reglab/housing_qa huggingface dataset:
MT Code § 32-11-301 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-301. Disclosure of potential conflict of interest -- terms and conditions -- examples

  32-11-301. Disclosure of potential conflict of interest -- terms and conditions -- examples. (1) A person shall disclose a potential conflict of interest that occurs in a transaction in the financing documents of the transaction or, if the transaction does not involve financing assistance, in another appropriate document if the person:   (a) participates in a decision of a licensee relating to the transaction; and   (b) knows of a potential conflict of interest involving the transaction.   (2) If a licensee provides financing assistance to a business or engages in another business transaction and if the assistance or transaction involves a potential conflict of interest, the terms and conditions under which the licensee provides the assistance or engages in the transaction may not be less favorable to the licensee than the terms and conditions that would be required by the licensee in the ordinary course of business if the assistance or transaction did not involve a potential conflict of interest.   (3) Licensee transactions that involve a potential conflict of interest include:   (a) providing financing assistance to a principal shareholder of the licensee, to a person controlled by a principal shareholder of the licensee, or to a director, officer, partner, relative, controlling person, or affiliate of a principal shareholder of the licensee;   (b) providing financing assistance to a business to which one or more of the following provides or plans to provide contemporaneous financing assistance:   (i) a principal shareholder of the licensee;   (ii) a director, officer, partner, relative, controlling person, or affiliate of a principal shareholder of a licensee;   (iii) an affiliate of a principal shareholder of a licensee; or   (iv) a person controlled by a principal shareholder of the licensee;   (c) providing financing assistance to a business that has or is expected to have a substantial business relationship with another business that has a director, officer, or controlling person who is also:   (i) a director, officer, or controlling person of the licensee; or   (ii) the spouse of a director, officer, or controlling person of the licensee;   (d) providing financing assistance to a business if the business or a director, officer, or controlling person of the business contemporaneously has lent or will lend money to an associate of the licensee;   (e) providing financing assistance for the purchase of property of an associate or principal shareholder of the licensee;   (f) selling or otherwise transferring an asset of the licensee to an associate or principal shareholder of the licensee.   (4) In this section, "relative" means a parent, child, sibling, spouse, grandparent, grandchild, nephew, niece, aunt, or uncle or a relative of the same degree through marriage.   History: En. Sec. 27, Ch. 411, L. 2007.
MT Code § 32-11-302 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-302. Acquiring control of licensee -- application -- determination

  32-11-302. Acquiring control of licensee -- application -- determination. (1) A person may not acquire control of a licensee without the prior approval of the department.   (2) The department shall approve an application to acquire control of a licensee if the department determines that:   (a) the applicant and the directors and officers of the applicant are of good character and sound financial standing;   (b) it is reasonable to believe that the applicant will comply with this chapter; and   (c) the plans, if any, of the applicant to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee.   (3) If, after notice and a hearing, the department determines that the criteria for approval in subsection (2) have not been satisfied, the department shall deny the application.   (4) When the department is reviewing an application under this section, the department may determine that:   (a) an applicant or a director or officer of an applicant is not of good character if the person has been convicted of a crime involving fraud or dishonesty, including a conviction based on a guilty plea or plea of nolo contendere;   (b) an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee if the plan provides for a person to become a director or officer of the licensee and the person has been convicted of a crime involving fraud or dishonesty, including a conviction based on a guilty plea or plea of nolo contendere.   (5) The conditions described in subsection (4) are not the only conditions upon which the department may determine that an applicant or a director or an officer of an applicant is not of good character or that an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee.   History: En. Sec. 28, Ch. 411, L. 2007.
MT Code § 32-11-303 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-303. Merger -- purchase -- sale

