reglab/housing_qa huggingface dataset:
MT Code § 32-2-601 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 6. General Provisions|32-2-601. Short title -- application -- purpose

  32-2-601. Short title -- application -- purpose. (1) This chapter may be cited as the "Mutual Savings and Loan Association Act".  (2) A corporation that has been incorporated for the purpose of encouraging home ownership and thrift and making substantially all of its loans in qualified thrift investments is known in this chapter as a state mutual association of the department, which shall enforce all laws with respect to it.   (3) This chapter applies to:   (a) all mutual associations specified in 32-2-602;   (b) corporations that subject themselves to This chapter; and   (c) persons, partnerships, or corporations who by violating this chapter become subject to the penalties provided in this chapter.   (4) The purpose of this chapter is to provide the state with a sound system of state-chartered mutual associations by providing for and encouraging the development of state-chartered mutual associations while restricting their activities to the extent necessary to protect the interest of depositors. The purpose includes:   (a) the sound conduct of the business of mutual associations;   (b) the conservation of mutual association assets;   (c) the maintenance of adequate reserves against deposits;   (d) the opportunity for mutual associations to compete with other businesses, including but not limited to other financial organizations existing under the laws of this state, other states, the United States, and foreign countries;   (e) the opportunity for mutual associations to serve the citizens of this state;   (f) the opportunity for mutual associations to participate in and promote the economic progress of Montana and the United States; and   (g) the opportunity for the management of mutual associations to exercise business judgment in conducting the affairs of their institutions.   (5) A corporation operated for the purpose of encouraging home ownership and thrift and making substantially all of its loans in qualified thrift investments is known as a mutual association and is under the supervision of the department, which shall enforce all laws with respect to it.   (6) The mutual associations have continual succession and must be organized under the provisions of this chapter.   (7) This chapter does not restrict the activities of mutual associations for the purpose of protecting any person from competition from financial organizations and does not confer any right or cause of action on any competitor.   (8) This section constitutes the standard to be observed by the commissioner of banking and financial institutions in the exercise of authority under this chapter and provides guidelines in the construction and application of this chapter.   History: En. Sec. 1, Ch. 431, L. 2021.
MT Code § 32-2-602 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 6. General Provisions|32-2-602. General applicability

  32-2-602. General applicability.It is unlawful for any corporation, partnership, firm, or individual to engage in or transact business as a mutual association, as defined in 32-2-603, except by means of a corporation organized for that purpose.  History: En. Sec. 2, Ch. 431, L. 2021.
MT Code § 32-2-604 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 6. General Provisions|32-2-604. through 32-2-606 reserved

  32-2-604 through 32-2-606 reserved.
MT Code § 32-2-607 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 6. General Provisions|32-2-607. Notice of violation -- administrative hearing -- penalties -- liability

  32-2-607. Notice of violation -- administrative hearing -- penalties -- liability. (1) If the department has reasonable cause to believe that a person has violated this chapter, a rule promulgated under this chapter, or an order issued by the department or has made a material misrepresentation to the department by act or omission, the department may issue an administrative notice stating the alleged violation to the person.  (2) The Montana Administrative Procedure Act's provisions for contested cases and judicial review of contested cases apply to civil violations of this chapter.   (3) Any mutual association that maintains procedures reasonably adapted to avoid any inadvertent and unintentional error and, as a result of such an error, fails to submit or publish any report or information required by this chapter within the period of time specified by this chapter, or submits or publishes any false or misleading report or information, or inadvertently transmits or publishes any report that is minimally late is subject to a penalty of not more than $500 for each day during which the failure continues or the false or misleading information is not corrected. The mutual association has the burden of proving by a preponderance of the evidence that an error was inadvertent and unintentional and that a report was inadvertently transmitted or published late.   (4) Any mutual association that fails to submit or publish any report or information required within the period of time specified by this chapter or submits or publishes any false or misleading report or information in a manner not described in subsection (3) is subject to a penalty of not more than $5,000 for each day during which the failure continues or the false or misleading information is not corrected.   (5) If any mutual association knowingly or with reckless disregard for the accuracy of any information or report described in subsection (4) submits or publishes any false or misleading report or information, the division may assess a penalty of not more than $10,000 for each day during which the failure continues or the false or misleading information is not corrected.   (6) The department's remedies specified in this chapter are cumulative.   (7) All civil penalties collected pursuant to this section must be deposited in the special revenue account for use by the department in its supervision of mutual associations.   History: En. Sec. 4, Ch. 431, L. 2021.
MT Code § 32-2-608 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 6. General Provisions|32-2-608. Criminal liabilities

