reglab/housing_qa huggingface dataset:
MT Code § 32-3-606 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-606. Line of credit

  32-3-606. Line of credit. Upon their own motion or upon application by a member, the credit committee or credit manager may approve a line of credit in advance, and advances may be granted to each member within the limit of such extension of credit. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligation does not exceed the limit of such extension of credit.   History: En. 14-653 by Sec. 53, Ch. 38, L. 1975; R.C.M. 1947, 14-653.
MT Code § 32-3-607 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-607. Other loan programs

  32-3-607. Other loan programs. (1) A credit union may participate in loans to credit union members jointly with other credit unions, corporations, or financial organizations.   (2) A credit union may participate in guaranteed loan programs of the federal and state government.   (3) A credit union may purchase the conditional sales contracts, notes, and similar instruments of its members.   History: En. 14-654 by Sec. 54, Ch. 38, L. 1975; R.C.M. 1947, 14-654.
MT Code § 32-3-608 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-608. Loans to officials

  32-3-608. Loans to officials. (1) (a) Except as provided in subsection (1)(b), a credit union may make loans to its officials if:   (i) the loan complies with the requirements of this chapter with respect to loans to other borrowers and is not on terms more favorable than those extended to other borrowers; and   (ii) the loan or aggregate of loans to any one official that exceeds $20,000 plus pledged shares is reported to the board of directors. Loans to officials may not exceed an aggregate of 20% of unimpaired capital of the credit union.   (b) Employees other than officials may receive loans more favorable than those extended to other borrowers, including low-interest or no-interest loans.   (2) A credit union may permit directors, loan officers, the credit manager, and members of its supervisory and credit committees to act as comakers, guarantors, or endorsers of loans to other members. If the loan standing alone or when added to any outstanding loan or loans to the comaker, guarantor, or endorser exceeds $20,000, a report to the board of directors is required.   History: En. 14-655 by Sec. 55, Ch. 38, L. 1975; R.C.M. 1947, 14-655; amd. Sec. 2, Ch. 365, L. 1997; amd. Sec. 35, Ch. 237, L. 2003; amd. Sec. 12, Ch. 317, L. 2015.
MT Code § 32-3-609 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-609. Insurance for members -- debt cancellation and suspension programs

  32-3-609. Insurance for members -- debt cancellation and suspension programs. (1) A credit union may purchase or make available insurance for its members in amounts related to their respective ages, shares, or loan balances or to any combination of them.   (2) A credit union may, upon application to and approval by the department of administration pursuant to 32-3-206, offer debt cancellation and suspension programs. Debt cancellation or suspension programs offered pursuant to this subsection are not insurance products subject to the provisions of Title 33. The department shall adopt rules to implement this subsection that must be substantially equivalent to or more stringent than federal laws, regulations, and regulatory guidelines that are applicable to debt cancellation or suspension programs offered by federal credit unions.   History: En. 14-656 by Sec. 56, Ch. 38, L. 1975; R.C.M. 1947, 14-656; amd. Sec. 2, Ch. 138, L. 2011.
MT Code § 32-3-610 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-610. Liability insurance for officers

  32-3-610. Liability insurance for officers. A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the credit union or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's status as such, whether or not the credit union would have the power to indemnify such person against such liability.   History: En. 14-657 by Sec. 57, Ch. 38, L. 1975; R.C.M. 1947, 14-657.
MT Code § 32-3-611 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-611. Share insurance

  32-3-611. Share insurance. (1) Each credit union shall maintain insurance on its share accounts under the provisions of Title II of the Federal Credit Union Act or through a legally constituted insurance plan approved by the commissioner of insurance and the department of administration.   (2) A credit union may not begin operation or transact any business until proof that it has obtained insurance under the provisions of Title II of the Federal Credit Union Act or under an approved insurance plan has been furnished to the department.   (3) A credit union operating in violation of this section is subject to an order of suspension as provided for in 32-3-205.   (4) Subject to the provisions of 32-3-207, the department shall make available reports of condition and examination reports to the national credit union administration or any official of an insurance plan and may accept any report of examination made on behalf of the national credit union administration or insurance plan official. The department may appoint the national credit union administration or any official of an insurance plan as liquidating agent of an insured credit union.   History: En. 14-658 by Sec. 58, Ch. 38, L. 1975; R.C.M. 1947, 14-658; amd. Sec. 7, Ch. 36, L. 1979; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 7, Ch. 522, L. 1985; amd. Sec. 95, Ch. 483, L. 2001; amd. Sec. 36, Ch. 237, L. 2003; amd. Sec. 22, Ch. 3, L. 2019.
MT Code § 32-3-701 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 7. Investments and Reserves|32-3-701. Investment of funds -- rulemaking

