Montana Credit Union Act
Montana · Financial Institutions · §§ 32-3-1001 to 32-3-903 · 102 sections
Overview
The act governs the chartering, regulation, and internal governance of credit unions — member-owned cooperative financial institutions organized under state law. It establishes how a credit union is formed, running from the application and articles of incorporation through investigation and approval by the state regulator, with an appeal to a supervisory commission, and it sets conditions for commencing business, amending governing documents, maintaining offices, and admitting credit unions chartered elsewhere. It further defines who may become a member and how members vote, prescribes the election, qualification, compensation, bonding, and indemnification of directors and officers along with conflict-of-interest limits, and imposes ongoing reporting, audit, capital, and reserve requirements.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Mont. Code Ann. § 32-3-1001and 32-3-1002 reserved
- Mont. Code Ann. § 32-3-1003Penalty for false statements or entries to books and records
- Mont. Code Ann. § 32-3-1004Penalty for fraud by director, executive officer, agent, or employee
- Mont. Code Ann. § 32-3-1005Theft of funds
- Mont. Code Ann. § 32-3-1006and 32-3-1007 reserved
- Mont. Code Ann. § 32-3-1008Concealing actions from directors
- Mont. Code Ann. § 32-3-1009False statement to obtain or extend loan
- Mont. Code Ann. § 32-3-101Short title
- Mont. Code Ann. § 32-3-1010through 32-3-1012 reserved
- Mont. Code Ann. § 32-3-1013Removal of directors, officers, employees -- hearing
- Mont. Code Ann. § 32-3-102Purposes -- definitions
- Mont. Code Ann. § 32-3-103Use of name exclusive
- Mont. Code Ann. § 32-3-104Office facilities
- Mont. Code Ann. § 32-3-105Fiscal year
- Mont. Code Ann. § 32-3-106Establishment of a student financial institution
- Mont. Code Ann. § 32-3-201Department of administration
- Mont. Code Ann. § 32-3-202Reports
- Mont. Code Ann. § 32-3-203Examinations
- Mont. Code Ann. § 32-3-204Records
- Mont. Code Ann. § 32-3-205Cease and desist orders -- suspension -- involuntary liquidation
- Mont. Code Ann. § 32-3-206Authorized activities of credit unions
- Mont. Code Ann. § 32-3-207Confidentiality -- penalties
- Mont. Code Ann. § 32-3-208through 32-3-210 reserved
- Mont. Code Ann. § 32-3-211Conservatorship
- Mont. Code Ann. § 32-3-212Involuntary merger
- Mont. Code Ann. § 32-3-213and 32-3-214 reserved
- Mont. Code Ann. § 32-3-215Out-of-state credit unions
- Mont. Code Ann. § 32-3-216Conducting business outside this state
- Mont. Code Ann. § 32-3-301Organization procedure
- Mont. Code Ann. § 32-3-302Form of articles and bylaws
- Mont. Code Ann. § 32-3-303Amendments
- Mont. Code Ann. § 32-3-304Membership defined
- Mont. Code Ann. § 32-3-305Societies -- associations
- Mont. Code Ann. § 32-3-306Other credit unions
- Mont. Code Ann. § 32-3-307Limited-income persons
- Mont. Code Ann. § 32-3-308Members who leave field
- Mont. Code Ann. § 32-3-309Liability of members
- Mont. Code Ann. § 32-3-310Meetings of members
- Mont. Code Ann. § 32-3-311through 32-3-320 reserved
- Mont. Code Ann. § 32-3-321Liquidation
- Mont. Code Ann. § 32-3-322Merger
- Mont. Code Ann. § 32-3-323Conversion of charter