  32-11-303. Merger -- purchase -- sale. (1) A licensee may not merge with another corporation unless the merger is approved by the department, and, if the licensee is not the surviving corporation, the surviving corporation is a licensee.   (2) A licensee may not purchase all or substantially all of the business of another person unless the purchase is approved by the department.   (3) A licensee may not sell all or substantially all of the licensee's business or of the business of an office of the licensee to another person unless the purchaser is a licensee and the sale is approved by the department.   (4) The department may not approve a merger, purchase, or sale under this section unless the department determines that:   (a) the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee;   (b) upon consummation of the merger, purchase, or sale, it is reasonable to believe that the acquiring licensee will comply with this chapter;   (c) the merger, purchase, or sale will not have a major detrimental effect on competition in providing financing assistance or management assistance to businesses or, if there will be a detrimental effect, the merger, purchase, or sale is necessary in the interests of the safety and soundness of a party to the merger, purchase, or sale or is otherwise, on balance, in the public interest.   History: En. Sec. 29, Ch. 411, L. 2007.
MT Code § 32-11-304 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-304. Records and report requirements

  32-11-304. Records and report requirements. (1) A licensee shall make and keep books, accounts, and other records in the form and manner, at the place, and for the period of time that the department establishes.   (2) A licensee, an affiliate of a licensee, and a subsidiary of a licensee shall file with the department the reports that the department requires. A report must be in the form and contain the information that the department requires.   (3) The department may require, by order, that a licensee include an asset on the licensee's books and records at a valuation that represents the current value of the asset.   (4) Not later than 90 days after the close of the calendar year, or a longer period if established by the department, a licensee shall file with the department an audit report containing:   (a) financial statements, including a balance sheet, statement of income or loss, statement of changes in capital accounts, and statement of changes in financial position for or as of the end of the calendar year, prepared with an audit by an independent certified public accountant in accordance with generally accepted accounting principles;   (b) a report, certificate, or opinion of the independent certified public accountant who performs the audit, stating that the financial statements were prepared in accordance with generally accepted accounting principles; and   (c) other information that the department may require.   History: En. Sec. 32, Ch. 411, L. 2007.
MT Code § 32-11-305 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-305. Records kept by others

  32-11-305. Records kept by others. (1) If a person other than a licensee makes or keeps all or part of the books, accounts, or other records of the licensee, this chapter applies to the person with respect to the books, accounts, and other records to the same extent as if the person were the licensee.   (2) If a person other than an affiliate or subsidiary of a licensee makes or keeps all or part of the books, accounts, or other records of the affiliate or subsidiary, this chapter applies to the person with respect to the books, accounts, and other records to the same extent as if the person were the affiliate or subsidiary.   (3) If the department considers it expedient, the department may require a licensee to obtain the approval of the department before permitting another person to make or keep all or part of the books, accounts, or other records of the licensee.   History: En. Sec. 33, Ch. 411, L. 2007.
MT Code § 32-11-306 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-306. Information on economic development effect

  32-11-306. Information on economic development effect. Each year in which a person is licensed under this chapter, the department shall publish and provide a report to the legislature in accordance with 5-11-210 on the effect of this chapter on promoting economic development in the state. The information must include aggregate statistics on:  (1) the number and dollar amount of the financing assistance made by licensees to businesses. The amounts must be organized into broad categories based on the types of industry involved. The North American Industry Classification System Manual may be used for the categories.   (2) the number and dollar amount of the financing assistance made by licensees to minority-owned businesses and to businesses owned by women; and   (3) estimates of the number of jobs created or retained.   History: En. Sec. 34, Ch. 411, L. 2007; amd. Sec. 1, Ch. 5, L. 2017; amd. Sec. 64, Ch. 261, L. 2021.
MT Code § 32-11-307 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-307. Examination of licensees and subsidiaries

  32-11-307. Examination of licensees and subsidiaries. (1) The department may at any time examine a licensee or an affiliate or subsidiary of a licensee. Licensure under this chapter constitutes implied consent to examination by the department.   (2) The department shall examine a licensee at least once during each calendar year.   (3) At the department's request, the following persons shall provide to the department the books, accounts, and records of a licensee or a licensee's affiliate or subsidiary and shall otherwise facilitate the department's examination of the licensee to the fullest extent possible:   (a) a director, officer, or employee of a licensee being examined by the department;   (b) a director, officer, or employee of an affiliate or subsidiary of a licensee being examined by the department;   (c) a person having custody of the books, accounts, or records of a licensee being examined by the department;   (d) a person having custody of the books, accounts, or records of an affiliate or subsidiary of a licensee being examined by the department.   (4) The department may retain a certified public accountant, attorney, appraiser, or other person to assist the department in the examination of a licensee or an affiliate or subsidiary of a licensee if the department determines that the assistance is necessary. Within 10 days after receipt of a statement from the department, the licensee being examined shall pay the fees of a person retained by the department under this subsection.   History: En. Sec. 35, Ch. 411, L. 2007.
MT Code § 32-11-308 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-308. Inspection or copying refusal

