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Can you summarize MTAR 2.59, Subchapter 4?
BANKING AND FINANCIAL INSTITUTIONS > Credit Unions
Short Summary
These legal documents cover various aspects of credit unions in Montana. They govern the retention of records by credit unions, including member account records and other types of records. Credit unions must comply with the minimum retention periods specified in the ‘Montana Credit Union Records Retention Schedule’ publication. The documents also outline the requirements for credit unions offering debt cancellation contracts and/or debt suspension agreements, including risk management, financial reporting, and insurance coverage. Credit unions must comply with federal laws and regulations regarding records retention. The definition of ‘member accounts’ includes various types of deposit accounts, safety deposit boxes, trust accounts, and money market deposit accounts. The documents also provide the definition of limited income persons for credit unions, based on annual income thresholds and family size. Credit unions are allowed to invest in revenue bonds issued by Montana or other states, subject to certain conditions. The investment rules also allow for investment in industrial development revenue obligations. Training requirements are outlined for credit union directors, ensuring they have the necessary competency to effectively manage the credit union. The calculation of net worth for credit unions excludes the allowance for loan and lease losses. The documents specify approved securities for credit union investment, including general obligations of states and political subdivisions. Credit unions are required to provide clear and comprehensive disclosures to their members regarding prohibited acts or practices, fees, eligibility requirements, and more. The supervisory fee for credit unions is based on their total assets and is invoiced semiannually. The duties of the supervisory committee include verifying internal controls, reviewing operations and financial condition, and ensuring compliance with laws and regulations. Credit unions are allowed to invest in mutual funds that represent United States obligations. The documents also provide forms for organizing a new credit union and reporting credit union management and liabilities of directors and committee members. These documents apply to credit unions in Montana and their members, officials, and employees.
Whom does it apply to?
Credit unions in Montana
What does it govern?
Retention of records by credit unions in Montana, requirements for credit unions offering debt cancellation contracts and/or debt suspension agreements, definition of limited income persons for credit unions, investment rules for credit unions regarding revenue bonds, training requirements for credit union directors, calculation of net worth for credit unions, approved securities for credit union investment, required disclosures for credit unions, supervisory fee for credit unions, duties of credit union supervisory committee, investment in mutual funds by credit unions, application for organizing a new credit union, report of credit union management, liabilities of directors and committee members in credit unions
What are exemptions?
No exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Montana