32-1-403. Penalty for transacting business without certificate. (1) A person, firm, company, partnership, or corporation, domestic or foreign, advertising that the person or entity is receiving or accepting money or savings and issuing notes or certificates of deposit for them or advertising that the person or entity is transacting the business of a bank, savings bank, or trust company or making use of an office sign at the place where the business is transacted, having on it an artificial or corporate name or other words indicating that the place or office is the place or office of a bank, savings bank, or trust company or that deposits are received there or payments made on check or that interest is paid on deposits or that certificates of deposit, either with or without interest, are being issued or that any other form of banking business is transacted, and a person, firm, company, partnership, or corporation, domestic or foreign, using or circulating any letterheads, billheads, blank notes, blank receipts, certificates, or circulars or any written or printed or partly written and partly printed paper whatever, having on it an artificial or corporate name or advertising that the business is the business of a bank, savings bank, or trust company, must have the proper capital stock paid in and set aside for the purpose of transacting that business and must have received from the department, as provided for in this chapter, a certificate to do a banking business.
(2) A person, firm, company, partnership, or corporation, domestic or foreign, violating any provision of this section shall forfeit to the state $100 a day for every day or part of a day during which the violation continues.
(3) Upon action brought by the department, the court may issue an injunction restraining a person, firm, company, partnership, or corporation from further violating any provision of this section and may enter a further order or decree as equity and justice require.
(4) A person, firm, company, partnership, or corporation doing any of the things or transacting any of the business defined in this section shall transact that business according to the provisions of the Bank Act, and the department may examine the accounts, books, papers, cash, and credits of that person, firm, company, partnership, or corporation, domestic or foreign, in order to ascertain whether that person, firm, company, partnership, or corporation has violated or is violating any provisions of this section.
History: En. Sec. 30, Ch. 89, L. 1927; re-en. Sec. 6014.34, R.C.M. 1935; amd. Sec. 15, Ch. 431, L. 1975; R.C.M. 1947, 5-509; amd. Sec. 1009, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 1. Banks and Trust Companies
Part 4. Operation and Regulation
32-1-401. Bank advertising before issuance of charter
32-1-402. When advertising as bank prohibited -- trade names restricted
32-1-403. Penalty for transacting business without certificate
32-1-404. through 32-1-410 reserved
32-1-411. Extent assets may be pledged
32-1-412. Limits on excessive borrowing
32-1-413. Borrowing money for capital purposes -- status of capital
32-1-414. No certificate of deposit to issue for borrowed money
32-1-415. through 32-1-419 reserved
32-1-420. Investment by trust fiduciary in management investment company or investment trust
32-1-421. Investment of capital of savings banks
32-1-422. Restriction on investment in corporate stock -- rulemaking authority
32-1-423. Real estate that banks may purchase, hold, or convey
32-1-424. Investments of financial institutions
32-1-426. Deposit of securities in central depository
32-1-427. Fiduciaries -- deposit of securities with a federal reserve bank
32-1-429. Insurance activities -- exemption -- rulemaking
32-1-430. Authority of state banks to make real estate loans -- borrower insurance requirements
32-1-432. Limitations on loans -- rulemaking
32-1-433. Investment in certain securities -- rulemaking authority
32-1-435. Federal housing securities eligible collateral
32-1-437. Acceptance and issuance of drafts -- rulemaking authority
32-1-438. and 32-1-439 reserved
32-1-444. Deposit in name of minor
32-1-445. Demand or time deposits
32-1-446. Safe deposit department
32-1-447. Giving security for deposit prohibited -- exceptions
32-1-448. Payments to foreign administrator
32-1-449. and 32-1-450 reserved
32-1-451. Statement of capital, resources, and liabilities
32-1-452. Dividends, surplus, losses, and bad debts
32-1-453. Calculation of profits
32-1-454. Past-due and doubtful paper
32-1-455. Reserve requirements
32-1-456. through 32-1-460 reserved
32-1-461. Bonding of employees
32-1-462. Persons previously convicted under banking laws -- bank employment
32-1-463. Sale of securities by officer to bank
32-1-464. Fraud by director, officer, agent, or employee
32-1-465. Limit on loans to officer, director, or principal shareholder
32-1-466. Purchase of obligation of bank by officer
32-1-467. Loans to managing officer
32-1-468. Removal of directors, officers, or employees -- hearing
32-1-469. and 32-1-470 reserved
32-1-471. Penalty for unlawful hypothecation of property received
32-1-472. Concealing actions from directors
32-1-473. Theft of funds by directors, officers, or employees
32-1-474. False statement to obtain loan
32-1-475. through 32-1-480 reserved
32-1-482. Transaction on holidays
32-1-483. Closing on Saturdays authorized -- Saturday treated as holiday
32-1-484. Banking hours and business days
32-1-485. Interest payable at bank on Saturday -- how paid
32-1-486. through 32-1-490 reserved
32-1-491. Destruction of records
32-1-492. Definitions -- reproduction of bank records -- admissibility in evidence -- cost recovery
32-1-493. Admissibility of copies in evidence -- exception when original available
32-1-494. Destruction or reproduction "in regular course of business" defined