reglab/statecodes huggingface dataset:
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.414 - GUARANTEED ASSET PROTECTION (GAP) FEATURE

Current through Register Vol. 13, July 5, 2024
(1)
				A GAP waiver or agreement is a type of debt cancellation contract. A debt
				cancellation contract with a GAP feature offered in connection with an
				extension of credit for the purchase of titled personal property for personal,
				family, or household use is a single product. A credit union offering a debt
				cancellation contract with a GAP feature may do so through nonexclusive,
				unaffiliated agents such as automobile dealers. The fee arrangement between a
				credit union and a nonexclusive, unaffiliated agent through which the debt
				cancellation product is offered does not create a separate contract that
				violates the anti-tying provision of ARM
				2.59.409(1)(a).
32-3-201, MCA; IMP,
					 32-3-609,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.415 - DUTIES OF THE SUPERVISORY COMMITTEE

Current through Register Vol. 13, July 5, 2024
(1) The supervisory
				committee shall:
(a) verify that adequate
				internal controls are established and maintained to safeguard the credit
				union's assets;
(b) oversee the
				inspection of securities, cash, and accounts of the credit union;
(c) review credit union operations and
				monitor its overall financial condition on an ongoing basis;
(d) review the actions of the board of
				directors, officers, and committees to ensure that the individuals and
				entities:
(i) exercise firm control over the
				credit union's affairs;
(ii)
				understand their role; and
(iii)
				promote the credit union for its intended purposes;
(e) ensure that the credit union complies
				with all applicable laws and regulations;
(f) review all new policies and changes to
				credit union procedures and assess their effects on the safety of members'
				funds; and
(g) understand,
				support, and monitor compliance programs related to the Bank Secrecy Act of
				1970 and the Money Laundering Control Act of 1986.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.416 - NET WORTH DEFINITION - CALCULATION - DETERMINATION

Current through Register Vol. 13, July 5, 2024
(1) For purposes of
				ARM 2.59.417,
				2.59.418, and 2.59.422, "net worth"
				means the sum of regular reserves and undivided earnings. Net worth excludes
				the allowance for loan and lease losses. Net worth is calculated quarterly
				based on data from the previous call report.
(2) The department shall determine compliance
				with ARM 2.59.417, 2.59.418, and 2.59.422 using quarterly net worth for the
				period in which the security is purchased.
(3) A security that complies with ARM
				2.59.417, 2.59.418, and 2.59.422 at the time of purchase is not in violation of
				ARM 2.59.417, 2.59.418, and 2.59.422 at a later date due to a subsequent
				decline in net worth.
AUTH:
					 32-3-701, MCA; IMP:
					 32-3-701,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.417 - INVESTMENT RULE - CERTAIN QUASI-GOVERNMENT SECURITIES

Current through Register Vol. 13, July 5, 2024
(1) Certain other
				securities are approved for credit union investment. There is no dollar limit
				on a credit union's investment in:
(a) General
				Services Administration (participation certificates);
(b) Maritime Administration (bonds and
				notes); and
(c) Washington
				Metropolitan Area Transit Authority (bonds).
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.418 - INVESTMENT RULE - CORPORATE BONDS

Current through Register Vol. 13, July 5, 2024
(1) A credit union
				may invest up to 20 percent of its net worth, per issuer, in corporate
				bonds.
(2) These bonds must be
				investment grade, i.e., rated in one of the four highest grades by a recognized
				national investment rating organization.
(3) Other rating services may be used if the
				gradations are equivalent to those above, and the rating services are
				identified by the credit union's investment policy.
(4) Corporate bonds must be reviewed as
				necessary to assure the credit union's board of directors that bond quality has
				not fallen below investment grade.
AUTH:
					 32-3-701, MCA; IMP:
					 32-3-701,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.419 - INVESTMENT RULE - MUTUAL FUNDS

Current through Register Vol. 13, July 5, 2024
(1) Under the
				authority of
				32-3-701, MCA, and subject to its
				restrictions, a credit union may invest in mutual funds whose shares represent
				only those United States obligations listed in ARM 2.59.417.
(2) Shareholders must have a proportionate
				undivided interest in any mutual fund utilized under this rule.
(3) Shareholders must be shielded from
				personal liability for acts or obligations of the mutual fund.
(4) The credit union's investment policy, as
				formally approved by its board of directors, must specifically provide for such
				investments. Prior approval of the board of directors must be obtained for
				initial investments in specific mutual funds and recorded in the official board
				minutes. Procedures, standards, and controls for managing such investments must
				be implemented prior to the investment being made.
AUTH:
					 32-3-701, MCA; IMP:
					 32-3-701,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.420 - GENERAL OBLIGATION BONDS

