Montana § 32-1-115 Student Financial Institution Defined -- Obligations Of Minor -- Applicability Of Laws

Montana Statutes

§ 32-1-115 — Student Financial Institution Defined -- Obligations Of Minor -- Applicability Of Laws

Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 1 BANKS AND TRUST COMPANIES·Part 1 General Provisions -- Definitions

32-1-115 . Student financial institution defined -- obligations of minor -- applicability of laws.

(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,

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32-1-115 . Student financial institution defined -- obligations of minor -- applicability of laws. (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.

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