  32-11-308. Inspection or copying refusal. A person having custody of all or part of the books, accounts, or other records of a licensee may not knowingly refuse to allow the department, upon request, to inspect or make copies of the records.   History: En. Sec. 36, Ch. 411, L. 2007.
MT Code § 32-11-309 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-309. Restrictions on financing assistance

  32-11-309. Restrictions on financing assistance. (1) A licensee may not directly or indirectly provide financing assistance to an associate of the licensee.   (2) A licensee may not directly or indirectly provide financing assistance to discharge or to free money for use in discharging part or all of an obligation to an associate of the licensee. This subsection does not apply to a transaction of an associate of a licensee in the normal course of the associate's business involving a line of credit or financing assistance with a term of not more than 5 years.   History: En. Sec. 37, Ch. 411, L. 2007.
MT Code § 32-11-310 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-310. Contemporaneous financing assistance

  32-11-310. Contemporaneous financing assistance. (1) If the terms on which a licensee provides financing assistance to a business are less favorable to the licensee than the terms on which an associate of the licensee provides financing assistance to the business, the licensee may not directly or indirectly provide the assistance to the business within 1 year before or after the associate provides assistance.   (2) If the financing assistance provided by the licensee's associate is of a different kind from the financing assistance provided by the licensee, the burden is on the licensee to prove that the terms on which the licensee provided the financing assistance were at least as favorable to the licensee as the terms on which the associate provided the assistance.   (3) This section does not apply:   (a) if the associate is a controlling person of the licensee and is also the only shareholder of the licensee;   (b) if the associate is an affiliate or subsidiary of the licensee; or   (c) to a transaction of an associate of a licensee in the normal course of the associate's business involving either a line of credit or financing assistance with a term of not more than 5 years.   History: En. Sec. 38, Ch. 411, L. 2007.
MT Code § 32-11-311 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-311. Compensation of associate

  32-11-311. Compensation of associate. (1) An associate of a licensee may not directly or indirectly receive from a person to whom the licensee provides financing assistance:   (a) compensation in connection with the providing of the financing assistance; or   (b) other things of value for procuring, influencing, or attempting to procure or influence the licensee's action with respect to providing the financing assistance.   (2) This section does not apply to the receipt of fees by an associate of a licensee for bona fide services performed by the associate if:   (a) the associate, with the consent and knowledge of the person to whom the financing assistance is provided, is designated by the licensee to perform the services;   (b) the services are appropriate and necessary under the circumstances;   (c) the fees for the services are approved as reasonable by the licensee; and   (d) the fees for the services are collected by the licensee, and the licensee pays the associate.   History: En. Sec. 39, Ch. 411, L. 2007.
MT Code § 32-11-312 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-312. Associates

  32-11-312. Associates. (1) For purposes of 32-11-301 and 32-11-309 through 32-11-311, a person who is an associate within 6 months before or after a licensee provides financing assistance must be considered to be an associate as of the date the licensee provides the assistance.   (2) If a licensee, in order to protect the licensee's interests, designates a person to serve as a director of, officer of, or in a management capacity of a business to which the licensee provides financing assistance, the person may not, on that account, be considered to be an associate under 32-11-301 and 32-11-309 through 32-11-311. This subsection does not apply if the person has, directly or indirectly, another financial interest in the business or if the person, at any time before the licensee provides the financing assistance, served as a director of, officer of, or in another capacity in the management of the business for a period of 30 days or more.   History: En. Sec. 53, Ch. 411, L. 2007.
MT Code § 32-11-313 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 3. Acquisition and Merger|32-11-313. Exemptions