Current through Register Vol. 13, July 5, 2024
(1) A credit union
				may invest, without dollar limitation, in the general obligations of:
(a) any state of the United States if the
				obligations are fully guaranteed as to the repayment of principal and interest.
				Evidence of a full guarantee includes, but is not limited to, the pledge of the
				full faith and credit of the state responsible for repayment of the general
				obligation; and
(b) any Montana
				political subdivision if:
(i) the obligations
				are issued pursuant to the Constitution, statute, or the charter or ordinances
				of the respective county or city;
(ii) the obligations are fully guaranteed as
				to the repayment of principal and interest. Evidence of a full guarantee
				includes, but is not limited to, the pledge of the full faith and credit of the
				Montana political subdivision responsible for repayment of the general
				obligation; and
(iii) the issuing
				body has not been in default regarding the payment of principal or interest on
				any of its obligations within five years preceding the date of the
				investment.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.421 - DIRECTOR TRAINING (TRANSFERRED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-3-412, MCA; IMP:
					 32-3-412,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.422 - INVESTMENT RULE - REVENUE BONDS

Current through Register Vol. 13, July 5, 2024
(1) Credit unions
				may invest, without limitation, in revenue bonds issued by the state of Montana
				or its political subdivisions.
(2)
				Credit unions may invest up to 40 percent of their net worth, per issuer, in
				revenue bonds issued by any other state or its political subdivisions whereby
				the obligations are payable from pledged fee or tax revenue from designated
				sources.
(a) The issuing body must not have
				been in default regarding the payment of principal or interest on any of its
				obligations within five years preceding the date of the investment.
(b) The obligations must be rated investment
				grade or higher by a recognized national investment rating organization. Other
				rating services may be used if the gradations are equivalent to those above,
				and the rating services are identified by the credit union's investment
				policy.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.429 - ADOPTION OF MODEL BYLAWS AND STATUTORY REFERENCE FOR CREDIT UNIONS

Current through Register Vol. 13, July 5, 2024
(1) The department adopts by reference the
				model bylaws of credit unions dated June 2020 and the model credit union bylaws
				statutory reference dated June 2020, to be used by incorporators when they want
				to start a new credit union. Both can be found on the department's web site at
				www.banking.mt.gov.
AUTH:
					 32-3-201,
					 MCA IMP:
					 32-3-302,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.430 - DIRECTOR TRAINING

Current through Register Vol. 13, July 5, 2024
(1) Training topics
				and course selection for directors' training must reflect the size and
				complexity of the business model of the credit union that the directors serve
				and the depth of understanding needed by the directors to effectively manage
				the credit union. The training must ensure directors achieve at least the
				minimum level of competency to enable the directors to exercise appropriate
				independent business judgment to complement the expertise and business judgment
				of the credit union's executive officers in matters within the board's
				authority.
AUTH:
					 32-3-422, MCA; IMP:
					 32-3-422,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.435 - PRIVATE SHARE INSURANCE

Current through Register Vol. 13, July 5, 2024
(1) All Montana
				state-chartered credit unions insured by a private share insurance plan
				pursuant to
				32-3-611, MCA,
				are regulated the same as Montana state-chartered credit unions insured under
				the provisions of Title II of the Federal Credit Union Act.
AUTH:
					 32-3-201,
					 MCA; IMP:
					 32-3-611,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.436 - ORGANIZING A NEW CREDIT UNION

Current through Register Vol. 13, July 5, 2024
(1) An applicant
				seeking to organize a new state-chartered credit union shall complete the
				Application for a Certificate of Approval to Organize a New Montana Credit
				Union dated December 14, 2020, which is adopted and incorporated by reference
				and available on the department's website at banking.mt.gov.
AUTH:
					 32-3-201,
					 MCA; IMP:
					 32-3-201,
					 32-3-301,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.4 - Credit Unions › Rule 2.59.437 - ANNUAL REPORTS

