Section 32-2-601 - Short title - application - purpose(1) This chapter may be cited as the "Mutual Savings and Loan Association Act".(2) A corporation that has been incorporated for the purpose of encouraging home ownership and thrift and making substantially all of its loans in qualified thrift investments is known in this chapter as a state mutual association of the department, which shall enforce all laws with respect to it.(3) This chapter applies to: (a) all mutual associations specified in 32-2-602;(b) corporations that subject themselves to This chapter; and(c) persons, partnerships, or corporations who by violating this chapter become subject to the penalties provided in this chapter.(4) The purpose of this chapter is to provide the state with a sound system of state-chartered mutual associations by providing for and encouraging the development of state-chartered mutual associations while restricting their activities to the extent necessary to protect the interest of depositors. The purpose includes: (a) the sound conduct of the business of mutual associations;(b) the conservation of mutual association assets;(c) the maintenance of adequate reserves against deposits;(d) the opportunity for mutual associations to compete with other businesses, including but not limited to other financial organizations existing under the laws of this state, other states, the United States, and foreign countries;(e) the opportunity for mutual associations to serve the citizens of this state;(f) the opportunity for mutual associations to participate in and promote the economic progress of Montana and the United States; and(g) the opportunity for the management of mutual associations to exercise business judgment in conducting the affairs of their institutions.(5) A corporation operated for the purpose of encouraging home ownership and thrift and making substantially all of its loans in qualified thrift investments is known as a mutual association and is under the supervision of the department, which shall enforce all laws with respect to it.(6) The mutual associations have continual succession and must be organized under the provisions of this chapter.(7) This chapter does not restrict the activities of mutual associations for the purpose of protecting any person from competition from financial organizations and does not confer any right or cause of action on any competitor.(8) This section constitutes the standard to be observed by the commissioner of banking and financial institutions in the exercise of authority under this chapter and provides guidelines in the construction and application of this chapter.Added by Laws 2021, Ch. 431,Sec. 1, eff. 10/1/2021.