […]
RS 6:1233 – Effect of unauthorized investments A. Every loan or other investment made in violation of this Chapter shall be due and payable according to its terms, and the obligation thereof shall not be impaired. B. Every director or officer of a savings bank who knowingly shall violate, participate in, or assent to, or […]
RS 6:1234 – Acknowledgments No acknowledgment of a deed, mortgage, or other instrument shall be invalid because such acknowledgment was taken before an officer authorized by the laws of this state to acknowledge conveyances who is also a member, director, employee, or officer of a savings bank which is a party to such deed, mortgage, […]
RS 6:1235 – Loans to one borrower A. A state savings bank shall not loan on an unsecured basis to any one person, directly or indirectly, an amount in excess of ten percent of its net worth. B.(1) A state savings bank shall not loan on a secured basis to any one person, directly or […]
RS 6:1236 – Commissioner’s regulations A. The commissioner may make rules and regulations to determine permissible levels of investment and concentrations of assets permissible for savings banks applicable to all lending and investment authority granted by this Part. Such rules and regulations shall give due regard to capital adequacy, operating income, underwriting standards, risk inherent […]
RS 6:1237 – Change in control A. Any person acting directly or indirectly or through or in concert with one or more persons, shall give the commissioner sixty days written notice of intent to acquire control of ten percent or more of a savings bank or savings bank affiliate operating under this Chapter. The commissioner […]
