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Rule Title: DIRECT BENEFIT
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Department: ADMINISTRATION
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Mutual Savings and Loan Associations
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.59.2064    DIRECT BENEFIT

(1) A direct benefit exists when the proceeds of a loan or extension of credit to a person are deemed to be used to the advantage of another person. The amount of the loan will be attributed to the other person when the proceeds, or assets purchased with the proceeds, are transferred to the other person. If the proceeds are used to acquire property, goods, or services through a bona fide arm's length transaction, a direct benefit does not exist regarding the seller of the property, goods, or services. A bona fide arm's length transaction is an actual transaction, performed in good faith, between two or more parties, with each party acting in their own self-interest.

 

History: 32-2-925, MCA; IMP, 32-2-925, MCA; NEW, 2022 MAR p. 230, Eff. 2/12/22.


 

 
MAR Notices Effective From Effective To History Notes
2-59-615 2/12/2022 Current History: 32-2-925, MCA; IMP, 32-2-925, MCA; NEW, 2022 MAR p. 230, Eff. 2/12/22.
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