Current through Register Vol. 13, July 5, 2024
(1) The Report of
				Credit Union Management form dated December 14, 2020, is adopted and
				incorporated by reference and available on the department's website at
				banking.mt.gov.
(2) The Liabilities
				of Directors and Committee Members form dated December 14, 2020, is adopted and
				incorporated by reference and available on the department's website at
				banking.mt.gov.
AUTH:
					 32-3-201,
					 MCA; IMP:
					 32-3-201,
					 32-3-202,
					 32-3-404,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.5 - Satellite Terminals › Rule 2.59.501 - APPLICATION FOR SATELLITE TERMINAL AUTHORIZATION (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-6-401, MCA; IMP,
					 32-6-401,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.5 - Satellite Terminals › Rule 2.59.502 - CRITERIA FOR AUTHORIZATION (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-6-401, MCA; IMP,
					 32-6-401,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.5 - Satellite Terminals › Rule 2.59.503 - MAGNETIC ENCODING AND CARD STANDARDS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-6-401, MCA; IMP,
					 32-6-203,
					 32-6-308,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.5 - Satellite Terminals › Rule 2.59.504 - FEES FOR THE APPROVAL OF AUTOMATED TELLER MACHINES (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-6-401, MCA; IMP,
					 32-6-304,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.6 - Agriculture Credit Corporations › Rule 2.59.601 - CONDITIONS OF INVESTMENT

Current through Register Vol. 13, July 5, 2024
(1) A bank
				organized under the laws of Montana may invest in a wholly-owned agricultural
				credit corporation under the following conditions:
(a) The investment in shares of or loans to
				the agricultural credit corporation by a bank shall be limited to two times the
				legal lending limit of the bank, i.e., 40% of the bank's unimpaired capital and
				surplus plus 40% of the outstanding debentures or capital notes issued under
				the authority of
				32-1-413, MCA.
(b) Any loan or series of loans made to one
				borrower by the agriculture credit corporation (corporation) shall not exceed
				the lending limit of the bank.
(c)
				The directors of the corporation shall execute a resolution or adopt a bylaw
				which makes available all of the records of the corporation to the commissioner
				of financial institutions of Montana and his examining personnel without
				restriction.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.701 - APPLICATION PROCEDURE FOR AUTHORIZATION TO ENGAGE IN THE ESCROW BUSINESS

Current through Register Vol. 13, July 5, 2024
(1) In addition to
				the statutory qualifications found in Title 32, chapter 7, MCA, officers and
				managers of proposed escrow businesses shall demonstrate the character and
				fitness to operate their proposed escrow businesses in compliance with all
				applicable state and local laws.
(2) The director, the commissioner of banking
				and financial institutions, and examining personnel of the banking and
				financial institutions division may gather all available information relative
				to applications and conduct such investigations as they may determine are
				warranted to verify the qualifications of the applicant.
(3) An application fee of $350 shall be paid
				to the state of Montana at the time of application, and thereafter shall not be
				refundable either in whole or in part.
AUTH:
					 32-7-108, MCA; IMP:
					 32-7-109,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.702 - CHANGE OF OWNERSHIP IN ESCROW BUSINESS

Current through Register Vol. 13, July 5, 2024
(1)
				In the event of a change of ownership of an escrow business, the buyer(s) shall
				file with the department of administration, a new application for a license.
				For the purpose of this rule, a change in ownership will be deemed to occur
				when a 25% or more partnership interest of 25% or more of the outstanding
				voting stock in a corporation is transferred to a new owner.
Sec.
					 32-7-108, MCA; IMP, Sec.
					 32-7-111,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.703 - EXAMINATION OF ESCROW BUSINESS

Current through Register Vol. 13, July 5, 2024
(1)
				Examinations of escrow businesses may be conducted by the department of
				administration, division banking and financial institutions, when requested by
				the licensee or when, in the judgment of the director, they are necessary.
				Licensees shall be charged for examinations at a rate equal to the department's
				actual costs for examiner wages and travel expenses. Examination fees shall be
				paid to the state of Montana within 10 days of completion of the examination.
				Failure to pay the examination fee will result in an order from the director
				that licensee cease and desist from doing business as an escrow business until
				the examination fee is paid. If necessary, the director may apply to the
				district court of the first judicial district court of Lewis and Clark County
				to enforce compliance.
Sec.
					 32-7-108, MCA; IMP, Sec.
					 32-7-108,
					 32-7-122,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.704 - ESCROW BUSINESS BONDING

Current through Register Vol. 13, July 5, 2024
(1) An applicant
				for an escrow business license shall file with the division of banking and
				financial institutions a bond in the amount of $100,000 along with the
				application for licensure.
Sec.
					 32-7-108, MCA; IMP, Sec.
					 32-7-109,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.705 - ADOPTION OF STANDARDIZED FORMS AND PROCEDURES OF THE NMLS

Current through Register Vol. 13, July 5, 2024
(1) The NMLS Policy Guidebook dated September
				27, 2021, is adopted by reference and available on the NMLS website at
				mortgage.nationwidelicensingsystem.org/slr/common/policy/Pages/default.aspx.
(2) Except as provided in ARM
				2.59.707, the
				NMLS deadlines, policies, procedures, and processes for all licensing-related
				actions, changes, and reports are adopted and available at
				mortgage.nationwidelicensingsystem.org/.
(3) Members of the public can look up the
				current license status, license number, states of licensure, contact
				information, and regulatory history of any escrow business licensee at
				nmls.consumeraccess.org. If an entity is not listed on NMLS consumer access, it
				does not hold an escrow business license issued by the department.
(4) All applicants for an escrow business
				license shall use the NMLS-approved forms and checklists for all
				licensing-related activities, including but not limited to initial
				applications, renewals, amendments, surrenders, and reports.
AUTH:
					 32-7-108,
					 32-7-112,
					 MCA; IMP:
					 32-7-109,
					 32-7-112,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.706 - TRANSITION (Repealed)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-7-109,
					 32-7-112, MCA; IMP:
					 32-7-109,
					 32-7-112,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.707 - LICENSE RENEWALS

Current through Register Vol. 13, July 5, 2024
(1) The renewal
				period begins November 1. Every renewal applicant shall apply for renewal
				through the NMLS. Licensees shall use the NMLS renewal process to request
				renewal of their license.
(2)
				Licensees shall submit their renewal applications by December 1 of each year to
				ensure issuance of the license to qualified renewal applicants by January 1 of
				the following year.
(3) The holder
				of an expired license may not conduct any business in Montana until becoming
				properly licensed.
AUTH:
					 32-7-109,
					 32-7-110,
					 32-7-112, MCA; IMP:
					 32-7-109,
					 32-7-110,
					 32-7-112,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.708 - INITIAL LICENSE APPLICATION THROUGH NMLS (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-7-109,
					 32-7-112,
					 MCA; IMP:
					 32-7-109,
					 32-7-112,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.709 - AMENDMENTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-7-109,
					 32-7-112,
					 MCA; IMP:
					 32-7-109,
					 32-7-112,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.710 - LICENSE SURRENDER (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-7-112,
					 MCA; IMP:
					 32-7-112,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.711 - FEES (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-7-110,
					 32-7-112,
					 MCA; IMP:
					 32-7-110,
					 32-7-112,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.712 - REINSTATEMENT OF EXPIRED LICENSES

Current through Register Vol. 13, July 5, 2024
(1) Upon expiration
				of a license issued under
				32-7-110, MCA, due to nonrenewal
				by the renewal date, the former licensee shall immediately cease from engaging
				in the activities for which the license was issued. The department may
				reinstate an expired license, provided that by the last day of February
				following expiration of the license, the following are submitted through the
				NMLS:
(a) a properly completed license
				renewal application;
(b) the
				license renewal fee as set forth in
				32-7-110, MCA;
(c) a reinstatement fee of $50; and
(d) proof that the licensee continues to meet
				standards for licensure under
				32-7-109, MCA.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.7 - Escrow Business › Rule 2.59.713 - ANNUAL FINANCIAL STATEMENT AND ESCROW ACTIVITIES REPORT AND DUE DATE

