reglab/housing_qa huggingface dataset:
MT Code § 32-11-202 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-202. Requisite net worth

  32-11-202. Requisite net worth. (1) In order to receive a license, an applicant shall demonstrate to the satisfaction of the department that the applicant has raised sufficient capital so that:   (a) the net worth of the BIDCO is expected to be adequate, in the context of its business plan, to support the BIDCO's management team and to achieve an appropriate spreading of the risk involved in the BIDCO's provisions of financing assistance; and   (b) the BIDCO has a reasonable promise of being a viable, ongoing BIDCO, satisfying the basic objectives of its business plan, and achieving long-term financial success.   (2) The department may not establish a minimum net worth for a BIDCO under this section of less than $1.5 million.   History: En. Sec. 6, Ch. 411, L. 2007.
MT Code § 32-11-203 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-203. Fees -- special revenue account

  32-11-203. Fees -- special revenue account. (1) A fee for filing an application with the department must be paid at the time the application is filed with the department and is not refundable. A person shall pay the department:   (a) $5,000 for filing an application for a license;   (b) $1,250 for filing an application for approval to acquire control of a licensee;   (c) $1,250 for filing an application for approval for a merger, purchase, or sale under 32-11-303. If two or more applications relating to the same merger, purchase, or sale are filed, the fee for filing each application is the figure resulting from dividing $1,250 by the number of the applications.   (2) A licensee shall pay $2,500 each calendar year at a time established by the department.   (3) The department shall establish by rule a fee for the examination of a licensee or an affiliate or subsidiary of a licensee. The fee must be paid within 30 days after receiving a statement from the department. A fee established under this subsection must include:   (a) the proportionate part of the salaries and cost of employee benefits of the examiners while conducting the examination and while preparing the examination report; and   (b) the transportation costs and per diem costs of each examiner while away from the examiner's place of employment.   (4) Fees collected under this section must be deposited in the special revenue account established in subsection (5).   (5) There is a special revenue account to the credit of the department for use in administering this chapter.   History: En. Sec. 31, Ch. 411, L. 2007.
MT Code § 32-11-204 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-204. Criteria for directors, officers, and controlling persons

  32-11-204. Criteria for directors, officers, and controlling persons. (1) A license may be issued only if the department determines that each director, officer, and controlling person of the applicant is:   (a) of good character and sound financial standing;   (b) competent to perform the director's, officer's, or controlling person's functions for the applicant; and   (c) when considered collectively with the other directors, officers, and controlling persons, adequate to manage the business of the applicant as a BIDCO.   (2) The department may determine that a director, officer, or controlling person of an applicant is not of good character. Bases that the department may use to make that determination include proof that the director, officer, or controlling person or a director or officer of a controlling person has:   (a) had an administrative sanction imposed under the Program Fraud Civil Remedies Act of 1986, 31 U.S.C. 3801 through 3812, for an offense under 15 U.S.C. 645; or   (b) been convicted of or plead guilty or nolo contendere to a crime involving fraud or dishonesty, including a conviction for an offense under 15 U.S.C. 645.   History: En. Sec. 7, Ch. 411, L. 2007.
MT Code § 32-11-205 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-205. Determination of likelihood of future noncompliance

  32-11-205. Determination of likelihood of future noncompliance. The department may determine that it is not reasonable to believe that an applicant would comply with this chapter if licensed. Bases that the department may use to make that determination include proof that the applicant has been convicted of any felony or a misdemeanor involving fraud or dishonesty, including a conviction based on a guilty plea or plea of nolo contendere.   History: En. Sec. 8, Ch. 411, L. 2007.
MT Code § 32-11-206 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-206. Denial of application

  32-11-206. Denial of application. If the department denies a license, the department shall provide the applicant with a written statement explaining the reasons for the denial.   History: En. Sec. 9, Ch. 411, L. 2007.
MT Code § 32-11-207 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-207. License -- display -- transfer or assignment -- surrender

  32-11-207. License -- display -- transfer or assignment -- surrender. (1) A licensee shall post the license in a conspicuous place in the licensee's principal office.   (2) A licensee may not transfer or assign its license.   (3) Upon approval by a two-thirds vote of its board of directors and after complying with subsections (4) and (5), a licensee may apply to the department to have the department accept the surrender of the licensee's license. If the department determines that the requirements of subsections (4) and (5) have been satisfied, the department shall approve the application unless the department determines that the purpose of the application is to evade a current or prospective action by the department under 32-11-104, 32-11-402 through 32-11-407, and 32-11-411 through 32-11-413.   (4) Not less than 60 days before filing an application under subsection (3), a licensee shall notify all of its shareholders and creditors of its intention to file the application. Each creditor must be notified of the right to comment to the department. Each shareholder must be notified of the right to file with the licensee an objection to the proposed surrender of the license within the 60-day period and must be advised that, if the shareholder files an objection, the shareholder may also send a copy of the objection to the department.   (5) If shareholders representing 20% of the outstanding voting securities of the licensee file an objection with the licensee, the licensee may not proceed with the application unless the application is approved by a vote of shareholders representing two-thirds of the outstanding voting securities of the licensee.   History: En. Sec. 10, Ch. 411, L. 2007.
MT Code § 32-11-208 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-208. Corporate name and representation of status

