Senate Bill No. 175, introduced by Senator Boudreaux, amends and reenacts R.S. 6:412(D) and enacts R.S. 6:412(E) to provide clarity regarding the use of trade or assumed names by FDIC-insured depository institutions in Louisiana. The bill specifies that these institutions are permitted to use a trade or assumed name that differs from their corporate name, provided that the corporate name is also used in conjunction with the trade name and complies with applicable federal laws and regulations. This change aims to enhance the flexibility of banks in branding while ensuring compliance with existing legal frameworks.

Additionally, the bill clarifies that the use of terms such as "trust," "trustee," or "trust company" is permissible in a context that does not imply engagement in general trust business. The effective date of the bill is contingent upon the governor's signature or the expiration of the time for bills to become law without signature. Overall, the legislation seeks to modernize banking practices in Louisiana while maintaining regulatory oversight.

Statutes affected:
SB175 Original: 6:412(D)