Current through Register Vol. 13, July 5, 2024
(1) The Montana
				Escrow Business Annual Financial Statement and Escrow Activities Report form,
				May 9, 2017, edition, is adopted and incorporated by reference. The form is
				available on the division's website,
http://banking.mt.gov/Home/Forms#164912246-escrow
.
(2) By April 30 each year, persons licensed
				under the Montana Regulation of Escrow Businesses Act shall file the Montana
				Escrow Business Annual Financial Statement and Escrow Activities Report as of
				December 31 of the preceding calendar year.
AUTH:
					 32-7-108, MCA; IMP:
					 32-7-115,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.801 - AUTHORITY, PURPOSE AND SCOPE: DEFINITIONS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107, MCA; IMP,
					 32-8-107,
					 32-8-301,
					 32-8-302,
					 32-8-308,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.802 - ANNUAL REGULATION FEES (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107, MCA; IMP,
					 32-8-302,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.803 - EXAMINATIONS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107,
					 32-8-205,
					 32-8-301, MCA; IMP,
					 32-8-303,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.804 - CRITERIA FOR KNOW-YOUR-CUSTOMER POLICY (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107,
					 32-8-301, MCA; IMP,
					 32-8-301,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.805 - CRITERIA FOR ANTI-MONEY LAUNDERING COMPLIANCE (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107,
					 32-8-301, MCA; IMP,
					 32-8-301,
					 32-8-309,
					 32-8-314,
					 32-8-501,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.806 - QUARTERLY AND ANNUAL REPORTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107,
					 32-8-301, MCA; IMP,
					 32-8-308,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.807 - SUSPICIOUS ACTIVITY REPORTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107,
					 32-8-301, MCA; IMP,
					 32-8-301,
					 32-8-309,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.8 - Foreign Capital Depositories › Rule 2.59.808 - OTHER REPORTS REQUIRED (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-8-107,
					 32-8-301,
					 32-8-308, MCA; IMP,
					 32-8-301,
					 32-8-308,
					 32-8-315,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.901 - CHANGE OF LOCATION (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-1-372,
					 MCA IMP:
					 32-1-372,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.902 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
For purposes of this subchapter, the following definitions
				  apply:
(1) "Consolidate" means a
				combination of two or more office locations within the same immediate
				neighborhood that does not substantially affect the nature of the business or
				customers served. Thus, for example, a consolidation of two branches on the
				same block following a merger would not constitute a branch closing. Banks that
				are in doubt about whether a consolidation or a closing has occurred should
				consult the department. A consolidation is considered a relocation for purposes
				of ARM 2.59.903 and 2.59.907.
(2)
				"Customer" means a person who opened an account at the branch location in
				question, is currently associated with that branch, or whose address is within
				the same municipal area as the branch, as the bank determines is
				appropriate.
(3) "Principal city"
				means an area designated as a "principal city" by the federal Office of
				Management and Budget.
(4)
				Relocate" means a movement within the same immediate neighborhood that does not
				substantially affect the nature of the business or customers served. Generally,
				relocations involve movement over a short distance.
(5) "Short distance" means:
(a) within a 1,000-foot radius of the current
				location of the branch if it is located within the principal city of a
				metropolitan statistical area (MSA);
(b) within a one-mile radius of the current
				location of the branch if the branch is not located within a principal city,
				but is within an MSA; or
(c) within
				a two-mile radius of the branch if it is not located in an
				MSA.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.903 - LOAN PRODUCTION OFFICE

Current through Register Vol. 13, July 5, 2024
(1) A bank that
				desires to establish a loan production office in this state shall provide
				written notice to the department of its intent to do so at least thirty days
				prior to opening the loan production office using the Notice of Intent to
				Establish a Loan Production Office form dated June 29, 2020, located at
				www.banking.mt.gov.
(2) A bank
				organized under the laws of Montana that intends to open a loan production
				office in another state shall submit copies of all required regulatory filings
				or notices required by the host state and federal agencies along with the items
				required in the Notice of Intent to Establish a Loan Production Office form, if
				they are not already included in the form, to the department.
(3) A Montana state-chartered bank that
				desires to relocate or close a loan production office temporarily or
				permanently shall give notice to its customers using the customer Notice of
				Relocation form dated June 29, 2020, or customer Notice of Closure form dated
				June 29, 2020, located at www.banking.mt.gov.
(4) The relocation or closure form shall be
				provided to customers of the loan production office by posting it at the loan
				production office at least fifteen days before the relocation or closure of the
				office. The relocation or closure form shall be provided to the department at
				the same time.
(5) The department
				reserves the right to request additional information regarding opening,
				closing, or relocation of a loan production office.
(6) If the loan production office will be
				using an assumed name, compliance with
				32-1-402,
				MCA, is required.
(7) Each loan
				production office shall be subject to examination and supervision by the
				department in the same manner and to the same extent as the bank.
(8) Each loan production office operating in
				Montana as of the effective date of this rule, shall provide written notice to
				the department containing the information required in (1) on or before October
				1, 2020.
AUTH:
					 32-1-211,
					 32-1-222,
					 MCA IMP:
					 32-1-211,
					 32-1-222,
					 32-1-561,
					 32-1-562,
					 32-1-563,
					 32-1-564,
					 32-1-565,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.904 - BRANCH BANKS