  32-11-208. Corporate name and representation of status. (1) The corporate name of a licensee must include the word "BIDCO" or "Bidco" and must be distinguishable on the records of the department from the name of any other organized entity and from a reserved or registered name. A licensee may not transact business under a name other than its corporate name.   (2) Before being issued a license, a corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a corporation licensed under this chapter, the acts necessary to apply for and obtain a license and otherwise prepare to begin business as a licensee. The corporation may not represent that it is a licensee until after the license has been obtained.   History: En. Sec. 11, Ch. 411, L. 2007.
MT Code § 32-11-209 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-209. Misrepresentation

  32-11-209. Misrepresentation. (1) Except as otherwise provided in 32-11-208, a person transacting business in the state who is not a licensee may not knowingly use a name or title that indicates that the person is a BIDCO or otherwise represent that the person is a BIDCO or a licensee.   (2) A licensee may not knowingly misrepresent the meaning or effect of its license.   History: En. Sec. 12, Ch. 411, L. 2007.
MT Code § 32-11-210 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-210. Dividends

  32-11-210. Dividends. (1) A licensee may not pay or obligate itself to pay a cash dividend or dividend in kind to the licensee's shareholders unless the payment is consistent with a dividend policy that has been adopted by the licensee and approved by the department.   (2) When approving dividend policies under this section, the department shall consider the special characteristics of BIDCOs and the diverse range of dividend policies that are potentially appropriate for a BIDCO without allowing the licensee to engage in unsafe or unsound acts that could threaten the viability of the licensee as an ongoing BIDCO by eroding its capital base.   (3) The department may at any time withdraw a previous approval of a dividend policy if the department determines that the withdrawal is necessary to prevent unsafe or unsound acts.   History: En. Sec. 15, Ch. 411, L. 2007.
MT Code § 32-11-211 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-211. Stock buyback

  32-11-211. Stock buyback. A licensee may not buy back or obligate itself to buy back a share of equity interest from a shareholder without the prior approval of the department.   History: En. Sec. 16, Ch. 411, L. 2007.
MT Code § 32-11-212 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-212. Offices

  32-11-212. Offices. (1) A licensee shall maintain at least one office in this state.   (2) The location of each office of a licensee must be reasonably accessible to the public.   (3) A licensee shall post in a conspicuous place at each of the licensee's offices a sign that bears the corporate name of the licensee.   (4) If a licensee establishes, relocates, or closes an office, the licensee shall give the department written notice within 30 days of the event.   History: En. Sec. 17, Ch. 411, L. 2007.
MT Code § 32-11-213 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-213. and 32-11-214 reserved

  32-11-213 and 32-11-214 reserved.
MT Code § 32-11-215 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-215. Board of directors

  32-11-215. Board of directors. (1) The board of directors of a licensee must have at least seven directors.   (2) The board of directors shall hold at least one meeting each calendar quarter.   History: En. Sec. 13, Ch. 411, L. 2007.
MT Code § 32-11-216 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-216. Notice of officer and director changes

  32-11-216. Notice of officer and director changes. Within 30 days after each of the following events, the licensee shall notify the department in writing of the event and provide any additional information that the department requires:   (1) the death, resignation, or removal of a director or officer;   (2) the election of a director; or   (3) the appointment of an officer.   History: En. Sec. 14, Ch. 411, L. 2007.
MT Code § 32-11-217 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-217. Business of licensee -- general powers

  32-11-217. Business of licensee -- general powers. (1) A licensee may not engage in a business other than providing financing assistance and management assistance to businesses.   (2) In addition to the other powers provided by this chapter and the powers conferred on the licensee by the laws under which it is incorporated that are not inconsistent with this chapter, a licensee may:   (a) borrow money and otherwise incur indebtedness for the licensee's purposes, including the issuing of corporate bonds, debentures, notes, and other evidence of indebtedness. A licensee's indebtedness may be secured or unsecured and may involve equity features, including provisions for conversion to stock and warrants to purchase stock.   (b) make contracts;   (c) incur and pay necessary and incidental operating expenses;   (d) purchase, receive, hold, lease, acquire, sell, convey, mortgage, pledge, or otherwise acquire or dispose of real or personal property and the rights and privileges that are incidental and appurtenant to the transactions if the real or personal property is for the licensee's use in operating the licensee's business or if the real or personal property is acquired by the licensee from time to time in satisfaction of debts or the enforcement of obligations;   (e) make donations for charitable, educational, research, or similar purposes;   (f) provide financing assistance and management assistance to businesses and establish the terms and conditions of the assistance;   (g) implement a reasonable and prudent policy for conserving and investing the licensee's money before the money is used to provide financing assistance to businesses or to pay the expenses of the licensee; and   (h) exercise the incidental powers that are necessary, convenient, or reasonably related to providing financing assistance and management assistance to businesses.   History: En. Sec. 18, Ch. 411, L. 2007.
MT Code § 32-11-218 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-218. Financing assistance allowed -- forms, terms, conditions