  32-2-608. Criminal liabilities. (1) A person who knowingly and purposefully violates any provision of this chapter or any rule or order under this chapter shall upon conviction be fined not more than $5,000 or imprisoned not more than 10 years, or both. However, if the person has been previously convicted of a felony in any way involving financial institutions, the person shall be imprisoned for not less than 1 year.  (2) The commissioner may refer evidence that may be available concerning violations of this chapter or of any rule or order under this chapter to the attorney general or the proper prosecuting attorney, who may in the prosecutor's discretion, with or without a reference, institute the appropriate criminal proceedings under this chapter.   (3) The provisions of this chapter do not limit the power of the state to punish any person for any conduct that constitutes a crime.   History: En. Sec. 5, Ch. 431, L. 2021.
MT Code § 32-2-702 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-702. Payments by mutual associations

  32-2-702. Payments by mutual associations. Each mutual association under the supervision of the department shall pay to the department fees set by the department by rule to recover all of the costs of administering the program for supervision of mutual associations. The department may amend the rule setting the fees on or before June 1 and December 1 of each year. The funds collected must be deposited in the state special revenue fund for the use of the department in its supervision of mutual associations.  History: En. Sec. 7, Ch. 431, L. 2021.
MT Code § 32-2-703 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-703. Examination -- request of directors

  32-2-703. Examination -- request of directors. If requested in writing, upon the authority of a majority of the board of directors of any mutual association to make an examination of the mutual association, the department shall do so.  History: En. Sec. 8, Ch. 431, L. 2021.
MT Code § 32-2-704 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-704. Department rulemaking

  32-2-704. Department rulemaking. (1) The department may promulgate reasonable rules and orders concerning bookkeeping and accounting by state mutual associations, including the keeping of reasonable credit information, information in connection with assets, or information in connection with charged-off items.  (2) The department may adopt uniform rules to govern the examination and reports of mutual associations and prescribe the form in which mutual associations report their assets, liabilities, and reserves.   (3) The department may promulgate reasonable rules concerning applications for and determinations on applications for the formation, relocation, closure, and sale of branch mutual associations.   (4) The department may adopt rules, issue orders and declaratory statements, disseminate information, and exercise its discretion to effectuate the purposes, policies, and provisions of this chapter.   History: En. Sec. 9, Ch. 431, L. 2021.
MT Code § 32-2-705 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-705. Reliance on order -- limit on liability

  32-2-705. Reliance on order -- limit on liability. (1) A person acting in good faith reliance on a rule, order, or declaratory statement issued by the division is not subject to any criminal, civil, or administrative liability for the action if a subsequent decision by a court of competent jurisdiction invalidates the rule, order, or declaratory statement.  (2) In the case of an order or declaratory statement that is not of general application, only the person to whom the order or declaratory statement was issued is entitled to rely on it unless a third person is dealing with material facts or circumstances that are substantially the same as those on which the order or declaratory statement was based.   History: En. Sec. 10, Ch. 431, L. 2021.
MT Code § 32-2-706 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-706. Reports to department

