32-8-201. Charter eligibility and application requirements. (1) In order to lawfully conduct business in Montana as a foreign capital depository, a person intending to own and operate a depository shall:
     (a) obtain a state charter from the board through an application process established by the commissioner and administered by the department;
     (b) make and file articles of incorporation in accordance with 32-1-301;
     (c) submit an application to the board on a form provided by the commissioner. An application must be accompanied by:
     (i) documents certifying that the identity of each director, executive officer, and controlling person of the proposed depository has been verified by means of a background check;
     (ii) a written copy of the applicant's know your customer policy and a written description of the implementation method for the policy;
     (iii) a detailed written description of the applicant's personnel training and preemployment screening programs, physical and technological security systems, and methods of compliance with applicable federal recordkeeping and reporting laws;
     (iv) a business plan that includes projections of costs, profitability, and relevant changes in financial markets;
     (v) the intended location of each depository office in the state;
     (vi) a document from a certified public accountant confirming that the applicant has financial assets in excess of liabilities in an amount established by board rule;
     (vii) a nonrefundable charter application fee set by the board under 32-8-205 to be paid into the foreign capital depository account established in 32-8-306.
     (2) A foreign capital depository may be a subsidiary of a foreign bank that has obtained approval from the federal reserve system to operate in the United States in accordance with the Foreign Bank Supervision Enhancement Act of 1991.

     History: En. Sec. 8, Ch. 382, L. 1997.