reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1012. Recourse of aggrieved mutual association -- injunction

32-2-1012. Recourse of aggrieved mutual association -- injunction.
(1) A mutual association aggrieved by the action of the department in taking possession of its assets or closing its doors may, within 14 days after possession has been taken, apply to the district court of the county in which its principal office of business is located to enjoin further proceedings by the department.
(2) The court, after notifying the department to appear at a specified time and place to show cause why further proceedings should not be enjoined and after hearing the allegations and proofs of the parties and determining facts, may on the merits dismiss the application or enjoin the department from further proceeding and direct it to surrender the business and assets of the mutual association.
(3) The application for injunction may be heard at any time after 5 days' notice from the time of service on the department, in the discretion of the court, or at any time prior to that time by the consent of the department.
(4) Application must be made on the verified complaint of the mutual association, in the form used in civil actions, and a copy of the complaint must be served on the department with the order to show cause.
(5) The department shall, at least 2 days before the time set for hearing, file with the court and serve on counsel for the plaintiff an answer to the complaint, also in the form used in civil actions. Any questions raised by motion in other actions may be raised in the answer.
(6) On the issues raised by the complaint and answer, the court, at the time fixed for showing cause, shall try the matter on the merits by hearing the allegations and proofs of the parties and shall enter judgment, as in the trial of other civil actions.
(7) If the department makes no appearance in the time allowed, the court shall enter its default and proceed to hear the proofs of the plaintiff as in civil actions under similar circumstances and enter judgment accordingly. The judgment entered either after hearing on the merits or by default is a final judgment.
(8) During the pendency of litigation, the department shall take action in relation to the assets of the mutual association necessary to conserve them.
History: En. Sec. 99, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1013. Department may retain mutual association employees -- liquidating agent's salary and expenses

32-2-1013. Department may retain mutual association employees -- liquidating agent's salary and expenses.
(1) The department may retain those officers or employees of the mutual association that it considers necessary. It shall require from the agent appointed by it and from those assistants who have charge of any of the assets of the mutual association that security for the faithful discharge of their duties as it considers proper.
(2) The salary of a liquidating agent and necessary clerical assistance and other expenses incurred by a liquidating agent must be borne equally and ratably by the mutual association or mutual associations in process of liquidation under the agent's charge in proportion to the total amount of resources of each of the mutual associations. The funds for those expenses must be raised by assessing each mutual association in ratio set forth in this section and paying those expenses directly to the persons entitled to them, without depositing any of the funds in the state treasury.
History: En. Sec. 100, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1014. Compensation of agents and attorneys

32-2-1014. Compensation of agents and attorneys.
(1) Except as provided in subsection (2), after notice to the mutual association and subject to approval by a district court judge of the county in which the mutual association is located, the compensation of the agents, attorneys, expert accountants, and other assistants appointed by the department and all expenses of liquidation and distribution of a mutual association whose assets and business have been taken possession of by the department must be fixed by the department. The department shall, on written request of the judge, supply semiannual statements showing the condition of the mutual association in the process of liquidation. Except in cases of emergency, the compensation paid to attorneys and expert accountants must be fixed and approved before services are rendered. The compensation must be paid out of the funds of the mutual association in the hands of the department and are a proper charge and lien on the assets of the mutual association.
(2) If the federal deposit insurance corporation is appointed as the liquidating agent, the reporting and district court approval requirements in subsection (1) do not apply.
History: En. Sec. 101, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1015. Notice to creditors of insolvent mutual association

32-2-1015. Notice to creditors of insolvent mutual association.
(1) Except as provided in subsection (2), the department shall give notice by advertisement once a week for 2 successive weeks in a newspaper of general circulation in the town or city where the mutual association is located, if there is one, or in another newspaper that is published in the state and designated by the department. The notice must call on all persons who have claims against the mutual association to present them to the department or its authorized agent at a place specified in the notice and to make sworn proof, in a form to be fixed by the department, within the time specified in the notice, not less than 90 days after the date of the first publication. A copy of the notice must be mailed to all persons whose names appear as creditors on the books of the mutual association.
(2) If the federal deposit insurance corporation is appointed as the liquidating agent, the provisions of subsection (1) do not apply and notice to creditors must be given pursuant to federal law.
History: En. Sec. 102, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1016. Claims -- allowance and rejection

