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Can I collect bank account information from participants in Montana? What are the requirements?

To collect bank account information from participants in Montana, you must comply with the relevant regulations. The requirements depend on the type of banking activity you are engaged in. Here are some relevant regulations:

Advance Deposit Account Wagering Hub Operator Application and License Requirements

To operate as an advance deposit wagering hub operator in Montana, you must possess a license from the Montana Board of Horse Racing and have a written hub contract or license agreement with the board [1.2]. The application for a license must include a proposed plan of operation, a proposed hub contract, a bond or irrevocable letter of credit, and the correct application fee. The application must also provide information about the hub operator, including fingerprints if required by the board, and demonstrate that the hub operator has the financial resources to operate as an advance deposit wagering hub operator. Additionally, the hub operator must provide written approval to conduct advance deposit wagering from the appropriate regulatory authority in the state where the advance deposit wagering hub operator is located [1.2].

Application Procedure for a Certificate of Authorization for a State-Chartered Bank

If you are an individual incorporator desiring to organize a bank in Montana, you must file an application to the State Banking Board for a certificate of authorization for a state-chartered bank [2.1]. The application must be filed on the Interagency Charter and Federal Deposit Insurance Application form and must be accompanied by an application fee of $10,000. The application must also include a summary of the evidence the applicant intends to present at the hearing for a new bank charter to demonstrate the applicant meets the standards listed in 32-1-203, MCA, so that the board may determine whether to grant or deny the application [2.1].

Based on the information provided, it is unclear what type of banking activity you are engaged in. If you provide more information, I can provide a more specific answer.

Source(s):
Jurisdiction

Montana