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Current as of January 01, 2024 | Updated by Findlaw Staff
(1) A bank organized under the laws of this state may engage in any activity or business in which the bank could engage if it were operating as a national bank 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 national banks by federal statute, regulations, or interpretive ruling issued or adopted by a federal banking regulator having jurisdiction over national banks; 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 upon an application under this section within 15 days of 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 of receipt of the application and does not extend the time period for good cause, the bank may engage in the activity requested without the approval of the department.
Cite this article: FindLaw.com - Montana Title 32. Financial Institutions § 32-1-362. National bank powers extended to state banks - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-32-financial-institutions/mt-st-32-1-362/
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.
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