  32-2-706. Reports to department. (1) A mutual association shall make to the department regular call reports at least four times each year according to the form that may be prescribed by the department, verified by oath or affirmation of the president, vice president, or cashier of the mutual association, and attested by the signature of at least two of the directors other than the subscribing officer.  (2) Each call report must exhibit in detail and under appropriate schedules the resources and liabilities of the mutual association at the close of business on any past day specified by the department. The past day specified by the department, under the provisions of this section, must be the day designated by the comptroller of the currency of the United States for reports of national banking associations.   (3) The call report must be transmitted to the department within 30 days after the past day specified under subsection (2). A mutual association's successful and timely electronic transmittal of its call report to the applicable federal regulatory authority satisfies the mutual association's obligation to transmit the report to the department. The original signature page of the mutual association's call report that complies with subsection (1) must be permanently retained by the mutual association and available for the department's review.   History: En. Sec. 11, Ch. 431, L. 2021.
MT Code § 32-2-707 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-707. Special reports to department

  32-2-707. Special reports to department. In addition to the information obtained from the call report required by 32-2-706, the department may also require a mutual association to furnish a special report in writing, verified as required by 32-2-706, if in its judgment the special report is necessary to inform it fully of the actual financial condition and affairs of the mutual association.  History: En. Sec. 12, Ch. 431, L. 2021.
MT Code § 32-2-708 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-708. and 32-2-709 reserved

  32-2-708 and 32-2-709 reserved.
MT Code § 32-2-710 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-710. Confidentiality -- penalties

  32-2-710. Confidentiality -- penalties. (1) (a) Reports and statement under 32-2-701, 32-2-703, and 32-2-707 are confidential. Except for information made public by the federal deposit insurance corporation or another federal mutual association authority's publicly accessible website, any information contained in the reports and statements is confidential. Except as provided in subsection (1)(b), confidential information may not be disclosed to persons who are not officially associated with the department and must be used by the department only to further its official duties.  (b) The department may exchange information with federal financial institution regulatory agencies and with the financial regulatory departments of other states. The department may furnish reports of its examination findings under 32-2-701 and 32-2-703 to a federal home loan bank, as defined in the Federal Home Loan Bank Act of 1932, 12 U.S.C. 1422. The department may furnish information to the legislative auditor for use in pursuit of official duties. A prosecuting official may obtain the information by court order.   (2) Any knowledge or information gained or discovered by the department in pursuance of its powers or duties is confidential information of the department. The information may not, except as provided in subsection (1)(b), be disclosed to any person not officially associated with the department. The information must be used by the department only to further its official duties.   (3) An employee or agent of the department who violates this section or willfully makes a false official report as to the condition of a mutual association must be removed from office and is guilty of a felony. Upon conviction, the person shall be fined an amount not exceeding $1,000, be imprisoned in a state correctional facility for a term not exceeding 5 years, or both.   History: En. Sec. 13, Ch. 431, L. 2021.
MT Code § 32-2-711 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 7. Department Responsibility|32-2-711. Prohibited practices

  32-2-711. Prohibited practices. (1) It is unlawful for any person to knowingly and purposefully:  (a) make any material false statement of facts, statement of accounts, or report to the department; or   (b) make any false entries in the books of the mutual association.   (2) It is unlawful for any person to knowingly exhibit false documents with the intent to deceive any person authorized to examine a mutual association.   (3) Violations of this section are punishable as provided in 32-2-608.   History: En. Sec. 14, Ch. 431, L. 2021.
MT Code § 32-2-801 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-801. Formation

  32-2-801. Formation. (1) Five or more individuals who are residents of this state may, with the approval of the commissioner, incorporate a mutual association.  (2) The persons proposing to incorporate a mutual association shall apply for approval to incorporate by submitting the application in a form prescribed by the commissioner, which must be under oath and include all of the following plus any additional information that the department may require by rule as necessary or appropriate in the particular instance for the protection of depositors, borrowers, or members and the public interest:   (a) the proposed articles of incorporation and bylaws set forth in 32-2-805 through 32-2-807;   (b) an application for reservation of a name in accordance with 35-14-402, if reservation is desired by the incorporators and has not been previously filed; and   (c) information to demonstrate the proposed mutual association will satisfy the following requirements:   (i) a persuasive showing that there is a reasonable public necessity and demand for a new mutual association at the proposed location;   (ii) that the mutual association will be managed by persons of good moral character and financial integrity who have sufficient management experience to ensure that the mutual association will be operated safely and soundly;   (iii) a persuasive showing that the new mutual association will have sufficient volume of business to ensure solvency and that establishment of the new mutual association organized under the laws of this state will be in the public interest;   (iv) the proposed minimum amount of initial capital contribution to be deposited, which must be set by the commissioner;   (v) an application fee, which must be set by the department by rule; and   (vi) Any other information the commissioner requires by rule or in a specific application.   History: En. Sec. 16, Ch. 431, L. 2021.
MT Code § 32-2-802 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-802. Notice of acceptance of application

  32-2-802. Notice of acceptance of application. If the department determines that a completed application has been received, it shall issue a notice of acceptance of application to the applicant.  History: En. Sec. 17, Ch. 431, L. 2021.
MT Code § 32-2-803 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-803. Notice of proposed incorporation

  32-2-803. Notice of proposed incorporation. (1) (a) Within 10 days after receipt from the department of a notice of acceptance of an application, the applicant shall publish notice of the proposed incorporation in a newspaper of general circulation in the county where the mutual association's initial main office is to be located. The applicant shall publish the notice once a week for 2 weeks and furnish a certified copy of the affidavit of publication to the department.  (b) The notice shall specify the name of the proposed mutual association, its location, the amount of the proposed capital, the names of the incorporators, the address of the commissioner, and the date by which comments on the application must be filed with the commissioner, which is 30 days after the date of the first publication of the notice.   (2) If any comments on the application are filed with the commissioner within the 30-day period prescribed in subsection (1), the commissioner shall determine whether the comments are relevant to the requirements for incorporation of the mutual association and, if so, investigate the comments in the manner the commissioner considers appropriate.   History: En. Sec. 18, Ch. 431, L. 2021.
MT Code § 32-2-804 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-804. Department investigation

  32-2-804. Department investigation. (1) The department may gather all available information relative to an application. The department may also make, or cause to be made, any investigations of any individual associated with the applicant as may be warranted under the circumstances, including a full background check and credit check.  (2) The department may use any administrative procedure necessary, including the taking of depositions, discovery, subpoenas, and the production of documents, to investigate an application. The Montana Administrative Procedure Act applies.   History: En. Sec. 19, Ch. 431, L. 2021.
MT Code § 32-2-805 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-805. Articles of incorporation

  32-2-805. Articles of incorporation. (1) A mutual association's articles of incorporation must contain the following:  (a) the information required by 35-14-202(1);   (b) the name of the city or town and county within the state in which the principal office of the corporation is to be located;   (c) the names and business addresses of the initial incorporators;   (d) the number of the board of directors and the names of those agreed on for the first year; and   (e) the purpose for which the mutual association is formed, which may be set forth by the use of the general terms defined in this chapter, with reference to each line of business in which the proposed corporation desires to engage.   (2) A mutual association may not adopt or use the name of any other mutual association, and the corporation name must comply with 35-14-401(2) through (4) and 32-1-402.   (3) A mutual association may not be organized or incorporated until the articles of incorporation have been reviewed and approved by the department and until the mutual association has obtained a certificate from the department authorizing the proposed corporation to transact the business specified in the articles of incorporation within this state.   (4) A mutual association may not amend or restate its articles of incorporation until its articles of amendment or restatement have been reviewed and approved by the department. A mutual association shall make a true copy of its articles of incorporation and bylaws and all related amendments available to account holders at all times in each office of the mutual association and shall on request and payment of a reasonable copying fee deliver to any account holders a copy of the articles of incorporation and bylaws and related amendments.   History: En. Sec. 20, Ch. 431, L. 2021.
MT Code § 32-2-806 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-806. Incorporation

  32-2-806. Incorporation. The proposed articles of incorporation must be presented to the department, together with an application in writing in the form prescribed by the department, for a certificate authorizing the proposed corporation to transact the business specified in the articles of incorporation within this state.  History: En. Sec. 21, Ch. 431, L. 2021.