32-2-1016. Claims -- allowance and rejection.
(1) Except as provided in subsection (6), the department may reject or allow all claims in whole or in part and on each claim allowed shall designate the order of its priority.
(2) If a claim is rejected or an order of priority allowed lower than that claimed, notice must be given the claimant personally or by common courier with tracking capability and an affidavit of the service of the notice, which is prima facie evidence of service, must be filed in the office of the department.
(3) The action of the department is final unless an action is brought by the claimant against the mutual association in the district court of the county in which the mutual association is located within 90 days after service. An appeal from the department's allowance may also be taken by any party in interest by serving notice on the department, stating the grounds of objection and filing an action in that court within 30 days after allowance.
(4) Within 5 days after the notice, the department shall file in the court and serve on the appellant a copy of the claim and its reasons for allowance.
(5) The court shall, after 5 days' notice of time and place of hearing on the issues raised, hear the proof of the parties and enter judgment reversing, affirming, or modifying the department's action.
(6) If the federal deposit insurance corporation is appointed as the liquidating agent, the provisions of subsections (1) through (5) do not apply and notice to creditors must be given pursuant to federal law.
History: En. Sec. 103, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1017. Payment of claims

32-2-1017. Payment of claims.
(1) Claims presented to the department prior to the expiration of the time fixed in the notice to creditors and allowed by it must be paid in the order of the priority fixed in this chapter.
(2) Those claims filed after that expiration and within 1 year of that expiration are entitled, after they have been allowed by the department, to share in the distribution of the assets of the mutual association only to the extent of the assets undistributed in the hands of the department and available for the payment of claims of their order of priority at the time claims are filed.
(3) All claims filed after the expiration of 1 year following the date fixed in the notice to creditors as the time for presentation of claims are not entitled to be allowed or paid unless all other creditors' claims of any kind have been fully paid and a surplus remains in the hands of the department and then only from that surplus.
(4) If the federal deposit insurance corporation is appointed as the liquidating agent, the times fixed in subsections (1) through (3) do not apply and claims must be filed in accordance with times fixed pursuant to federal law.
History: En. Sec. 104, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1019. Claims -- partial payments -- assignments

32-2-1019. Claims -- partial payments -- assignments.
(1) At any time after taking possession of the mutual association and prior to the expiration of the period fixed for filing of claims, and if under the circumstances of the particular case it considers it expedient and safe and if it has on hand in cash sufficient funds in excess of the expenses of liquidation, the department may make pro rata distribution to any class of creditors entitled to distribution in the order of priority fixed in this chapter. The department shall make a payment to the creditors as they appear on the books and records of the mutual association and after determining the priority and basing its apportionment on the amount shown to be due by the books and records.
(2) At any time after the expiration of the date fixed for the presentation of claims against the mutual association and from time to time after that date when, in its discretion, there are sufficient funds available, the department shall, after making proper provisions for the payment of expenses of liquidation, declare and make payments to all creditors of the mutual association pro rata in the order of their priority. If, after the time fixed for presentation of claims against the mutual association has expired, it appears that a person, prior to the expiration of the period or at any other time, has been paid more than the pro rata amount due the person as compared with the amounts paid to other creditors, nothing more may be paid to that creditor until the payment made to other creditors places them on equal footing.
(3) Claims against a mutual association in process of liquidation may be assigned in whole or in part subject to the approval of the department. Assignments of claims are binding on the department only after they have been filed and allowed by the department and are subject to the payment of the assignor's liabilities to the mutual association. An assignment must be made by filing written notice, signed by the original claimant, with the department or person in charge of the mutual association. Assigned claims may not be offset against obligations due the mutual association. A check or draft drawn against a mutual association closed or taken possession of by the department, whether issued before or after closing, may not be recognized as a claim against the mutual association or as an assignment of any amount, whether protested or not protested.
History: En. Sec. 106, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1020. Deposit of funds in department's hands

