2011 Louisiana Laws
Revised Statutes
TITLE 49 — State administration
RS 49:317 — Designation of state depositories; restriction
§317. Designation of state depositories; restriction
The Interim Emergency Board shall designate as state depositories such financial institutions doing business in this state as it may deem advisable after considering the recommendations of the treasurer. No financial institution that has received two consecutive ratings of less than satisfactory under the Community Reinvestment Act of 1977, 12 U.S.C. 2901 et seq., shall be selected to receive the deposits of any public funds. When a financial institution receives two such consecutive ratings of less than satisfactory, the institution may continue to hold all public funds until maturity to avoid the imposition of a penalty upon the depositor; however, the institution shall not accept the public funds for reinvestment and shall not accept additional public funds.
Acts 1976, No. 428, §1, eff. July 31, 1976. Amended by Acts 1976, No. 557, §1; Acts 1993, No. 509, §3, eff. April 1, 1994; Acts 1994, 3rd Ex. Sess., No. 61, §3, eff. July 6, 1994.
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