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 § 32-1-115

Title 32FINANCIAL INSTITUTIONS

Ch. 1BANKS AND TRUST COMPANIES

Part 1General Provisions -- Definitions

This text of Montana § 32-1-115 (Student Financial Institution Defined -- Obligations Of Minor -- Applicability Of Laws) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 32-1-115 (2026).

Text

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,

Free access — add to your briefcase to read the full text and ask questions with AI

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.