32-2-1020. Deposit of funds in department's hands.
All funds in the hands of the department belonging to a mutual association in process of liquidation must be deposited in the department's name in those financial institutions in the state and designated by it and subject to its checks. Those funds must be preferred and protected as provided in this chapter.
History: En. Sec. 107, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1021. Disposition of unclaimed funds

32-2-1021. Disposition of unclaimed funds.
(1) The department shall certify to the state treasurer a complete list of funds remaining with the department that are uncalled for and that have been left with it in its official capacity in trust for depositors in and creditors of a liquidated mutual association after the funds have been held by the department for 6 months from the date of the final liquidation of the institution. Along with this certificate, the department shall transmit to the state treasurer the funds, with accumulated interest on them, that it has held in trust for 6 months. A copy of the certificate must also be filed with the state auditor, who shall make a record of it.
(2) The state treasurer shall deposit the funds and interest in the general fund.
(3) A depositor or creditor of a liquidated mutual association who has not been paid the amount standing to the person's credit as certified to the state treasurer may apply to the department for the amount due. The depositor or creditor shall make an affidavit and offer proof of identity and of the amount due. When satisfied as to the correctness of the claim and of the identity of the person, the department shall forward it to the state treasurer, who shall audit the claim and, if the claim is found to be correct, certify the claim to the department. If the department approves the claim, it shall pay the claim to the depositor or creditor.
History: En. Sec. 108, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1023. Further duties of liquidating officer

32-2-1023. Further duties of liquidating officer.
(1) The liquidating officer of a mutual association may decide when the assets of a failed mutual association are not sufficient to pay the debts, contracts, engagements, and liabilities and may determine the time when and the court where necessary legal proceedings are conducted, subject to the general provisions of law governing venue and place of trial.
(2) For the purposes of this section, the term "liquidating officer" includes any person legally empowered to liquidate the business and affairs of a state mutual association, whether the liquidation is by the department or by its deputies and agents. The term also includes all receivers of state mutual associations qualified to liquidate a state mutual association under state law.
History: En. Sec. 110, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1024. Department to file inventory -- report required -- exception

32-2-1024. Department to file inventory -- report required -- exception.
(1) Except as provided in subsection (2), the department shall, within 90 days after taking charge of an insolvent mutual association, file with the district court having jurisdiction a complete inventory of all of the property and assets of the insolvent mutual association, such as furniture, fixtures, real estate, mortgages, bonds, and notes, secured and unsecured.
(2) The department shall every 6 months, or more often if required by the court, file with the court a report showing the status of the liquidation of the mutual association, the assets that have been liquidated and collected, the amounts and manner of payments made to creditors, the manner in which claims have been handled, and the assets on hand. The report must contain other information the court requires, so that the court and the public may be apprised of the condition of the mutual association and the manner in which it is being liquidated with respect to the collection and sale of assets belonging to the mutual association and the manner in which claims are being paid. The report and account must be set for hearing on the notice the court may require and, if found to be correct, must be approved by the court.
History: En. Sec. 111, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1030. Definitions

