32-11-311. Compensation of associate. (1) An associate of a licensee may not directly or indirectly receive from a person to whom the licensee provides financing assistance:
(a) compensation in connection with the providing of the financing assistance; or
(b) other things of value for procuring, influencing, or attempting to procure or influence the licensee's action with respect to providing the financing assistance.
(2) This section does not apply to the receipt of fees by an associate of a licensee for bona fide services performed by the associate if:
(a) the associate, with the consent and knowledge of the person to whom the financing assistance is provided, is designated by the licensee to perform the services;
(b) the services are appropriate and necessary under the circumstances;
(c) the fees for the services are approved as reasonable by the licensee; and
(d) the fees for the services are collected by the licensee, and the licensee pays the associate.
History: En. Sec. 39, Ch. 411, L. 2007.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 11. Business and Industrial Development Corporations
Part 3. Acquisition and Merger
32-11-301. Disclosure of potential conflict of interest -- terms and conditions -- examples
32-11-302. Acquiring control of licensee -- application -- determination
32-11-303. Merger -- purchase -- sale
32-11-304. Records and report requirements
32-11-305. Records kept by others
32-11-306. Information on economic development effect
32-11-307. Examination of licensees and subsidiaries
32-11-308. Inspection or copying refusal
32-11-309. Restrictions on financing assistance
32-11-310. Contemporaneous financing assistance