§ 32-2-828 — Branches

32-2-828 . Branches. (1) A mutual association may establish and maintain branches as provided in 32-2-827 and this section. The formation and operation of a branch in this state by a mutual association organized under the laws of this state require the prior approval of the department. A mutual association organized under the laws of this state may establish, acquire, or operate a branch or loan production office outside of this state if approved by the department and if permitted by the laws of the jurisdiction where the branch or office is to be located.
(2) A branch may offer all services and conduct all business authorized to be offered or conducted by the mutual association.
(3) A mutual association authorized to do mutual association business in this state may use a satellite terminal, as defined in 32-6-103 , at any location permitted by the Montana Electronic Funds Transfer Act.
(4) A mutual association located in this state may provide services for other mutual associations located in this state, whether or not those mutual associations are affiliates.
(5) With the prior approval of the appropriate federal regulator and state chartering authority, a mutual association that is not organized under the laws of this state may establish and operate a de novo branch in this state under the same terms that would apply to a mutual association organized under the laws of this state seeking approval from the department to establish and operate a de novo branch in this state.

Legislative History

En. Sec. 39, Ch. 431, L. 2021.