LOU LEG Financial Record Disclosure

On May 23, LOU LEG passed bill on banks' disclosure of records.

  • LOU LEG passed bill SB 428 regarding timeframe for bank's financial record disclosure.
  • The bill amends LOU LEG 6.333(C)(2)(b) and (G) regarding disclosure of records.
  • Bill Provisions
  • Requestor of issuance of disclosure demand must furnish bank with affidavit certifying that such service was made at least 30 business days prior to the return date.
  • Provides that a bank shall be given a reasonable period of time prior to the return date, and in no event less than 30 days prior thereto, in which to complete the action.
  • Legislative History
  • On Apr. 2, 2024, bill introduced in Senate; on Apr. 23, 2024, bill passed in Senate.
  • On Apr. 24, 2024, bill introduced in House; on May 20, 2024, bill passed in House.
  • On May 22, 2024, bill was enrolled; on May 23, 2024, bill signed by House speaker.
  • Effectiveness
  • Upon becoming law, bill comes into effect on Aug. 1, 2024.
  • May 28, 2024 LOU LEG Governor Approval
  • On May 28, 2024, LOU LEG enacted bill SB 428 with governor's approval, as Act 351.

Regulators LOU LEG
Entity Types Bank
Reference Act 351, 5/28/2024; Bill SB428, 5/23/2024; Citation: LOU LEG 6.333;
Functions Compliance; Legal; Operations; Record Retention; Reporting
Countries United States of America
Products Banking
Regions Am
Rule Type Final
Rule Date 5/23/2024
Effective Date 8/1/2024
Rule Id 213239
Linked to N/A
Reg. Last Update 5/28/2024
Report Section US Banking

Last substantive update on 06/06/2024