32-2-1030. Definitions.
As used in 32-2-1030 through 32-2-1034, unless the context requires otherwise, the following definitions apply:
(1) "Emergency" means any condition or occurrence that may interfere physically with the conduct of normal business operations at any of the offices of a mutual association or that poses an imminent or existing threat to the safety or security of persons or property or both. Situations that an emergency may arise as a result of include but are not limited to:
(a) fire;
(b) flood;
(c) earthquake;
(d) hurricanes;
(e) wind, rain, or snowstorms;
(f) labor disputes or strikes;
(g) power failures;
(h) transportation failures;
(i) interruption of communication facilities;
(j) shortages of fuel, housing, food, transportation, or labor;
(k) robbery or attempted robbery;
(l) actual or threatened enemy attack;
(m) epidemics or other catastrophes; or
(n) riots, civil commotions, and other acts of lawlessness or violence, actual or threatened.
(2) "Mutual association" includes state mutual associations, any person or association of persons lawfully carrying on the business of mutual associations, whether incorporated or not, and, to the extent that the provisions of 32-2-1031 through 32-2-1034 are not inconsistent with and do not infringe on paramount federal law, also includes federal savings associations.
(3) "Office" means any place at which a mutual association transacts its business or conducts operations related to its business.
(4) "Officer" means a person or persons designated by the board of directors, board of trustees, or other governing body of a mutual association to act for the mutual association in carrying out the provisions of 32-2-1031 through 32-2-1034 or, in the absence of a designation or of the officer or officers designated, the president or any other officer currently in charge of the mutual association or of the office or offices involved.
History: En. Sec. 112, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1031. Power of department

32-2-1031. Power of department.
When the department feels that an emergency exists or is impending in this state or in any part of this state, it may, by proclamation, authorize mutual associations located in the affected area to close any of their offices. In addition, if the department is of the opinion that an emergency exists or is impending that affects or may affect a particular mutual association or mutual associations, or a particular office or offices of a particular mutual association, but not mutual associations located in the area generally, it may authorize the particular mutual association or mutual associations or office or offices so affected to close. The closed office or offices must remain closed until the department proclaims that the emergency has ended or until an earlier time that the officers of the mutual association determine that one or more of the closed offices should reopen and, in either event, for the amount of time afterward as may reasonably be required for them to reopen.
History: En. Sec. 113, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1032. Powers of officers

32-2-1032. Powers of officers.
(1) When the officers of a mutual association feel that an emergency exists or is impending that affects or may affect any of a mutual association's offices, they may, in the reasonable and proper exercise of their discretion, determine not to open any of those offices on any business day or, if the offices have opened, to close any of those offices during the continuation of the emergency, even if the department has not issued and does not issue a proclamation of emergency. An office closed in this way shall remain closed until the officers determine that the emergency has ended and for a further time afterward as may reasonably be required for them to reopen. However, an office may not remain closed for more than 48 consecutive hours, excluding other legal holidays, without requesting the approval of the department.
(2) The officers of a mutual association may close any of the mutual association's offices on any day:
(a) designated by proclamation of the president of the United States or the governor of this state as a day of mourning, rejoicing, or other special observance; or
(b) that the federal reserve bank of Minneapolis is not open for business.
History: En. Sec. 114, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1033. Notice of mutual association closing

32-2-1033. Notice of mutual association closing.
A mutual association closing an office under authority granted under 32-2-1032 shall give to the department as prompt notice of its action as conditions will permit and by any means available. In the case of a federal savings association, the notice must be given to the comptroller of the currency.
History: En. Sec. 115, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 10. Dissolution, Closing, and Liquidation › 32-2-1034. Effect of closing

32-2-1034. Effect of closing.
(1) A day on which a mutual association or any of its offices is closed during any part of its normal mutual association hours under 32-2-1031 and 32-2-1032 with respect to that mutual association or, if not all of its offices are closed, then with respect to the office or offices that are closed is a legal holiday for all purposes with respect to any mutual association business. No liability or loss of rights of any kind on the part of a mutual association, or a director, officer, or employee of the mutual association, may accrue or result by virtue of a closing authorized by 32-2-1031 and 32-2-1032.
(2) The provisions of 32-2-1030 through 32-2-1034 are in addition to any other law of this state or of the United States authorizing the closing of a mutual association or excusing the delay by a mutual association in the performance of its duties and obligations because of emergencies or conditions beyond the mutual association's control or otherwise.
History: En. Sec. 116, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 11. Federal Deposit Insurance Corporation › 32-2-1101. Definition of savings institution

