2.59.2103    OUT-OF-STATE NONBANK TRUST COMPANIES SEEKING TO EXERCISE FIDUCIARY POWERS IN MONTANA

(1) A nonbank trust company that seeks to act as a fiduciary foreign trust company in Montana must provide: 

(a) the Fiduciary Foreign Trust Company Application, October 30, 2023, version, which is available on the department's website at banking.mt.gov;

(b) certification from the primary regulator stating:

(i) that the nonbank trust company is lawfully chartered or licensed;

(ii) that the nonbank trust company is in good standing in the chartering or licensing state;

(iii) that the nonbank trust company is well capitalized under the standards that exist in the home state; and

(iv) that banking or trust associations or corporations organized under the laws of Montana or national banking associations that maintain their principal offices in Montana are permitted to act as trustees, guardians, or conservators in the state in which the fiduciary foreign trust company maintains its principal office; and

(c) the physical location of any principal or trust representative office located in Montana.

History: 32-1-1007, MCA; IMP, 32-1-1002, 32-1-1007, MCA; NEW, 2024 MAR p. 1058, Eff. 5/11/24.