On Jun. 4, 2025, LOU LEG governor approved bill SB 91 re disclosure, assigned Act 56.
On May 27, LOU LEG passed bill on banks' financial records disclosure.
LOU LEG passed bill HB 91 on conditions before a bank may disclose financial records.
Changed service requirement from 30 business days to 30 calendar days.
Amendments made to LOU LEG 6.333(C)(2)(b) and (G) on financial records disclosure.
Bill Provisions
Related to conditions to be satisfied before bank discloses customer's financial records.
The present law requires, before the return date, the person requesting the disclosure demand to furnish to the bank an affidavit certifying certain conditions.
Amongst other things, this includes that the disclosure demand was served on the bank's president, a registered agent of the bank for service of process.
Also, the bank's counsel of record, unless the bank expressly waives service on any of these individuals; and the bill also other requirements prior to the return date.
For instance, the person requesting the disclosure demand furnishes to the bank an affidavit certifying that such a demand was personally served on each customer.
In addition, this requirement can affect a certified copy of the demand.
Specifically, each customer named in the demand or customer's counsel of record.
Also, such service was made at least 30 business days before the return date.
Proposed law changes such requirement from 30 business days to 30 calendar days.
Legislative History
On Mar. 20, 2025, bill introduced in House; on Apr. 24, 2025, bill passed in House.
On Apr. 28, 2025, bill introduced in Senate; on May 27, 2025, bill passed in Senate.
Effectiveness
If approved, bill becomes effective on Aug. 1, 2025.
In May 28, 2025, LOU LEG passed bill, limit financial records disclosure, see #256944.
Jun. 2025 LOU LEG Governor Approval
On Jun. 4, 2025, LOU LEG governor approved bill SB 91 re disclosure, assigned Act 56.
Regulators
LOU LEG
Entity Types
Bank; CNSM
Reference
Act 56, 6/4/2025; Bill, HB91, 5/27/2025; Citation: LOU LEG 6.333;
Functions
Compliance; Financial; Legal; Operations; Privacy; Record Retention; Reporting