Current through Register Vol. 13, July 5, 2024
(1) A bank
				organized under the laws of this state that is a qualifying institution, as set
				forth in (2), may establish a branch in Montana upon summary notice and
				approval by the department. The notice shall be given using the Request for
				Summary Approval of Branch form dated June 29, 2020, which is located at
				www.banking.mt.gov.
(2) In order to
				qualify for summary notice, the bank shall:
(a) have received its bank charter at least
				five years prior to making the request;
(b) be well-capitalized as defined in 12 CFR
				Part 324 by the Federal Deposit Insurance Corporation, if the bank is a
				nonmember bank; or as defined in
				12 CFR
				208.43(b)(1) by the Federal
				Reserve Board of Governors, if the bank is a member bank of the Federal Reserve
				System;
(c) have received a CAMELS
				composite rating of one or two on its most recent state or federal safety and
				soundness examination;
(d) have
				received a management rating of one or two on its most recent state or federal
				regulatory examination; and
(e) not
				be a party to any formal or informal enforcement action initiated by a state or
				federal regulatory agency.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.905 - MONTANA BANKS BRANCHING OUTSIDE MONTANA

Current through Register Vol. 13, July 5, 2024
(1)
				In order for a bank organized under the laws of this state to request approval
				for a branch outside of Montana, the bank must submit copies of all required
				regulatory filings or notices required by the host state and federal agencies
				and comply with ARM 2.59.904 and the branching requirements of the state into
				which it seeks to branch.
AUTH:
					 32-1-211,
					 32-1-218,
					 32-1-372,
					 MCA; IMP:
					 32-1-211,
					 32-1-218,
					 32-1-372,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.906 - BANKS ORGANIZED OUTSIDE OF MONTANA BRANCHING INTO MONTANA

Current through Register Vol. 13, July 5, 2024
(1) Banks organized under the laws of a state
				other than Montana or a national bank must submit copies of all required
				regulatory filings or notices required by the home state and federal agencies
				and comply with ARM 2.59.904 in order to branch into Montana.
AUTH:
					 32-1-211,
					 32-1-218,
					 32-1-372,
					 MCA; IMP:
					 32-1-211,
					 32-1-218,
					 32-1-372,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.907 - CLOSING OR RELOCATING A BRANCH BANK

Current through Register Vol. 13, July 5, 2024
(1) A
				Montana state-chartered bank that desires to relocate or close a branch
				temporarily or permanently shall give notice to its customers using the
				customer Notice of Relocation form dated June 29, 2020, or customer Notice of
				Closure form dated June 29, 2020. The forms are located at www.banking.mt.gov.
				A bank may amend the form as needed or include additional information in the
				form as appropriate.
(2) The
				relocation or closure form shall be provided to customers of the branch by
				posting it at the branch at least thirty days before the relocation or closure
				of the branch. The relocation or closure form shall be provided to the
				department at the same time. The bank shall also notify its customers at least
				thirty days before the relocation or closure, by any effective
				method.
(3) The department reserves
				the right to request additional information regarding closing or relocation of
				a branch.
AUTH:
					 32-1-211,
					 32-1-218,
					 32-1-372,
					 MCA; IMP:
					 32-1-211,
					 32-1-218,
					 32-1-372,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.908 - TEMPORARY EMERGENCY CLOSURE OF BRANCH

Current through Register Vol. 13, July 5, 2024
(1)
				A bank that closes a branch under the authority of
				32-1-563(1),
				MCA, for 48 hours or less shall notify the department using the Temporary
				Emergency Branch Closure form dated April 10, 2019, located at
				www.banking.mt.gov.
AUTH:
					 32-1-211,
					 32-1-218,
					 MCA IMP:
					 32-1-211,
					 32-1-218,
					 32-1-561,
					 32-1-562,
					 32-1-563,
					 32-1-564,
					 32-1-565,
					 MCA.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.909 - EMERGENCY CLOSURE OF BRANCH

Current through Register Vol. 13, July 5, 2024
(1) A bank that
				closes a branch under the authority of
				32-1-563(1),
				MCA, for more than 48 hours shall notify the department using the Emergency
				Branch Closure form dated April 17, 2019, located at
				www.banking.mt.gov.
AUTH:
					 32-1-211,
					 32-1-218,
					 MCA IMP:
					 32-1-211,
					 32-1-218,
					 32-1-561,
					 32-1-562,
					 32-1-563,
					 32-1-564,
					 32-1-565,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.9 - Relocations › Rule 2.59.910 - LOAN PRODUCTION OFFICE ACTIVITIES

