32-8-303. Examinations. (1) Except as provided in subsection (5), the department shall:
(a) examine, at least once every 12 months, each depository to:
(i) verify the depository's assets and liabilities;
(ii) ascertain the accuracy of the depository's books and records; and
(iii) determine whether the depository's methods of operation and conduct of business are in compliance with applicable laws and rules; and
(b) submit in writing to a depository examined in accordance with subsection (1)(a) a report of the examination's findings no later than 60 days after the completion of the examination.
(2) A controlling person or employee of a foreign capital depository shall exhibit to the department or an examiner from the federal reserve system on request the books, records, and accounts of the depository, except that the identity of a customer may not be disclosed to the department or any examiner unless the disclosure is necessitated by the department's procedure for verifying that the depository's know your customer policy has been implemented effectively.
(3) The department may issue subpoenas and administer oaths to any director, executive officer, controlling person, or employee of a foreign capital depository. In case of a refusal to obey a subpoena issued by the department, the refusal may be reported to the district court of the district in which the depository is located. The court shall enforce obedience to the subpoena in the manner provided by law for enforcing obedience to the process of the court.
(4) If a depository charter is issued to a foreign bank, the department may conduct an examination of the depository:
(a) in conjunction with supervisory personnel from the federal reserve system, or;
(b) without the assistance of federal reserve system personnel.
(5) The department may accept as the examination of a depository required by this section the findings or results of an examination conducted by the federal reserve system.
(6) A foreign capital depository shall keep its corporate records, financial records, and books of account in words and figures of the English language, in Montana, and in a form satisfactory to the department.
(7) If a foreign capital depository is issued a charter to maintain two or more offices in the state, the depository shall designate one of its offices as its primary office for the purposes of keeping consolidated records and facilitating examinations by the department.
History: En. Sec. 15, Ch. 382, L. 1997.