32-2-1101. Definition of savings institution.
As used in this part, the term "savings institution" means a mutual association that is organized under the laws of this state.
History: En. Sec. 117, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 11. Federal Deposit Insurance Corporation › 32-2-1102. Savings institutions empowered to receive federal deposit insurance corporation aid

32-2-1102. Savings institutions empowered to receive federal deposit insurance corporation aid.
(1) A savings institution may, on the authority of its board of directors or a majority of the board, enter into the contracts, incur the obligations, and generally perform any acts necessary or appropriate in order to take advantage of any memberships, loans, subscriptions, contracts, grants, rights, or privileges available to savings institutions or to their depositors, creditors, conservators, or liquidators by virtue of the provisions of the Federal Deposit Insurance Act that establish the federal deposit insurance corporation and provide for the insurance of deposits or of any other act or resolution of congress to aid, regulate, or safeguard savings institutions and their depositors.
(2) A savings institution may subscribe for and acquire stock, debentures, bonds, or other types of securities of the federal deposit insurance corporation and may comply with the lawful rules and requirements from time to time adopted by that corporation.
History: En. Sec. 118, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 11. Federal Deposit Insurance Corporation › 32-2-1103. Appointment of corporation as agent in liquidation

32-2-1103. Appointment of corporation as agent in liquidation.
If a savings institution whose deposits are in any extent insured by the federal deposit insurance corporation created by the Federal Deposit Insurance Act, 12 U.S.C. 1811 through 1831, is closed on account of the savings institution's inability to meet the demands of its creditors, the department may appoint the corporation agent, without bond, to assist the department or act for it in the liquidation of that savings institution.
History: En. Sec. 119, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 11. Federal Deposit Insurance Corporation › 32-2-1104. Subrogation of corporation

32-2-1104. Subrogation of corporation.
Whenever any savings institution has been closed as provided in 32-2-1103 and the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of the closed savings institution, the federal deposit and insurance corporation, whether or not it has been appointed agent of the department in the liquidation of the closed savings institution, must be and become subrogated by operation of law to all rights against the closed savings institution of each owner of a claim for deposit to the extent necessary to enable the federal deposit insurance corporation, under federal law, to make insurance payments available to depositors of closed insured savings institutions.
History: En. Sec. 120, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 11. Federal Deposit Insurance Corporation › 32-2-1105. Examinations by corporation

32-2-1105. Examinations by corporation.
(1) The department may accept, in its discretion, in place of any examination authorized by the laws of this state to be conducted of a savings institution by the department, the examination made of the savings institution within a reasonable period by the federal deposit insurance corporation if a signed copy of the examination is furnished to the department.
(2) The department may also, in its discretion, accept a report relative to the condition of a savings institution obtained by the corporation within a reasonable period, in place of a report authorized by the laws of this state to be required of the savings institution by the department, if a copy of the report is furnished to the department.
(3) The department may, in its discretion, disclose to the corporation, or an official or examiner of the corporation, any information possessed by the department with reference to the conditions or affairs of an insured savings institution. The department may furnish to the corporation or to an official examiner of the corporation a copy or copies of any examinations made of those savings institutions and of any reports made by them.
History: En. Sec. 121, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 11. Federal Deposit Insurance Corporation › 32-2-1106. Closed savings institutions empowered to borrow from corporation

32-2-1106. Closed savings institutions empowered to borrow from corporation.
(1) If a savings institution is closed on account of the savings institution's inability to meet the demands of its depositors, by action of the department, by action of its directors, or in the event of its insolvency or suspension, the department or the department's agent may borrow from the corporation and furnish any of the assets of the savings institution to the corporation as security for a loan from the corporation. The department may sell to the corporation any part or all of the assets of the savings institution.
(2) The provisions of this section do not limit the power of a savings institution or the department to pledge or sell assets in accordance with any existing law.
History: En. Sec. 122, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1201. Definitions