Current through Register Vol. 13, July 5, 2024
(1) A loan
				production office may conduct any of the following activities, which shall not,
				individually or collectively, cause the loan production office to be considered
				a branch, as defined in
				32-1-109,
				MCA:
(a) solicit loans on behalf of the bank
				or a branch of the bank;
(b)
				assemble credit information;
(c)
				make property inspections and appraisals;
(d) secure title information;
(e) prepare applications for loans, including
				making recommendations with respect to action; and
(f) solicit investors to purchase loans from
				the bank and to contract with the bank for servicing of such loans.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.10 - Merge Affiliated Banks › Rule 2.59.1001 - MERGER APPLICATION

Current through Register Vol. 13, July 5, 2024
(1) The application
				to merge one or more banks located in Montana or to merge two or more banks
				doing business in this state must be in the following form:
BANK MERGER APPLICATION
Any individual or entity desiring confidential treatment of
				  specific portions of the application shall specifically identify the
				  information for which they request confidentiality, separately bind it, and
				  label it "Confidential." The individual or entity shall follow the same
				  procedure for a request for confidential treatment for the subsequent filing of
				  supplemental information to the application. Inquiries concerning the
				  preparation and filing of this or any other application with the department
				  should be directed to the Montana Division of Banking and Financial
				  Institutions, P.O. Box 200546, Helena, MT 59620-0546.
1. State the exact corporate name and address
				of each bank and holding company participating in the merger, the name and
				address of every bank whose stock is owned by a participating bank holding
				company, the percentage of total voting stock which that holding represents,
				and the proposed names of the resultant bank and holding company.
2. State the name and address of, and the
				dates of publication in, the newspapers in which the required notice is
				published.
3. For the resultant
				bank, a list of the names of the directors and principal executive officers,
				their titles, and shares owned in the participating institutions and the
				resultant bank, including a brief resume of the educational background, banking
				experience, and other qualifications of each and explanation of the extent of
				common ownership, direct or indirect, or common management of the participating
				institution and the length of time such common ownership or management has
				existed.
4. The date on which the
				proposed merger is to occur.
5.
				Attach the following documents:
(a) the
				resolution or an authentic copy of the resolution, authorizing the merger
				adopted by a majority of the board of directors and ratified by the consent in
				writing of the shareholders of each bank owning at least two-thirds of its
				capital stock outstanding;
(b) a
				year-end financial statement for each participating bank and/or a consolidated
				statement for multi-bank holding company;
(c) a pro forma financial statement showing
				projected assets and liabilities, and first-year earnings for the consolidated
				organization; and
(d) the proposed
				articles of merger and plan of merger.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.10 - Merge Affiliated Banks › Rule 2.59.1002 - MERGER APPLICATION PROCEDURES

Current through Register Vol. 13, July 5, 2024
(1) An application
				to merge one or more banks located in Montana pursuant to
				32-1-370, MCA, must be on the form
				in ARM 2.59.1001.
(2) An application to merge any two or more
				banks doing business in this state pursuant to
				32-1-371, MCA, must be on the form
				in ARM 2.59.1001.
(3) The
				application to merge must be filed with the Montana Division of Banking and
				Financial Institutions (division).
(4) An applicant for approval of a merger
				transaction shall publish notice of the proposed transaction on at least three
				occasions at approximately equal intervals in a newspaper of general
				circulation in the community or communities where the main offices of the
				merging institutions are located; or, if there is no such newspaper in the
				community, then in the newspaper of general circulation published nearest to
				the community.
(a) The first publication of
				the notice must be as close as practicable to the date on which the application
				is filed with the division, but no more than five days before the filing
				date.
(b) The last publication of
				the notice must be on the 25th day after the first publication; or, if the
				newspaper does not publish on the 25th day, on the publication date closest to
				the 25th day.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.11 - Establishment of New Branches › Rule 2.59.1101 - APPLICATION PROCEDURE FOR APPROVAL TO ESTABLISH A NEW BRANCH BANK

