2.59.2005    MUTUAL ASSOCIATIONS - FDIC INSURANCE REQUIRED

(1)  To comply with 32-2-801 and 32-2-809, MCA, it has been determined by the department that it is in the public interest to require all mutual associations to be accepted by the Federal Deposit Insurance Corporation (FDIC) for the insurance of deposits.  The department will not issue a certificate of authorization to a proposed new mutual association unless: 

(a)  the department has received official notice that the proposed mutual association has been accepted for insurance of deposits; or

(b)  the department has received satisfactory assurance from the FDIC that the proposed mutual association will be accepted for insurance when the proponents comply with certain stated minor requirements imposed by the FDIC.  Such "minor requirements" must be of a type and character which the department determines can be promptly complied with by the proponents without serious difficulty.

History: 32-2-801, MCA; IMP, 32-2-801, 32-2-809, MCA; NEW, 2022 MAR p. 230, Eff. 2/12/22.