  32-3-701. Investment of funds -- rulemaking. (1) Funds not used in loans to members may be invested in:   (a) securities, obligations, or other instruments issued by or fully guaranteed as to principal and interest by the United States of America or any agency of the United States government or in any trust established for investing directly or collectively in securities, obligations, or other instruments issued by or fully guaranteed as to principal and interest by the United States government;   (b) general obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the several territories organized by congress, or any political subdivisions of entities listed in this subsection (1)(b);   (c) certificates of deposit or passbook type accounts issued by a state or national bank, mutual savings bank, building and loan association, or savings and loan association;   (d) loans to or in shares or deposits of other credit unions;   (e) the capital shares, obligations, or preferred stock issues of any agency or association organized either as a stock company, mutual association, or membership corporation, provided the membership or stockholdings, as the case may be, of the agency or association are primarily confined or restricted to credit unions or organizations of credit unions and provided the purposes for which the agency or association is organized are designed primarily to service or otherwise assist credit union operations;   (f) shares of a cooperative society organized under the laws of this state or of the laws of the United States in the total amount not exceeding 10% of the shares and surplus of the credit union;   (g) loans to any credit union association or corporation, national or state, of which the credit union is a member, except that the investments authorized under this subsection (1)(g) must be limited to 2% of the assets of the credit union.   (2) A credit union may purchase, sell, underwrite, and hold other investment securities that are obligations in the form of bonds, notes, or debentures, as provided in rules adopted by the department. However, a credit union may not purchase, sell, underwrite, or hold investment securities that are derivative transactions.   (3) The department shall adopt rules to implement this section.   History: En. 14-659 by Sec. 59, Ch. 38, L. 1975; R.C.M. 1947, 14-659; amd. Sec. 13, Ch. 317, L. 2015.
MT Code § 32-3-702 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 7. Investments and Reserves|32-3-702. Maintenance of regular reserve account

  32-3-702. Maintenance of regular reserve account. The department of administration may require a credit union to establish and maintain, at a certain level, a regular reserve account as a contingency to address potential losses. The department may rely on standards adopted by the national credit union administration (NCUA) in making any determination to require a credit union to establish a regular reserve account.   History: En. 14-660 by Sec. 60, Ch. 38, L. 1975; R.C.M. 1947, 14-660; amd. Sec. 2, Ch. 64, L. 2003; amd. Sec. 37, Ch. 237, L. 2003.
MT Code § 32-3-703 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 7. Investments and Reserves|32-3-703. Use of regular reserve account

  32-3-703. Use of regular reserve account. The regular reserve account belongs to the credit union and must be used to meet losses including, with prior approval of the department of administration, losses from the sale of investments or securities. The regular reserve account may not be used to meet losses resulting from an excess of expenses over income and may not be distributed except on liquidation of the credit union or in accordance with a plan approved by the department.   History: En. 14-661 by Sec. 61, Ch. 38, L. 1975; R.C.M. 1947, 14-661; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 1, Ch. 219, L. 1983; amd. Sec. 96, Ch. 483, L. 2001; amd. Sec. 38, Ch. 237, L. 2003.
MT Code § 32-3-704 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 7. Investments and Reserves|32-3-704. Repealed

  32-3-704. Repealed. Sec. 3, Ch. 64, L. 2003; sec. 40, Ch. 237, L. 2003.   History: En. 14-662 by Sec. 62, Ch. 38, L. 1975; R.C.M. 1947, 14-662; amd. Sec. 1, Ch. 4, L. 1991; amd. Sec. 42, Ch. 18, L. 1995.
MT Code § 32-3-705 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 7. Investments and Reserves|32-3-705. Special reserves

