BEFORE THE DEPARTMENT OF ADMINISTRATION

OF THE STATE OF MONTANA

 

In the matter of the amendment of ARM 2.59.406 pertaining to definitions for credit unions

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NOTICE OF PROPOSED AMENDMENT   NO PUBLIC HEARING CONTEMPLATED

TO: All Concerned Persons

 

1. On January 15, 2019, the Department of Administration proposes to amend the above-stated rule.

 

2. The Department of Administration will make reasonable accommodations for persons with disabilities who wish to participate in this rulemaking process or need an alternative accessible format of this notice. If you require an accommodation, contact the Department of Administration no later than 5:00 p.m. on December 21, 2018, to advise us of the nature of the accommodation that you need. Please contact Heather Hardman, Division of Banking and Financial Institutions, P.O. Box 200546, Helena, Montana 59620-0546; telephone (406) 841-2922; TDD (406) 841-2974; facsimile (406) 841-2930; or e-mail banking@mt.gov.

 

3. The rule proposed to be amended provides as follows, new matter underlined, deleted matter interlined:

 

2.59.406  DEFINITIONS APPLICABLE TO DEBT CANCELLATION AND DEBT SUSPENSION BY A CREDIT UNION The following definitions apply in ARM 2.59.407 through 2.59.414:

(1) through (8) remain the same.

 

AUTH: 32-3-201, MCA

IMP: 32-3-609, MCA

 

STATEMENT OF REASONABLE NECESSITY: It is necessary to amend this rule to update the language of the catchphrase and clarify the scope of the definitions.  Without this clarification, the definitions may appear to apply to all credit union rules in general; however, it was the department's intention at the time of adoption that the definitions apply only to credit union debt cancellation contracts and credit union debt suspension agreements.

 

4. Concerned persons may present their data, views, or arguments concerning the proposed action to Kelly O'Sullivan, Legal Counsel, Division of Banking and Financial Institutions, P.O. Box 200546, Helena, Montana 59620-0546; faxed to the office at (406) 841-2930; or e-mailed to banking@mt.gov; and must be received no later than 5:00 p.m., January 7, 2019.

 

5. If persons who are directly affected by the proposed action wish to express their data, views, or arguments orally or in writing at a public hearing, they must make written request for a hearing and submit this request along with any written comments to the person listed in 4 above no later than 5:00 p.m., January 7, 2019.

 

6. If the Division of Banking and Financial Institutions receives requests for a public hearing on the proposed action from either 10 percent or 25, whichever is less, of the persons directly affected by the proposed action; from the appropriate administrative rule review committee of the Legislature; from a governmental subdivision or agency; or from an association having not less than 25 members who will be directly affected, a hearing will be held at a later date. Notice of the hearing will be published in the Montana Administrative Register. Ten percent of those directly affected has been determined to be one person based on the ten existing state-chartered credit unions.

 

7. An electronic copy of this proposal notice is available through the department's website at http://doa.mt.gov/administrativerules. The department strives to make the electronic copy of the notice conform to the official version of the notice, as printed in the Montana Administrative Register, but advises all concerned persons that if a discrepancy exists between the official printed text of the notice and the electronic version of the notice, only the official printed text will be considered. In addition, although the department works to keep its website accessible at all times, concerned persons should be aware that the website may be unavailable during some periods due to system maintenance or technical problems.

 

8. The Division of Banking and Financial Institutions maintains a list of interested persons who wish to receive notices of rulemaking actions proposed by this division. Persons who wish to have their name added to the mailing list shall make a written request that includes the name, mailing address, and e-mail address of the person to receive notices and specifies that the person wishes to receive notices regarding division rulemaking actions. Notices will be sent by e-mail unless a mailing preference is noted in the request. Such written requests may be mailed or delivered to Heather Hardman, Division of Banking and Financial Institutions, 301 S. Park, Ste. 316, P.O. Box 200546, Helena, Montana 59620-0546; faxed to the office at (406) 841-2930; e-mailed to banking@mt.gov; or may be made by completing a request form at any rules hearing held by the department.

 

9. The bill sponsor contact requirements of 2-4-302, MCA, do not apply.

 

10. The department has determined that under 2-4-111, MCA, the proposed rule actions will not significantly and directly impact small businesses.

 

By:   /s/ John Lewis                                           By:   /s/ Michael P. Manion              

John Lewis, Director                                         Michael P. Manion, Rule Reviewer

Department of Administration                           Department of Administration

 

Certified to the Secretary of State November 27, 2018.