32-2-1201. Definitions.
As used in this part, the following definitions apply:
(1) "Board member" means a member of the board of directors of the institution.
(2) "Cease and desist order that has become final" means a cease and desist order or an order with respect to which:
(a) a timely petition for review of the action has not been filed; or
(b) the action of the court in which a petition for review has been filed is not subject to further review by the courts of the state.
(3) "Institution" means a state mutual association.
(4) "Violation" includes without limitation any action, alone or with others, that causes, counsels, aids, or abets a violation.
History: En. Sec. 123, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1202. Notice of charges -- hearing -- cease and desist order -- effective date

32-2-1202. Notice of charges -- hearing -- cease and desist order -- effective date.
(1) If the department has reasonable cause to believe that any institution is engaging, has engaged, or is about to engage in an unsafe or unsound practice in conducting the business of the institution or is violating, has violated, or is about to violate a law or rule, the department may issue and serve on the institution a notice of charges. The notice must contain a statement of the facts constituting the alleged unsafe or unsound practice or violation and must fix a time and place at which an administrative hearing pursuant to Title 2, chapter 4, part 6, will be held to determine whether an order to cease and desist should be issued against the institution.
(2) The hearing may not be earlier than 30 days or later than 60 days after service of the notice unless an earlier or a later date is set by the hearings examiner at the request of the institution. Unless the institution appears at the hearing by a duly authorized representative, it is considered to have consented to the issuance of the cease and desist order. In the event of consent or if upon the record made at any such hearing the hearings examiner finds that any unsafe or unsound practice or violation specified in the notice of charges has been established by the preponderance of the evidence, the commissioner may issue and serve on the institution an order to cease and desist from the practice or violation. By provisions that may be mandatory or otherwise, the order may require the institution and its board members, officers, employees, and agents to cease and desist from the practice or violation and to take affirmative action to correct the conditions resulting from the practice or violation.
(3) A cease and desist order becomes effective at the expiration of 30 days after the service of the order on the institution, except in the case of an order issued on consent, which is effective at the time specified. The cease and desist order remains effective and enforceable, except to the extent it is stayed, modified, terminated, or set aside by the action of the commissioner or a reviewing court.
History: En. Sec. 124, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1203. Informal conferences -- time for application

32-2-1203. Informal conferences -- time for application.
Within 15 days after service of the notice of charges, either the institution or the department may request an informal conference to discuss the charges and the possible disposition of the charges without a formal hearing process. The conference must be carried out in accordance with the provisions of 2-4-603. Upon a proper showing, the department may withdraw charges and proceedings for a cease and desist order.
History: En. Sec. 125, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1204. Temporary cease and desist order -- grounds for issuance -- effective date -- injunctive relief

32-2-1204. Temporary cease and desist order -- grounds for issuance -- effective date -- injunctive relief.
(1) (a) Whenever the department determines that any violation or threatened violation or any unsafe or unsound practice specified in the notice of charges served on the institution pursuant to 32-2-1202(1) or the continuation is likely to cause insolvency or substantial dissipation of assets or earnings of the institution or is likely to otherwise seriously prejudice the interests of its depositors, the department may issue a temporary order requiring the institution to cease and desist from the violation or practice.
(b) The order must contain a statement of the facts constituting the alleged violation or unsafe or unsound practice.
(c) The order is effective upon service of the order on the institution and, unless set aside, limited, or suspended by a court in proceedings authorized by subsection (2), remains effective and enforceable until the completion of the administrative proceedings pursuant to the notice of charges, until the department dismisses the charges specified in the notice, or until a cease and desist order that is issued against the institution after the hearing becomes effective.
(2) Within 14 days after the institution has been served with a temporary cease and desist order, the institution may apply to the district court for the county in which the home office of the institution is located for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of the administrative proceedings held pursuant to the notice of charges served on the institution under 32-2-1202(1). The court has jurisdiction to issue the injunction.
History: En. Sec. 126, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1206. Informal conferences -- time for application

