(1)  One or more individual incorporators desiring to organize a mutual association shall file with the department, an application for a certificate of authorization for a state-chartered mutual association.  The department adopts and incorporates by reference: 

(a) the Interagency Charter and Federal Deposit Insurance Application dated July 2021, as the form that shall be completed when applying for a certificate of authorization; and

(b)  the Interagency Biographical and Financial Report dated August 2021, for use by individuals in conjunction with the Interagency Charter and Federal Deposit Insurance Application.  The application and biographical and financial report are available at the department's website at banking.mt.gov.

(2)  An application fee of $10,000 shall be paid to the department at the time of application and thereafter shall not be refundable in whole or in part.

(3)  With the application, the applicant must submit:

(a)  the proposed articles of incorporation and bylaws set forth in 32-2-805 through 32-2-807, MCA;

(b) an application for reservation of a name in accordance with 35-14-402, MCA, if reservation is desired by the incorporators and has not been previously filed; and

(c) information to demonstrate the proposed mutual association will satisfy the following requirements:

(i) a persuasive showing that there is a reasonable public necessity and demand for a new mutual association at the proposed location;

(ii) that the mutual association will be managed by persons of good moral character and financial integrity who have sufficient management experience to ensure that the mutual association will be operated safely and soundly;

(iii) a persuasive showing that the new mutual association will have sufficient volume of business to ensure solvency and that establishment of the new mutual association organized under the laws of this state will be in the public interest; and

(iv) the proposed minimum amount of initial capital contribution to be deposited, which must be set by the commissioner.

(4)  In the event that an application is incomplete in any respect or if additional information is required, the applicants will be so notified by the department and allowed up to 60 days in which to perfect the application or provide additional information.  An extension of this 60-day period may be obtained from the department by showing good cause why it should be extended.

(5)  The department may request additional information from an applicant if, in its discretion, additional information is needed to reach a decision on the application.