32-2-824. Federal savings association powers extended to state mutual associations. (1) A mutual association organized under the laws of this state may engage in any activity or business in which the mutual association could engage if it were operating as a federal savings association if the power or activity is not expressly prohibited or limited by the laws of this state and:
(a) if the power or activity is clearly authorized to federal savings associations by federal statute, regulations, or interpretive ruling issued or adopted by a federal banking regulator having jurisdiction over federal savings associations; and
(b) upon application to and approval by the department.
(2) The department may adopt rules to govern the application procedure under this section. The department shall act on an application under this section within 15 days after receipt of the application. The department may, for good cause, extend the time period for processing an application under this section for an additional 15 days. If the department fails to act on the application within 15 days after receipt of the application and does not extend the time period for good cause, the state mutual association may engage in the activity requested without the approval of the department.
History: En. Sec. 35, Ch. 431, L. 2021.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 2. Mutual Savings and Loan Associations
Part 8. Formation and Reorganization
32-2-802. Notice of acceptance of application
32-2-803. Notice of proposed incorporation
32-2-804. Department investigation
32-2-805. Articles of incorporation
32-2-809. Review of application
32-2-810. Certificate of authority to commence business
32-2-811. Failure to commence business
32-2-812. through 32-2-815 reserved
32-2-817. Conversion into federal savings and loan association
32-2-818. Requirements of state mutual association
32-2-819. Directors -- meetings -- officers
32-2-820. Board of directors -- qualifications, tenure, and vacancies
32-2-821. Selection of officers and employees -- minutes of meetings
32-2-823. Right of examination by member
32-2-824. Federal savings association powers extended to state mutual associations
32-2-825. Surrender of charter by state mutual association
32-2-826. Membership in federal home loan bank
32-2-827. Merger of mutual associations