La. Rev. Stat. § 6:1331
This is the official text of La. Rev. Stat. § 6:1331, part of Louisiana’s Rev. Stat — part of the compiled statutory law of Louisiana, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Affirmative action to correct conditions resulting from violations of law, regulations, orders, or from practices
Official statutory text
The commissioner is hereby granted authority to issue orders under this Chapter, which orders shall require a savings bank or an institution-affiliated party to take affirmative action to correct any conditions resulting from any violations or practices cited with respect to the order. The order may require the savings bank or the institution-affiliated party to:
(1) Make restitution, provide reimbursement, indemnification, or guarantees for or against losses if:
(a) The savings bank or the institution-affiliated party was unjustly enriched or received direct or indirect personal benefit in connection with such violation or practice, or;
(b) The violation or practice involved a reckless disregard for applicable laws, regulations, or written agreements or written orders of the commissioner or other appropriate regulator.
(2) Restrict the savings bank's growth or institute appropriate operating restrictions.
(3) Dispose of any loan or asset involved.
(4) Rescind agreements or contracts.
(5) Submit candidates for future directors, employees, or officers, to the commissioner for approval.
(6) Take any other actions the commissioner deems necessary.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
(1) Make restitution, provide reimbursement, indemnification, or guarantees for or against losses if:
(a) The savings bank or the institution-affiliated party was unjustly enriched or received direct or indirect personal benefit in connection with such violation or practice, or;
(b) The violation or practice involved a reckless disregard for applicable laws, regulations, or written agreements or written orders of the commissioner or other appropriate regulator.
(2) Restrict the savings bank's growth or institute appropriate operating restrictions.
(3) Dispose of any loan or asset involved.
(4) Rescind agreements or contracts.
(5) Submit candidates for future directors, employees, or officers, to the commissioner for approval.
(6) Take any other actions the commissioner deems necessary.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
Status: in_force · Read it on the official government site
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