  32-11-218. Financing assistance allowed -- forms, terms, conditions. (1) The financing assistance that a licensee may provide includes:   (a) loans;   (b) purchase of debt instruments;   (c) straight equity investments including the purchase of common stock or preferred stock;   (d) debt with equity features, including warrants to purchase stock, convertible debentures, or receipt of a percentage of net income or sales;   (e) royalty-based financing;   (f) debt guarantees; and   (g) property leasing.   (2) A licensee may determine the form, terms, and conditions for the financing assistance that it will provide.   History: En. Sec. 19, Ch. 411, L. 2007.
MT Code § 32-11-219 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-219. Participation in government programs

  32-11-219. Participation in government programs. (1) A licensee may participate in a federal, state, or local government program for which the licensee is eligible and that has as the program's function the provision or facilitation of financing assistance or management assistance to businesses.   (2) If a licensee participates in a program referred to in subsection (1), the licensee shall comply with the requirements of the program.   History: En. Sec. 20, Ch. 411, L. 2007.
MT Code § 32-11-220 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-220. Scope of management assistance

  32-11-220. Scope of management assistance. When providing management assistance, a licensee may provide management advice, management services, technical advice, and technical services.   History: En. Sec. 21, Ch. 411, L. 2007.
MT Code § 32-11-221 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-221. Limitation to purposes of business

  32-11-221. Limitation to purposes of business. Financing assistance and management assistance provided by a licensee to a business may be only for the business purposes of the business.   History: En. Sec. 22, Ch. 411, L. 2007.
MT Code § 32-11-222 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-222. Control of other businesses

  32-11-222. Control of other businesses. (1) A licensee may not hold control of another business except as provided under 32-11-223 and 32-11-224.   (2) In this section, "licensee" includes the licensee in concert with a director, officer, controlling person, or affiliate of the licensee.   History: En. Sec. 23, Ch. 411, L. 2007.
MT Code § 32-11-223 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-223. Control of assisted business

  32-11-223. Control of assisted business. (1) A licensee that has provided financing assistance to a business may acquire and hold control of the business to the extent that it becomes necessary to protect the licensee's interest as a creditor of or investor in the business.   (2) Unless the department approves a longer period, a licensee holding control of a business under this section shall divest itself of the control as soon as practicable or within 5 years after acquiring the interest, whichever is sooner.   (3) Within 30 days after a licensee exercises its authority to acquire and hold control of a business under this section, the licensee shall notify the department of the action. The notification must include the reasons why it is necessary for the licensee to acquire and hold control of the business and the length of time the licensee anticipates that it may be necessary to hold control of the business.   History: En. Sec. 24, Ch. 411, L. 2007.
MT Code § 32-11-224 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-224. Control of business providing financing assistance and management assistance or other businesses

  32-11-224. Control of business providing financing assistance and management assistance or other businesses. (1) With the approval of the department, a licensee may acquire and hold control of another business that is engaged only in the business of providing financing assistance and management assistance to businesses.   (2) With the approval of the department, a licensee may acquire and hold control of a business not otherwise allowed under 32-11-222, 32-11-223, and this section.   (3) The department may not approve an application under subsection (2) unless the department determines that:   (a) the acquisition and control will not cause the amount of the licensee's investments in businesses covered by this section to exceed 15% of the assets of the licensee; and   (b) in the department's judgment the approval will promote the purposes of this chapter.   (4) An approval under subsection (2) may not be for a period of more than 3 years unless the department determines that a longer period is necessary and consistent with the purposes of this chapter.   History: En. Sec. 25, Ch. 411, L. 2007.
MT Code § 32-11-225 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-225. Business practice standards and reserve

  32-11-225. Business practice standards and reserve. (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition.   (2) Subject to subsection (3), in determining whether a licensee is transacting business in a safe and sound manner, the department may not consider the risk of providing financing assistance to a business unless the department determines that the risk is great enough to demonstrate gross mismanagement when compared with the return that can be realistically expected.   (3) The department may:   (a) if the amount of the financing assistance is unduly large in relation to the total assets or the total shareholder equity of the licensee, determine that a licensee's financing assistance to a single business or group of affiliated businesses violates subsection (1) or constitutes an unsafe or unsound act;   (b) require that a licensee maintain a reserve in the amount of anticipated losses;   (c) require that a licensee have in effect a written financing assistance policy approved by the licensee's board of directors, including credit evaluation and other matters. The department may not require that a licensee adopt a financing assistance policy that contains standards that prevent the licensee from exercising needed flexibility in evaluating and structuring financing assistance to businesses on an individual basis.   History: En. Sec. 26, Ch. 411, L. 2007.
MT Code § 32-11-226 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 11. Business and Industrial Development Corporations|Part 2. Licensure Procedures -- Board of Directors|32-11-226. Other licenses

  32-11-226. Other licenses. A corporation that is licensed under this chapter may apply for and be issued a license under another law of the state, the federal government, or another state unless the transaction of business by the corporation as a licensee under the other license would violate this chapter or would be contrary to the purposes of this chapter.   History: En. Sec. 54, Ch. 411, L. 2007.