Montana § 32-1-243 Commissioner Grants Or Denies Application

Montana Statutes

§ 32-1-243 — Commissioner Grants Or Denies Application

Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 1 BANKS AND TRUST COMPANIES·Part 2 State-Chartered Banks and Functions ofDepartment of Administration

32-1-243 . Commissioner grants or denies application.

(1)When the department determines an application to organize a new bank is complete, the department shall notify the applicant and submit the completed application to the commissioner for a decision.

(2)The commissioner shall review all the submitted materials and the results of the investigation and determine if a preponderance of the evidence shows the standards in 32-1-242 and 32-1-244 and the rules adopted pursuant to 32-1-242 and 32-1-244 have been met. The commissioner may further investigate the applicant, materials, application, and any other factors the commissioner considers relevant.

(3)If the commissioner approves the application, the commissioner shall determine the amount needed for initial capitalization of the institu

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

32-1-243 . Commissioner grants or denies application. (1) When the department determines an application to organize a new bank is complete, the department shall notify the applicant and submit the completed application to the commissioner for a decision.
(2) The commissioner shall review all the submitted materials and the results of the investigation and determine if a preponderance of the evidence shows the standards in 32-1-242 and 32-1-244 and the rules adopted pursuant to 32-1-242 and 32-1-244 have been met. The commissioner may further investigate the applicant, materials, application, and any other factors the commissioner considers relevant.
(3) If the commissioner approves the application, the commissioner shall determine the amount needed for initial capitalization of the institution based on the business plan and application of the proposed institution.
(4) The commissioner shall approve or deny the application within 60 days from receipt of the application unless the commissioner requests more information. If more information is requested, the commissioner shall act within 30 days of the date the additional information has been fully provided.
(5) The commissioner may grant conditional approval of an application and require the applicant to make additional showing or changes in the proposed bank as the commissioner considers advisable.
(6) The applicant may request a hearing on the decision of the commissioner as provided in Title 2, chapter 4, part 6, of the Montana Administrative Procedure Act.

Montana § 32-1-243 (Commissioner Grants Or Denies Application) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.