Revise laws regarding purchase of banks by credit unions
This bill prohibits credit unions in Montana from acquiring banks, bank assets, or bank liabilities, effectively preventing credit unions from expanding into traditional banking operations. The legislation amends Section 32-3-401 of the Montana Code Annotated to explicitly remove any existing language that might allow such acquisitions. Credit unions and banking institutions are the primary entities affected by this restriction on business activities. The change clarifies that while credit unions can hold deposits in banks, they cannot purchase banks or their assets, maintaining a clear separation between the two types of financial institutions.
Bill status
introduced
1 of 4 stages cleared
Introduction
Dec 2024
Committee Review
Floor Vote
Governor
Introduced Dec 14, 2024
Last action Feb 24, 2025
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Full legislative history
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Total actions
8
Key actions
0
Committee
0
0 primary · 0 co-sponsors
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No sponsor information available.
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