  32-3-705. Special reserves. In addition to the regular reserve account, special reserves to protect the interest of members must be established:   (1) when required by regulation; or   (2) when found by the board of directors of the credit union or by the department of administration to be necessary.   History: En. 14-663 by Sec. 63, Ch. 38, L. 1975; R.C.M. 1947, 14-663; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 97, Ch. 483, L. 2001; amd. Sec. 39, Ch. 237, L. 2003.
MT Code § 32-3-801 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-801. Organization

  32-3-801. Organization. A corporate credit union may be organized and operated under this chapter and is subject to all provisions not inconsistent with this part. The credit union shall use the term "corporate" in its official name.   History: En. 14-668 by Sec. 68, Ch. 38, L. 1975; R.C.M. 1947, 14-668; amd. Sec. 1, Ch. 66, L. 1993; amd. Sec. 43, Ch. 18, L. 1995.
MT Code § 32-3-802 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-802. Purpose -- membership

  32-3-802. Purpose -- membership. (1) A corporate credit union must be operated primarily for the purpose of serving other credit unions.   (2) Membership in a corporate credit union must include credit unions organized and operating under this chapter or under any other credit union law.   (3) Membership may also include:   (a) officers, directors, committee members, and employees of credit unions; or   (b) organizations and associations of those persons or organizations enumerated in subsections (2) and (3)(a).   (4) The membership of a corporate credit union may not include more than seven natural persons as described in subsection (3)(a).   History: En. 14-669 by Sec. 69, Ch. 38, L. 1975; R.C.M. 1947, 14-669; amd. Sec. 2, Ch. 66, L. 1993.
MT Code § 32-3-803 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-803. Voting representative -- conflict of interest

  32-3-803. Voting representative -- conflict of interest. (1) Each credit union that is a member of a corporate credit union may designate one person to be its voting representative in the corporate credit union. The person must be designated by the board of directors of the member credit union. The voting representative is eligible to hold office in the corporate credit union as if the person were a member of the corporate credit union.   (2) (a) A director, committee member, officer, agent, or employee may not in any manner participate in the deliberation or determination of any question affecting that person's personal pecuniary interest.   (b) A director, officer, agent, or employee may not in any manner participate in the determination of any matter material in amount, as defined by rule by the department, affecting the pecuniary interest of any corporation, partnership, or association, other than the corporate credit union, in which that person has a direct or indirect interest, except for matters involving payment of dividends to the membership.   (3) The department shall adopt rules implementing this section in substantial conformance with Title 12, part 704, Code of Federal Regulations.   History: En. 14-670 by Sec. 70, Ch. 38, L. 1975; R.C.M. 1947, 14-670; amd. Sec. 3, Ch. 66, L. 1993; amd. Sec. 140, Ch. 42, L. 1997; amd. Sec. 3, Ch. 365, L. 1997.
MT Code § 32-3-804 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-804. Additional rights and powers -- department rules

  32-3-804. Additional rights and powers -- department rules. (1) Except as limited by this part and rules adopted pursuant to this part, a corporate credit union has all of the rights and powers of any other credit union organized under this chapter and the additional rights and powers specified in this part.   (2) A corporate credit union may, as permitted by rules of the department, make loans to other credit unions and provide correspondent services and other financial services to other credit unions.   (3) A corporate credit union may, as permitted by rules of the department, invest in and grant loans to associations of credit unions, central funds of credit unions, or organizations chartered to provide service to credit unions.   (4) A corporate credit union may, as permitted by rules of the department, borrow and accept money from any source and issue notes or debentures.   (5) A corporate credit union may, as permitted by rules of the department, make reasonable and prudent investments.   (6) The department shall adopt rules governing corporate credit union loans, borrowing, investments, strategic planning, funds management, capital goals, and services. The rules must be in substantial conformance with Title 12, part 704, Code of Federal Regulations.   (7) A corporate credit union may issue membership capital accounts as provided in 32-3-805.   (8) A corporate credit union may issue paid-in capital and nonmember paid-in capital as provided in 32-3-810.   (9) A corporate credit union with corporate shareholdings equal to or in excess of 95% of its total assets may, by vote of its board of directors, elect exemption of insurance on share accounts under the provisions of Title II of the Federal Credit Union Act.   History: En. 14-671 by Sec. 71, Ch. 38, L. 1975; amd. Sec. 1, Ch. 111, L. 1977; R.C.M. 1947, 14-671; amd. Sec. 1, Ch. 233, L. 1979; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 4, Ch. 66, L. 1993; amd. Sec. 4, Ch. 365, L. 1997.
MT Code § 32-3-805 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-805. Membership capital accounts

