32-8-203. Suspension, revocation, and restoration of charter. (1) The board may suspend or revoke the charter of a depository if the board finds that the depository or any director, executive officer, or controlling person of the depository has:
(a) violated a provision of parts 1 through 5 of this chapter, a rule of the department established pursuant to parts 1 through 5 of this chapter, the Bank Secrecy Act, or any implementing regulation of the Bank Secrecy Act;
(b) failed to comply with an order of the commissioner;
(c) operated in a manner or condition that is unsafe or unsound;
(d) become insolvent in that the depository has ceased to pay its debts in the ordinary course of business, it is unable to pay debts as they come due, or its liabilities exceed its assets;
(e) filed a petition for an adjudication of bankruptcy;
(f) knowingly made a false statement or report to the department;
(g) failed to pay the department of revenue the fee, penalty, or interest owed pursuant to 15-31-803 through 15-31-805 before 5 p.m. on the last day of the 11th month after the date a deficiency assessment is mailed; or
(h) if the depository is a subsidiary of a foreign bank holding company or another type of financial institution, had its operating license suspended or revoked in the country where the parent company is domiciled.
(2) Before suspending or revoking a charter, the board shall conduct a hearing in accordance with the Montana Administrative Procedure Act relating to a contested case.
(3) On the recommendation of the department, the board may reinstate a charter that has been suspended or revoked if the board finds that the depository has restored its integrity and financial soundness.
(4) At no time during or following the suspension, revocation, or reinstatement of a charter may a financial record pertaining to an individual account be disclosed except in accordance with rules for the conduct of examinations in 32-8-303 or in accordance with part 5 of this chapter.
History: En. Sec. 10, Ch. 382, L. 1997.
