Montana § 32-2-824 Federal Savings Association Powers Extended To State Mutual Associations

Montana Statutes

§ 32-2-824 — Federal Savings Association Powers Extended To State Mutual Associations

Montana § 32-2-824

Title 32FINANCIAL INSTITUTIONS

Ch. 2MUTUAL SAVINGS AND LOAN ASSOCIATIONS

Part 8Formation and Reorganization

This text of Montana § 32-2-824 (Federal Savings Association Powers Extended To State Mutual Associations) 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. § 32-2-824 (2026).

Text

32-2-824 . Federal savings association powers extended to state mutual associations.

(1)A mutual association organized under the laws of this state may engage in any activity or business in which the mutual association could engage if it were operating as a federal savings association 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 federal savings associations by federal statute, regulations, or interpretive ruling issued or adopted by a federal banking regulator having jurisdiction over federal savings associations; 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

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32-2-824 . Federal savings association powers extended to state mutual associations. (1) A mutual association organized under the laws of this state may engage in any activity or business in which the mutual association could engage if it were operating as a federal savings association 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 federal savings associations by federal statute, regulations, or interpretive ruling issued or adopted by a federal banking regulator having jurisdiction over federal savings associations; 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 on an application under this section within 15 days after 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 after receipt of the application and does not extend the time period for good cause, the state mutual association may engage in the activity requested without the approval of the department.