32-8-505. Disclosure of record to private individual prohibited -- exceptions. (1) Except as provided in 32-8-516 and this section, a foreign capital depository and a director, executive officer, controlling person, or employee of a foreign capital depository may not provide or authorize another person to provide a financial record to an individual who is not an officer, employee, or agent of a state or local agency acting pursuant to Montana law or local ordinance or to an officer, employee, or agent of the United States acting pursuant to federal law.
     (2) This section does not preclude a foreign capital depository, in its discretion, from initiating contact with and disclosing a relevant financial record to an appropriate state, local, or federal agency concerning a suspected violation of state or federal law if the depository reasonably believes that a violation of law has been committed. Conviction of or admission by a customer of a crime is conclusive on the issue of the reasonable belief of the depository.

     History: En. Sec. 33, Ch. 382, L. 1997.