32-8-103. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:
     (1) "Bank holding company" means a company registered under the federal Bank Holding Company Act of 1956, as amended.
     (2) "Board" means the state banking board provided for in 2-15-1025.
     (3) "Capital" means currency that is convertible to U.S. dollars or personal property, including tangible personal property.
     (4) "Cash" means currency, cashier's checks, money orders, and other monetary instruments as defined in the Bank Secrecy Act (Public Law 91-508).
     (5) "Charter" means a certificate issued by the state banking board through the commissioner to a corporation verifying that the corporation is authorized to conduct business in Montana as a foreign capital depository.
     (6) "Commissioner" means the commissioner of banking and financial institutions provided for in 32-1-211.
     (7) "Controlling person" means a person who holds 5% or more of the equity in a depository or who is otherwise determined by the board to exercise controlling authority over decisions affecting the management and operation of the depository.
     (8) "Customer" means a person who is using or has used the services of a foreign capital depository or for whom a foreign capital depository has acted as a fiduciary.
     (9) "Department" means the department of administration established in 2-15-1001.
     (10) "Foreign bank" means a bank that has its primary office outside the jurisdiction of the United States and is licensed under the laws of a foreign country or a political subdivision of a foreign country.
     (11) "Foreign capital depository" or "depository" means a financial institution incorporated in Montana and chartered by the board to conduct business as a foreign capital depository in accordance with parts 1 through 5 of this chapter.
     (12) "Money laundering" is the process through which the existence, illegal source, true ownership, or unlawful application of illicitly derived funds is concealed or disguised to make the funds appear legitimate, thereby helping to evade detection, prosecution, seizure, or taxation.
     (13) "Nonresident alien" means a person who is not a citizen or a resident of the United States.
     (14) "Person" means an individual, partnership, corporation, limited liability company, association, trust, or other legal entity.
     (15) "Supervisory agency" means any of the following:
     (a) the attorney general and the department of justice, established by 2-15-2001, for the purpose of the enforcement of all criminal laws of the state;
     (b) the department, for the purposes of the administration and enforcement of the state laws relating to the examination and supervision of a foreign capital depository;
     (c) the commissioner, for the purposes of the administration and enforcement of the state laws relating to the chartering and supervision of a foreign capital depository;
     (d) the board, for the purposes of chartering a foreign capital depository;
     (e) the federal reserve system, when the chartered depository is a subsidiary of a financial institution domiciled outside the jurisdiction of the United States, for the purposes of examining a foreign capital depository;
     (f) the legislative audit division, established by 5-13-301, for the purposes of the administration of state laws relating to the audit of state agencies and the collection and disbursement of public funds;
     (g) the department of revenue, established by 2-15-1301, for the purposes of the administration and enforcement of laws relating to the collection of taxes or fees from a foreign capital depository;
     (h) the insurance department, established by 2-15-1902, and the commissioner of insurance, established by 2-15-1903, for the purpose of the administration and enforcement of state laws relating to the regulation of an insurer of accounts in a foreign capital depository.
     (16) "Tangible personal property" includes platinum, palladium, gold, or silver bullion or coins, precious stones, jewelry, works of art, furnishings, and other objects of value that are not legal tender.

     History: En. Sec. 3, Ch. 382, L. 1997; amd. Sec. 104, Ch. 483, L. 2001.