  32-3-805. Membership capital accounts. (1) A corporate credit union may issue membership capital accounts to members that are available to cover losses that exceed reserves and undivided earnings and paid-in capital.   (2) (a) For purposes of this section, "membership capital account" means a share, deposit, term certificate, adjusted balance, or other account that:   (i) is established, at a minimum, as a 3-year notice account;   (ii) is limited to members;   (iii) is not subject to share insurance coverage by the national credit union share insurance fund or other deposit insurers; and   (iv) in the event of liquidation of the corporate credit union, is payable only after satisfaction of all liabilities of the liquidation estate, including uninsured obligations to shareholders and the national credit union share insurance fund.   (b) Upon written notice of intent to withdraw membership capital, the balance of the account will be frozen with no annual adjustment until the conclusion of the notice period, except in the case of a credit union that is placed into liquidation, is purchased and assumed, or is merged.   (c) Upon notification of intent to withdraw, the amount of the account on notice that may be considered membership capital is reduced by a constant monthly amortization that ensures that the recognition of membership capital is fully amortized at the end of the notice period.   (d) The full balance of a membership capital account that has been placed on notice, not just the remaining nonamortized portion, is available to absorb losses in excess of reserves and undivided earnings and of paid-in capital until the funds are released by the corporate credit union at the conclusion of the notice period.   (3) A membership capital account may not be used to pledge borrowings.   (4) Corporate credit unions that issue membership capital accounts shall disclose the terms and conditions of the account when it is opened and at least annually thereafter.   History: En. Sec. 5, Ch. 66, L. 1993; amd. Sec. 5, Ch. 365, L. 1997.
MT Code § 32-3-806 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-806. Fixed assets -- department rules

  32-3-806. Fixed assets -- department rules. (1) A corporate credit union may not invest in fixed assets if the aggregate of those investments would exceed 15% of capital, unless the credit union receives prior written approval from the department and the national credit union administration board.   (2) The department shall adopt rules for the administration of subsection (1) and for governing ownership of fixed assets by a corporate credit union. The rules must be in substantial conformance with Title 12, part 704, Code of Federal Regulations.   History: En. Sec. 6, Ch. 66, L. 1993.
MT Code § 32-3-807 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-807. Corporate reserves -- department rules

  32-3-807. Corporate reserves -- department rules. (1) A corporate credit union shall maintain a minimum capital to assets ratio according to rules adopted by the department in substantial conformance with Title 12, part 704, Code of Federal Regulations.   (2) The department shall adopt rules for the administration of subsection (1).   History: En. Sec. 7, Ch. 66, L. 1993; amd. Sec. 6, Ch. 365, L. 1997.
MT Code § 32-3-808 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-808. Annual audit

  32-3-808. Annual audit. (1) The supervisory committee of a corporate credit union shall require an annual opinion audit to be made by an independent, licensed certified public accountant and shall submit the audit report to the board of directors. A summary of the audit report must be submitted to the membership at the next annual meeting.   (2) The auditor's workpapers must be made available for review by state and federal regulatory examiners during any examination conducted by the examiners.   (3) A copy of the audit report and reportable conditions letter, otherwise known as the management letter, must be submitted to the department and the national credit union administration within 30 days after receipt by the board of directors.   History: En. Sec. 8, Ch. 66, L. 1993.
MT Code § 32-3-809 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-809. Contracts and written agreements

  32-3-809. Contracts and written agreements. Services, facilities, personnel, or equipment shared with any party must be supported by a written contract or agreement that specifies the duties and responsibilities of each party and that fully supports and documents the allocation of service fees and expenses.   History: En. Sec. 9, Ch. 66, L. 1993.