Montana Code Annotated
Part 9. Operation and Regulation
32-2-909. Insurance activities -- exemption -- rulemaking

32-2-909. Insurance activities -- exemption -- rulemaking. (1) A mutual association may:
(a) except for title insurance, sell insurance of all types, including annuities, credit life insurance, and disability insurance; and
(b) act as an insurance producer, adjuster, consultant, or administrator as defined in Title 33, chapter 17.
(2) A mutual association that engages in insurance activities authorized in subsection (1) is subject to the provisions of Title 33.
(3) A mutual association may, upon application to and approval by the department pursuant to 32-2-824, offer debt cancellation and suspension programs. Debt cancellation or suspension programs offered pursuant to this subsection are not insurance products subject to the provisions of Title 33. The department shall adopt rules to implement this subsection that must be substantially equivalent to or more stringent than federal laws, regulations, and regulatory guidelines that are applicable to debt cancellation or suspension programs offered by federal savings associations.
History: En. Sec. 50, Ch. 431, L. 2021.

Structure Montana Code Annotated

Montana Code Annotated

Title 32. Financial Institutions

Chapter 2. Mutual Savings and Loan Associations

Part 9. Operation and Regulation

32-2-901. Mutual association advertising before issuance of charter

32-2-902. Prohibitions on advertising as mutual association -- trade names restricted

32-2-903. Penalty for transacting business without certificate

32-2-904. Mutual associations -- powers and duties

32-2-905. Extent that assets may be pledged

32-2-906. Issuance of capital certificates

32-2-907. No certificate of deposit to be issued for borrowed money

32-2-908. Investments of financial institutions

32-2-909. Insurance activities -- exemption -- rulemaking

32-2-910. Authority of state mutual associations to make real estate loans -- borrower insurance requirements

32-2-911. Investment in certain securities -- rulemaking

32-2-912. Mutual associations authorized to obtain insurance and make loans when approved by federal housing administrator

32-2-913. Federal housing securities eligible collateral

32-2-914. Acceptance and issuance of drafts -- rulemaking

32-2-915. Mutual association's responsibility to provide notice when funds become available for withdrawal

32-2-916. Certified checks

32-2-917. Deposit in name of minor

32-2-918. Demand or time deposits

32-2-919. Safe deposit department

32-2-920. Giving security for deposit prohibited -- exceptions

32-2-921. Payments to foreign administrator

32-2-922. Calculation of profits

32-2-923. Past-due and doubtful paper

32-2-924. Reserve requirements

32-2-925. Limitations on loans -- rulemaking

32-2-926. through 32-2-929 reserved

32-2-930. Bonding of employees

32-2-931. Persons previously convicted -- rulemaking

32-2-932. Sale of securities by officer to mutual association

32-2-933. Real estate that mutual associations may purchase, hold, or convey

32-2-934. Purchase of obligation of mutual association by officer

32-2-935. Fraud by director, officer, agent, or employee

32-2-936. Removal of directors, officers, or employees -- hearing

32-2-937. Penalty for unlawful hypothecation of property received

32-2-938. Concealing actions from directors

32-2-939. Theft of funds by directors, officers, or employees

32-2-940. False statement to obtain loan

32-2-941. Mutual association holidays

32-2-942. Transaction on holiday

32-2-943. Closing on Saturdays authorized -- Saturday treated as holiday

32-2-944. Mutual association hours and business days

32-2-945. Interest payable at mutual association on Saturday -- how paid

32-2-946. through 32-2-949 reserved

32-2-950. Destruction of records -- rulemaking

32-2-951. Definitions -- reproductions of mutual association records -- admissibility in evidence -- cost recovery

32-2-952. Admissibility of copies in evidence -- exception when original available

32-2-953. Destruction or reproduction

32-2-954. Application