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Can you summarize MTAR 2.59, Subchapter 1?
BANKING AND FINANCIAL INSTITUTIONS > Banks
Short Summary
This legal document governs the semiannual assessments for banks, investment companies, and trust companies in Montana. The assessments are invoiced every June and December based on the institution’s total assets provided in its previous March and September call reports. The fee for the assessment is calculated based on the total assets of the institution multiplied by .0000375, plus a flat fee based on the total assets range. The assessment fee is due 30 days after each invoice date, or July 31 and January 31, whichever is later. The fee for each semiannual assessment shall not exceed $400,000. In the event of a merger between Montana state-chartered banks, investment companies, or trust companies during the second or fourth quarter of the year, the surviving institution is responsible for paying the assessment fee for the acquired institution. This legal document also provides definitions applicable to derivative transactions and securities financing transactions. It defines key terms such as ‘bank’, ‘borrower’, ‘contractual commitment to advance funds’, ‘credit derivative’, ‘derivative transaction’, ’effective margining arrangement’, ’eligible credit derivative’, ’eligible guarantee’, ’eligible protection provider’, ’eligible state bank’, ’loans’, ’extensions of credit’, ‘obligations’, ‘qualifying central counterparty’, ‘qualifying master netting agreement’, ‘securities financing transaction’, and ‘Type I securities’. The document also specifies the requirements and conditions for various financial contracts and agreements related to derivative transactions and securities financing transactions. It further outlines the eligibility criteria for credit derivatives, guarantees, and protection providers.
Whom does it apply to?
The document is applicable to banks and eligible state banks engaged in derivative transactions and securities financing transactions.
What does it govern?
The document governs the semiannual assessments for banks, investment companies, and trust companies in Montana. It also provides definitions applicable to derivative transactions and securities financing transactions.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Montana