Current through Register Vol. 13, July 5, 2024
(1) An existing state-chartered bank that
				does not meet the criteria in ARM 2.59.904(2) shall file with the department an
				application for approval to establish and operate a new branch bank.
(2) Applications shall be submitted to the
				department using the Uniform Interstate Application/Notice form. Electronic
				submission of applications to banking@mt.gov is preferred.
(3) The applicant shall publish its notice of
				intent to establish a new branch bank using the following procedure:
(a) if the application for a new branch bank
				also requires the approval of either the federal reserve system or the federal
				deposit insurance corporation, the notice shall be published at the times and
				in the format required by the federal agency, except that the notice shall
				include the following information which may be rephrased as needed: "Comments
				regarding this application should be forwarded in writing via email to
				banking@mt.gov. Comments will also be accepted by mail addressed to the
				Commissioner of Banking and Financial Institutions, Department of
				Administration, 301 South Park, P.O. Box 200546, Helena, MT 59620-0546. The
				application may be reviewed, during the comment period, at the above address by
				calling the commissioner's office at (406) 841-2920 and requesting an
				appointment";
(b) if the applicant
				does not fall under the regulatory jurisdiction of either the federal reserve
				system or the federal deposit insurance corporation, or if the publication
				requirement of the federal regulator has been eliminated, the notice shall be
				published, following a format obtained from the department, in a newspaper of
				general circulation in the community or communities where the main office of
				the bank and proposed branch bank are located. If there is no such newspaper in
				the community, then the notice shall be published in the newspaper of general
				circulation published nearest thereto. Publication shall be made at least once
				a week on the same day for two consecutive weeks.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.11 - Establishment of New Branches › Rule 2.59.1102 - REVIEW PROCEDURE FOR APPLICATIONS FOR APPROVAL TO ESTABLISH A NEW BRANCH BANK

Current through Register Vol. 13, July 5, 2024
(1) The division
				shall process applications for new branch banks in the order in which they are
				received. If an application is incomplete, the division shall notify the
				applicant by e-mail. An application will not be considered to have been
				received until it is in a complete form. An application is complete when all
				information required by the application form has been submitted and received.
				The division may request additional information from an applicant even if the
				application is considered complete.
(2) Factors that will be considered when
				determining whether to approve an application to establish a new branch bank
				include, but are not limited to, the following:
(a) the financial history and condition of
				the applicant;
(b) the capital
				levels and capital structure of the applicant;
(c) the quality, financial and banking
				experience and depth of management of the applicant and the proposed branch
				bank;
(d) the convenience and
				needs of the community to be served at the proposed location of the new branch
				bank as evidenced by a brief statement provided by the applicant;
(e) earnings prospects of the applicant after
				establishing the new branch bank; and
(f) any other factors the division considers
				that could adversely affect the safety and soundness of the applicant or the
				viability of the new branch bank.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.11 - Establishment of New Branches › Rule 2.59.1103 - PROCEDURE FOLLOWING APPROVAL OF AN APPLICATION TO ESTABLISH A NEW BRANCH BANK

Current through Register Vol. 13, July 5, 2024
(1) A bank must
				open an approved branch within 18 months of the date of branch bank approval.
				Upon written request by the applicant and a finding of good cause by the
				department, the 18-month period may be extended by the department for a maximum
				of an additional six months.
(2)
				During the formation and establishment of the new branch bank, the applicant
				must inform the department of significant changes affecting any of the
				commitments, representations or projections contained in the original
				application. Significant changes include, but are not limited to, the location
				of the new branch bank, the services to be offered by the new branch bank, and
				the staffing or management of the new branch bank. Significant changes may be
				sufficient to void the department's approval.
AUTH:
					 32-1-218,
					 32-1-372,
					 MCA; IMP:
					 32-1-218,
					 32-1-372,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1201 - ADOPTION OF STANDARDIZED FORMS AND PROCEDURES OF THE NMLS

Current through Register Vol. 13, July 5, 2024
(1) The NMLS Policy Guidebook dated September
				27, 2021, is adopted by reference and available on the NMLS website at
				mortgage.nationwidelicensingsystem.org/slr/common/policy/Pages/default.aspx.
(2) Except as provided in ARM
				2.59.1203, the
				NMLS deadlines, policies, procedures, and processes for all licensing-related
				actions, changes, and reports are adopted and available at
				mortgage.nationwidelicensingsystem.org/.
(3) Members of the public can look up the
				current license status, license number, states of licensure, contact
				information, and regulatory history of any sales finance company licensee at
				nmls.consumeraccess.org. If an entity is not listed on NMLS consumer access, it
				does not hold a sales finance company license issued by the
				department.
(4) All applicants for
				a sales finance company license shall use the NMLS-approved forms and
				checklists for all licensing-related activities, including but not limited to
				initial applications, renewals, amendments, surrenders, and reports.
AUTH:
					 31-1-211,
					 31-1-223,
					 MCA; IMP:
					 31-1-223,
					 MCA