32-8-314. Depository services -- allowed and mandated. (1) A depository may:
(a) accept deposits in any currency or electronic form convertible to U.S. dollars;
(b) provide safe deposit and other storage services for the purpose of protecting the security of a customer's tangible personal property;
(c) convert cash deposits to purchase orders for platinum, palladium, gold, or silver bullion on behalf of or at the direction of a customer;
(d) purchase, sell, and pay interest to the customer derived from tax-exempt federal, state, county, or municipal bonds on behalf of or at the direction of a customer;
(e) provide a customer with foreign currency in exchange for U.S. dollars in an equivalent monetary amount;
(f) perform trust and related fiduciary services, as provided in 32-1-107, but only if the depository has obtained a certificate from the department authorizing the depository to act as a trust company or the subsidiary of a trust company prior to engaging in trust activities;
(g) issue a debit card or an automated teller machine card to a customer;
(h) charge interest in relation to a customer's use of a debit or automated teller machine card;
(i) establish different types of deposit accounts for customers;
(j) offer deposit or safe deposit insurance provided under contract with a financial guaranty insurer approved by the insurance commissioner;
(k) charge fees related to the opening, management, and insuring of deposit accounts, the storage and maintenance of tangible personal property, the establishment and administration of trust accounts, and other lawful investment, legal, or financial services;
(l) set underwriting standards for each type of account that it offers to a customer; and
(m) establish a minimum deposit amount for any type of account as long as the minimum is not less than $200,000.
(2) A depository may in its discretion refuse an application for an account of any type.
(3) A depository shall:
(a) exercise extraordinary diligence in determining the genuine identity of a customer;
(b) protect the privacy of each customer as provided in part 5 of this chapter;
(c) in accordance with Title 25, chapter 9, part 8, provide legal defense of a customer at the customer's request or on the request of the customer's legal representative in the event a civil judgment rendered against the depositor in a jurisdiction outside the United States is registered in Montana;
(d) with respect to precious metals accounts in part 4 of this chapter, comply with the statutory protections against securities fraud under Title 30, chapter 10;
(e) comply with federal reporting and recordkeeping requirements as provided in the Bank Secrecy Act, the Money Laundering Control Act of 1986, the Annunzio-Wylie Anti-Money Laundering Act, and implementing regulations of each of those acts concerning money laundering and other financial crimes.
History: En. Sec. 22, Ch. 382, L. 1997; amd. Sec. 68, Ch. 51, L. 1999.