32-2-1206. Informal conferences -- time for application.
Within 15 days after service of the notice of charges sent pursuant to 32-2-1205, the board member, officer, or other person may request an informal conference to discuss the charges and the possible disposition of the charges without a formal hearing process. The conference must be carried out in accordance with 2-4-603. Upon a proper showing, the department may withdraw charges and proceedings for a cease and desist order.
History: En. Sec. 128, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1207. Suspension or prohibition effective on service -- stay

32-2-1207. Suspension or prohibition effective on service -- stay.
(1) (a) With respect to any board member, officer, or other person of an institution to whom notice is sent pursuant to 32-2-1205, if the department considers it necessary for the protection of the institution or the interests of its depositors that the individual be suspended from office or prohibited from further participation in any manner in the conduct of the affairs of the institution, the department may serve on the individual a written notice suspending the individual from office or prohibiting the individual from further participation in any manner in the conduct of the affairs of the institution.
(b) The notice must contain a statement of the facts constituting grounds for the order and must fix a time, not later than 14 days from the date of the service of the notice, at which a hearing will be held to afford the individual the opportunity to respond.
(c) The suspension or prohibition is effective on service of the notice, and unless stayed by a court in proceedings authorized by subsection (2), remains in effect until:
(i) the completion of the administrative proceedings pursuant to the notice served under 32-2-1204;
(ii) the department dismisses the charges specified in the notice; or
(iii) the order of removal or prohibition that is issued against the board member, officer, or other person becomes effective.
(d) Copies of the notice must also be served on the institution of which the individual is a director or officer or in the conduct of whose affairs the individual has participated.
(2) Within 14 days after the hearing provided for in subsection (1), the board member, officer, or other person may apply to the district court for the county in which the home office of the institution is located for a stay of the suspension or prohibition pending the completion of the administrative proceedings pursuant to the notice served on the individual under 32-2-1204. The court has jurisdiction to stay the suspension or prohibition.
History: En. Sec. 129, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1208. Felony charges -- suspension or prohibition

32-2-1208. Felony charges -- suspension or prohibition.
(1) (a) If a board member, officer, or other person participating in the conduct of the affairs of an institution is charged in any information, indictment, warrant, or complaint authorized by a county, state, or federal authority with the commission of or participation in a felony involving dishonesty or breach of trust, the department by written notice served on the individual may suspend that individual from office or prohibit that individual from further participation in any manner in the conduct of the affairs of the institution. Suspension is effective upon service on the individual.
(b) The notice must contain a statement of the facts constituting grounds for the order and must fix a place and time, not later than 14 days from the date of the notice, at which a hearing will be held to afford the individual the opportunity to respond. A copy of the notice must also be served on the institution.
(c) The suspension or prohibition remains in effect until the information, indictment, warrant, or complaint is finally disposed of or until terminated by the commissioner.
(2) Within 14 days after the hearing provided for in subsection (1), the board member, officer, or other person may apply to the district court for the county in which the home office of the institution is located for a stay of the suspension or prohibition pending the completion of the criminal proceedings initiated by the information, indictment, warrant, or complaint. The court has jurisdiction to stay the suspension or prohibition.
(3) (a) If a judgment of conviction with respect to the offense is entered against the board member, officer, or other person and at the time that the judgment is not subject to further appellate review, the department may issue and serve on the individual an order removing that individual from office or prohibiting that individual from further participation in any manner in the conduct of the affairs of the institution except with the consent of the commissioner. A copy of the order must also be served on the institution, and upon receipt the board member or officer, if applicable, ceases to be a board member or officer of the institution.
(b) A finding of not guilty or other disposition of the charge does not preclude the department from instituting proceedings to suspend or remove the individual from office or to prohibit further participation in the affairs of the institution pursuant to 32-2-1205 and 32-2-1206.
History: En. Sec. 130, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1213. Board of directors -- lack of quorum -- temporary board members

