Montana legislation · 2025 Regular Session
Montana SB489: Revise laws regarding purchase of banks by credit unions
Status: Failed, May 23, 2025
What the bill says
A bill for an act entitled: "an act prohibiting a credit union from acquiring a bank, a bank's assets, or a bank's liabilities; and amending section 32-3-401, mca.".
From the engrossed text:
A BILL FOR AN ACT ENTITLED: "AN ACT PROHIBITING A CREDIT UNION FROM ACQUIRING A BANK, A BANK'S ASSETS, OR A BANK'S LIABILITIES; AND AMENDING SECTION 32-3-401, MCA." BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA: Section 1. Section 32-3-401, MCA, is amended to read: "32-3-401. General powers. A credit union (2) sue and be sued; (3) adopt and use a common seal and alter the seal; (4) acquire, lease, hold, and dispose of property, either in whole or in part, necessary or incidental to its operations;. However, nothing in this subsection (4) permits a credit union to acquire a bank, a bank's assets, a bank's liabilities, or any other aspect of a bank or a bank's business. (5) at the discretion of the board of directors, require the payment of an entrance fee or annual membership fee, or both, of any person admitted to membership; (6) receive savings from its members in the form of shares or special-purpose thrift accounts; (7) lend its funds to its members as provided in this chapter; (8) borrow from any source up to 50% of total assets, after deduction of the notes payable account; (9) discount and sell any eligible obligations, subject to rules prescribed by the department of administration; (10) sell all or substantially all of its assets or …
Sponsors
- Noland, Mark (R, 6) · primary sponsor
Latest actions
- : (S) Died in Process
- : (S) Missed Deadline for General Bill Transmittal
- : (S) Tabled in Committee
- : (S) Hearing
- : (S) Referred to Committee
- : (S) 1st Reading
- : (S) Introduced
- : (LC) Draft Delivered to Requester
- : (LC) Draft Ready for Delivery
- : (LC) Draft in Assembly
Subjects: Financial Institutions
Common questions
- What is SB489?
- SB489 is a bill in the Montana Legislature (2025 Regular Session): Revise laws regarding purchase of banks by credit unions.
- What does SB489 do?
- In its own words: A bill for an act entitled: "an act prohibiting a credit union from acquiring a bank, a bank's assets, or a bank's liabilities; and amending section 32-3-401, mca.".
- What is the status of SB489?
- Failed as of May 23, 2025. Latest action: (S) Died in Process (May 23, 2025).
- Who sponsored SB489?
- Noland, Mark (R, 6).
- Where is the official record for SB489?
- On the Montana Legislature website: https://bills.legmt.gov/#/laws/bill/2/LC3209
Source: official Montana record. Tracked by Delilah, AI for legislation across all 50 states and Congress.