Montana § 32-1-115 - Student Financial Institution Defined -- Obligations Of Minor -- Applicability Of Laws

§ 32-1-115. Student Financial Institution Defined -- Obligations Of Minor -- Applicability Of Laws

Student financial institution defined -- obligations of minor -- applicability of laws. (1) The term "student financial institution" means a financial institution that: (a) is located at a school or a location where educational services are provided; (b) is operated as a financial literacy educational program; (c) is operated by one or more state-chartered or federally chartered financial institutions, limited to a state or national bank, a state or federal savings and loan association, a trust company, an investment company, or a state or federal credit union; (d) does not provide services to the general public; and (e) conducts each program in a manner consistent with safe and sound banking practices and compliant with state law. (2) To operate a student financial institution, a state-chartered bank, savings and loan association, trust company, investment company, or credit union shall provide written notice to the department. (3) Establishing a student financial institution does not require a branch application. (4) With regard to the operation of a student financial institution, the obligations of a minor pertaining to borrowing money, cashing checks, and making deposits have the same force and effect as though they were the obligations of a person over the age of majority. (5) The provisions of 32-1-102 , 32-1-402 , 32-3-106 , and this section apply to a student financial institution established pursuant to this section, but other provisions of Title 32, chapters 1 through 3, or any other provision of state law that regulates banks, credit unions, other financial institutions, or currency exchanges do not apply.