32-2-1213. Board of directors -- lack of quorum -- temporary board members.
(1) If at any time because of the suspension or removal of one or more board members pursuant to this part the board of directors of an institution has less than a quorum of board members not suspended or removed, all powers and functions vested in or exercisable by the board vest in and are exercisable by the board members not suspended or removed until a time when there is a quorum of the board members.
(2) If all of the board members have been suspended or removed, the commissioner shall appoint persons to serve temporarily as board members, pending the termination of the suspensions or removals or until a time when their successors are duly elected and take office.
History: En. Sec. 131, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1214. Hearings -- decision -- review, modification, termination, or stay of orders

32-2-1214. Hearings -- decision -- review, modification, termination, or stay of orders.
(1) A hearing provided for in this part must be conducted in accordance with the provisions of the Montana Administrative Procedure Act. The hearing must be private unless the commissioner, after fully considering the views of the party afforded the hearing, determines that a public hearing is necessary to protect the public interest. Within 90 days after the case has been submitted for final decision, the hearings examiner shall render a decision, which must include findings of fact on which the decision is based. The commissioner shall comply with 2-4-623 and issue and serve on each party to the proceeding an order consistent with the provisions of this section.
(2) (a) Any party to the hearing or any person required by an order issued under this part to cease and desist from any of the violations or practices stated in the order or any person suspended, removed, or prohibited from participation in the conduct of the affairs of an institution may obtain a review of any order, other than a consent order. The review must be pursuant to the Montana Administrative Procedure Act.
(b) Unless a petition for review is timely filed as provided in the Montana Administrative Procedure Act, the commissioner, at any time, on notice and in a manner that the commissioner considers proper, may modify, terminate, or set aside the order. Upon the timely filing of a petition for review, the commissioner may modify, terminate, or set aside the order with the permission of the court.
History: En. Sec. 132, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1215. Notices and orders -- manner of service -- copies to federal authorities

32-2-1215. Notices and orders -- manner of service -- copies to federal authorities.
Any service required or authorized to be made by the department pursuant to this part must be made on individual board members and officers by personal service and may be made on institutions by registered or certified mail or common courier with tracking capability or in any manner reasonably calculated to give actual notice as the department by rule or otherwise may provide. Copies of any notice or order served by the commissioner pursuant to the provisions of this part on any institution or any board member, officer, or other person participating in the conduct of the institution's affairs may also be sent to the appropriate federal supervisory authorities.
History: En. Sec. 133, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1216. Enforcement of notices or orders

32-2-1216. Enforcement of notices or orders.
The commissioner may apply to the district court of the county in which the home office of the institution is located or to the district court for Lewis and Clark County for the enforcement of any effective and outstanding notice or order issued under this part. The court has jurisdiction to require compliance.
History: En. Sec. 134, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 2. Mutual Savings and Loan Associations › Part 12. Removal of Directors or Officers › 32-2-1217. Violation of notice or final order -- penalties

32-2-1217. Violation of notice or final order -- penalties.
Any present or former board member or officer of an institution or any other person against whom an outstanding and effective notice or final order has been served pursuant to 32-2-1205, 32-2-1207, or 32-2-1208 is subject to the penalties in 32-2-607(5) if the individual:
(1) participates in any manner in the conduct of the affairs of the institution;
(2) directly or indirectly solicits, procures, transfers, or attempts to transfer votes or attempts to vote any proxies, consents, or authorizations in respect to any voting rights in the institution; or
(3) without the prior written approval of the commissioner, votes for a board member or serves as a board member, officer, or employee of the institution.
History: En. Sec. 135, Ch. 431, L. 2021.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 3. Credit Unions › Part 1. General Provisions › 32-3-101. Short title

32-3-101. Short title.
This chapter shall be known and may be cited as the "Montana Credit Union Act".
History: En. 14-601 by Sec. 1, Ch. 38, L. 1975; R.C.M. 1947, 14-601.