32-8-507. Administrative subpoena. (1) A director, executive officer, controlling person, or employee of a foreign capital depository may disclose or authorize another to disclose a financial record and an officer, employee, or agent of a supervisory, state, or local agency may obtain a financial record under 32-8-503(1)(b) pursuant to an administrative subpoena otherwise authorized by law and served upon the foreign capital depository only if:
     (a) the person issuing the administrative subpoena has served a copy of the subpoena on the customer pursuant to Rule 4D of the Montana Rules of Civil Procedure;
     (b) the subpoena includes the name of the agency in whose name the subpoena is issued and the statutory purpose for which the record is to be obtained; and
     (c) 10 days have passed after service of the subpoena without the foreign capital depository or the customer moving to quash the subpoena.
     (2) (a) The supervisory, state, or local agency issuing the administrative subpoena may not shorten or waive the requirements of subsection (1). However, the agency may petition a court of competent jurisdiction in the county in which the record is located, and the court, upon a showing of a reasonable inference that a law enforceable by the petitioning agency has been or is about to be violated, may order that service upon the customer pursuant to subsection (1)(a) or the 10-day period provided for in subsection (1)(c) be waived or shortened.
     (b) For the purpose of this subsection (2), an "inference" is a deduction that may reasonably be drawn by the attorney general or the county attorney from facts relevant to the investigation.
     (c) The petition may be presented to the court in person or by telephoned oral statement, which must be recorded and transcribed. In the case of telephonic petition, the recording of the sworn oral statement and the transcribed statement must be certified by the judge receiving it and must be filed with the clerk of the court.
     (3) Except as provided in subsection (2) and this subsection, a foreign capital depository shall immediately notify a customer of the receipt of an administrative subpoena for a financial record of that customer. A court may order a depository to withhold notification to a customer of the receipt of an administrative subpoena when the court issues an order pursuant to subsection (2) and makes a finding that notice to the customer by the financial institution would impede the investigation.

     History: En. Sec. 35, Ch. 382, L. 1997.