§626. Out-of-state trust companies

            A.(1) An out-of-state trust company may act as a fiduciary from a trust office only if both of the following conditions are met:

            (a) The out-of-state trust company maintains a trust office in the state of Louisiana.

            (b) In the state where the out-of-state trust company has its principal location, similar institutions chartered under Louisiana law may establish offices and engage in substantially similar activities authorized under this Chapter.

            (2) Subject to the requirements of Paragraph (1) of this Subsection, an out-of-state trust company that maintains one or more trust offices in the state may at each office conduct any activity authorized to be conducted by a Louisiana trust company under this Chapter.

            (3) An out-of-state trust company may establish a trust representative office in Louisiana at which the out-of-state trust company may perform trust-related business, except that the company may not enter into any trust agreements pursuant to the laws of this state.

            B. An out-of-state trust company may solicit and market its fiduciary trust services in this state through the mail and other means of interstate commerce without maintaining a physical presence in this state and without filing an application or notice with the commissioner.

            Acts 2003, No. 573, §1, eff. June 27, 2003; Acts 2019, No. 334, §1, eff. June 11, 2019.