Skip to main content
Find a Lawyer

Montana Title 32. Financial Institutions § 32-1-115. Student financial institution defined--obligations of minor--applicability of laws

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) The term “student financial institution” means a financial institution that:

(a) is located at a school or a location where educational services are provided;

(b) is operated as a financial literacy educational program;

(c) is operated by one or more state-chartered or federally chartered financial institutions, limited to a state or national bank, a state or federal savings and loan association, a trust company, an investment company, or a state or federal credit union;

(d) does not provide services to the general public; and

(e) conducts each program in a manner consistent with safe and sound banking practices and compliant with state law.

(2) To operate a student financial institution, a state-chartered bank, savings and loan association, trust company, investment company, or credit union shall provide written notice to the department.

(3) Establishing a student financial institution does not require a branch application.

(4) With regard to the operation of a student financial institution, the obligations of a minor pertaining to borrowing money, cashing checks, and making deposits have the same force and effect as though they were the obligations of a person over the age of majority.

(5) The provisions of 32-1-102, 32-1-402, 32-3-106, and this section apply to a student financial institution established pursuant to this section, but other provisions of Title 32, chapters 1 through 3, or any other provision of state law that regulates banks, credit unions, other financial institutions, or currency exchanges do not apply.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Montana Title 32. Financial Institutions § 32-1-115. Student financial institution defined--obligations of minor--applicability of laws - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-32-financial-institutions/mt-st-32-1-115/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard