{"data":{"id":"us-mt/32-1-115","jurisdiction":"us-mt","citation":"32-1-115","heading":"Student financial institution defined -- obligations of minor -- applicability of laws.","body":"(1) The term \"student financial institution\" means a financial institution that:\n(a) is located at a school or a location where educational services are provided;\n(b) is operated as a financial literacy educational program;\n(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;\n(d) does not provide services to the general public; and\n(e) conducts each program in a manner consistent with safe and sound banking practices and compliant with state law.\n(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.\n(3) Establishing a student financial institution does not require a branch application.\n(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.\n(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.","path":["TITLE 32. FINANCIAL INSTITUTIONS","CHAPTER 1. BANKS AND TRUST COMPANIES","Part 1. General Provisions -- Definitions"],"source_url":"https://mca.legmt.gov/bills/mca/title_0320/chapter_0010/part_0010/section_0150/0320-0010-0010-0150.html","current_through":"Montana Code Annotated 2025","vintage":"","retrieved_at":"2026-09-14T04:51:47Z","sha256":"01af253ef7d33dcf344836d9575d7f239bdb336379baddf0fce0d0a4b8ac43db","source_id":"us-mt","stale":false,"prev":"us-mt/32-1-113","next":"us-mt/32-1-201"},"notice":"GroundRules: Original legal text. Not legal advice."}