- Mont. Code Ann. § 32-3-401General powers
- Mont. Code Ann. § 32-3-402Incidental powers
- Mont. Code Ann. § 32-3-403Election or appointment of officials
- Mont. Code Ann. § 32-3-404Record of board and committee members
- Mont. Code Ann. § 32-3-405Vacancies
- Mont. Code Ann. § 32-3-406Compensation of officials
- Mont. Code Ann. § 32-3-407Conflicts of interest
- Mont. Code Ann. § 32-3-408Executive officers
- Mont. Code Ann. § 32-3-409Authority of directors
- Mont. Code Ann. § 32-3-410Executive committee
- Mont. Code Ann. § 32-3-411Meetings of board of directors and committees
- Mont. Code Ann. § 32-3-412Repealed
- Mont. Code Ann. § 32-3-413Repealed
- Mont. Code Ann. § 32-3-414Repealed
- Mont. Code Ann. § 32-3-415Repealed
- Mont. Code Ann. § 32-3-416Credit committee or credit manager duties
- Mont. Code Ann. § 32-3-417Audits
- Mont. Code Ann. § 32-3-418Suspension and removal of officials
- Mont. Code Ann. § 32-3-419Calling of special meeting
- Mont. Code Ann. § 32-3-420and 32-3-421 reserved
- Mont. Code Ann. § 32-3-422Duties of directors -- rulemaking
- Mont. Code Ann. § 32-3-501Shares
- Mont. Code Ann. § 32-3-502Dividends
- Mont. Code Ann. § 32-3-503Thrift accounts
- Mont. Code Ann. § 32-3-504Minors' accounts
- Mont. Code Ann. § 32-3-505Joint accounts
- Mont. Code Ann. § 32-3-506Shares in trust
- Mont. Code Ann. § 32-3-507Liens
- Mont. Code Ann. § 32-3-508Dormant accounts
- Mont. Code Ann. § 32-3-509Reduction in shares
- Mont. Code Ann. § 32-3-510Withdrawals
- Mont. Code Ann. § 32-3-601Repealed
- Mont. Code Ann. § 32-3-602Loan application
- Mont. Code Ann. § 32-3-603Loan limit
- Mont. Code Ann. § 32-3-604Security -- real property loans
- Mont. Code Ann. § 32-3-605Installments
- Mont. Code Ann. § 32-3-606Line of credit
- Mont. Code Ann. § 32-3-607Other loan programs
- Mont. Code Ann. § 32-3-608Loans to officials
- Mont. Code Ann. § 32-3-609Insurance for members -- debt cancellation and suspension programs
- Mont. Code Ann. § 32-3-610Liability insurance for officers
- Mont. Code Ann. § 32-3-611Share insurance
- Mont. Code Ann. § 32-3-701Investment of funds -- rulemaking
- Mont. Code Ann. § 32-3-702Maintenance of regular reserve account
- Mont. Code Ann. § 32-3-703Use of regular reserve account
- Mont. Code Ann. § 32-3-704Repealed
- Mont. Code Ann. § 32-3-705Special reserves
- Mont. Code Ann. § 32-3-801Organization
- Mont. Code Ann. § 32-3-802Purpose -- membership
- Mont. Code Ann. § 32-3-803Voting representative -- conflict of interest
- Mont. Code Ann. § 32-3-804Additional rights and powers -- department rules
- Mont. Code Ann. § 32-3-805Membership capital accounts
- Mont. Code Ann. § 32-3-806Fixed assets -- department rules
- Mont. Code Ann. § 32-3-807Corporate reserves -- department rules
- Mont. Code Ann. § 32-3-808Annual audit
- Mont. Code Ann. § 32-3-809Contracts and written agreements
- Mont. Code Ann. § 32-3-810Paid-in capital defined -- authorized
- Mont. Code Ann. § 32-3-901Taxation
- Mont. Code Ann. § 32-3-902Stock transfer taxes
- Mont. Code Ann. § 32-3-903Effect of participation in government programs
Enacted in other states
Connecticut, Florida, Iowa, Idaho, Illinois, Maryland, Nebraska, New Hampshire, New Mexico, Oregon, South Carolina, Texas
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