Mutual Savings & Loan Associations

Application for New State-Chartered Mutual Association

• Interagency Charter and Federal Deposit Insurance Application
• Interagency Biographical and Financial Report

Branch Applications

• Uniform Interstate Application/Notice (for new branch)
• Notice of Closure of Mutual Association Branch
• Notice of Relocation of Mutual Association Branch
• Request for Summary Approval of Branch
• Temporary Emergency Branch Closure (48 hours or less)
• Emergency Branch Closure (more than 48 hours)

Loan Production Office Applications

• Notice of Closure of a Loan Production Office
• Notice of Intent to Establish a Loan Production Office
• Notice of Relocation of a Loan Production Office

Reporting Forms

• Oath of Directors (This form is put forth as guidance. Mutual associations may use this form or provide the required content in an alternative format.)
• List of Officers and Directors
• Assessment Report Form

Appendices

• Mutual Association Record Retention Periods - Appendix A to ARM 2.59.2022 (dated July 14, 2021)
• Derivatives and Securities Financing Transactions, Calculating Credit Exposure - Appendix A to ARM 2.59.2069 (dated July 9, 2021)

When registering the name of a business with the Secretary of State (SOS), there are certain words and word combinations that are restricted from use without a consent letter from the Montana Division of Banking and Financial Institutions (Division). These restrictions are in place to protect citizens from being misled into thinking a business is a financial institution when it is not and to prevent confusion between similar names.

What are the Restricted Words?

Pursuant to Mont. Code Ann. § 32-2-902 - Prohibitions on advertising as mutual association -- trade names restricted, the restricted words are:

• "mutual savings and loan association"
• "savings and loan association"
• "savings and loan"
• "mutual association"
• "mutual savings association"
• "building and loan"
• "building and loan association"

The restriction includes the plural of these words. Mont. Code Ann. § 1-2-105(3) General Definitional Rules -- Verb Tense, Gender, And Number

How Will I Know if I Need a Consent Letter from the Division

If the SOS receives a registration for a business name containing restricted words, a message will appear stating that a consent letter from the Division must be uploaded before the registration can be completed.

How do I Request a Consent Letter from the Division?

Send an email to the Division office at banking@mt.gov and provide the following:

• The name of the business,
• a brief description of business activities the business intends to perform in Montana, and
• if the business a non-profit or for-profit.

Why does it Matter if My Business is a Non-Profit?

The Division may grant a waiver to a nonprofit organization if:

• the organization is not acting as a financial institution; and
• the name used is not likely to mislead a reasonable individual into thinking that the organization is acting as a financial institution.

The Division uses the State of Montana File Transfer Service and MT Drive to send and receive large or confidential documents.

• File Transfer Service Instructions
• MT Drive Instructions

• Title 32, Chapter 2 Mutual Savings and Loan Association Act

• Title 2, Chapter 59 All Division Rules
  • Subchapter 20 Mutual Savings and Loan Associations
    • ARM 2.59.2022 Appendix A Mutual Association Record Retention Periods (dated July 14, 2021)
    • ARM 2.59.2069 Appendix A Derivatives and Securities Financing Transactions, Calculating Credit Exposure (dated July 9, 2021)