  32-11-313. Exemptions. (1) If the department finds that the exemption is in the public interest and that the regulation of the person or transaction is not necessary for the purposes of this chapter, the department may exempt a person or transaction from 32-11-309 through 32-11-311 for the purposes of a particular transaction.   (2) The exemption may be unconditional or upon specified terms and conditions and for specified periods.   History: En. Sec. 40, Ch. 411, L. 2007.
MT Code § 32-11-401 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 4. Investigations and Penalties|32-11-401. Investigations -- powers -- failure to comply or testify

  32-11-401. Investigations -- powers -- failure to comply or testify. (1) The department may investigate any matter, upon complaint or otherwise, if it appears that a person has engaged or offered to engage in any act or practice that is in violation of any provision of this chapter or any rule adopted or order issued by the department pursuant to this chapter.   (2) The department may issue subpoenas to compel the attendance of any witnesses and the production of books, accounts, records, documents, and other evidence in any matter over which the department has jurisdiction, control, or supervision under this chapter. The department may administer an oath or affirmation to any person whose testimony is required.   (3) If a person refuses to obey a subpoena or to give testimony or produce evidence as required by the subpoena, a judge of the district court of Lewis and Clark County or the county in which the licensee's premises are located may, upon application and proof of the refusal, issue a subpoena or subpoena duces tecum for the witness to appear before the department to give testimony and produce evidence as may be required. The clerk of court shall issue the subpoena requiring the person to whom it is directed to appear at the time and place designated in the subpoena.   (4) If a person served with a court-ordered subpoena refuses to obey the subpoena or to give testimony or produce evidence as required by the subpoena, the department may proceed under the contempt provisions of Title 3, chapter 1, part 5.   (5) Failure to comply with the requirements of a court-ordered subpoena is punishable under 45-7-309.   History: En. Sec. 30, Ch. 411, L. 2007.
MT Code § 32-11-402 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 4. Investigations and Penalties|32-11-402. Injunction -- appointment of receiver

  32-11-402. Injunction -- appointment of receiver. (1) If in the opinion of the department a person is using, has used, or is about to use any method, act, or practice that violates any provision of this chapter or any rule adopted or order issued by the department pursuant to this chapter, the department, upon determining that proceeding would be in the public interest, may bring an action in the name of the state to restrain by temporary or permanent injunction or temporary restraining order the use of the unlawful method, act, or practice.   (2) The notice for an action pursuant to subsection (1) must state generally the relief sought and must be served at least 20 days before the hearing of the action in which the relief sought is a temporary or permanent injunction. The notice for a temporary restraining order is governed by 27-19-315.   (3) An action under this section may be brought in the district court of Lewis and Clark County.   (4) (a) A district court may issue a temporary or a permanent injunction or a temporary restraining order to restrain and prevent violations of this chapter, and an injunction must be issued without bond to the department.   (b) If the department is successful in obtaining an injunction or a restraining order under this section, the department is entitled to reasonable attorney fees and costs.   (5) (a) In addition to all other means provided by law for the enforcement of a restraining order or an injunction, the district court of Lewis and Clark County may impound and appoint a receiver for the property and business of the defendant, including books, accounts, records, and documents pertaining to the property or business, or as much of the property or business as the court considers reasonably necessary to prevent violations of this chapter.   (b) The receiver, when appointed and qualified, has the powers and duties conferred by the court that may include custody, collection, administration, winding up of business, and liquidation of the property and business.   History: En. Sec. 41, Ch. 411, L. 2007.
MT Code § 32-11-403 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 4. Investigations and Penalties|32-11-403. Cease and desist orders

  32-11-403. Cease and desist orders. (1) If it appears to the department that a person is engaged in or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule adopted or order issued by the department pursuant to this chapter, the department may issue an order directing the person to cease and desist from continuing the act or practice after reasonable notice and opportunity for hearing. The department may issue a temporary order pending the hearing that:   (a) remains in effect until 10 days after the hearings examiner issues proposed findings of fact and conclusions of law; or   (b) becomes final if the person to whom notice is addressed does not request a hearing within 10 days after receipt of the notice.   (2) A violation of an order issued pursuant to this section is subject to the penalty provisions of this chapter.   History: En. Sec. 42, Ch. 411, L. 2007.