(1) One or more individual incorporators desiring to organize a foreign capital depository shall file with the commissioner an application to the board for a charter for a foreign capital depository.   The application shall be signed by each of the incorporators, sworn to before a notary, officer or other official recognized by the laws of this state or under federal law as having the power to administer oaths or witness and attest to execution, and the application shall contain the following information in addition to any other information as may be required pursuant to 32-8-201, MCA, including the form of application prescribed by the commissioner:

(a) the names, addresses, places of residence and principal occupations of the incorporators and the stockholders initially subscribing to purchase the capital stock of the applicant and the number of shares subscribed by each initial subscriber;

(b) the name of the city or town and county in which the principal office of the depository is to be located;

(c) the names, principal occupations, addresses, places of residence and business and professional experience of all proposed officers, including the officer designated as managing officer for the applicant;

(d) the number of the board of directors and the names, principal occupations, addresses, places of residence and business and professional experience of the applicant's initial board members;

(e) the purposes for which the depository is formed, which shall be limited to those services for nonresident aliens allowed to the depository under the act;

(f) the financial statements that contain sufficient detail to substantiate each controlling person's net worth;

(g) the document from a certified public accountant confirming that the applicant has satisfied the requirements of capital adequacy as required by ARM 2.60.805;

(h) the business plan pro forma statement containing operational projections over a period of three years as required by ARM 2.60.804;

(i) the intended location of each place of business and identification and location of any facilities (all of which places of business and facilities must be located in Montana) that will be used to maintain or hold assets deposited with, or the funds or other assets of, the depository, including the identity and qualifications of any one who will control or hold any such assets or funds and documentation of the proposed policies and procedures for assuring compliance by parties with the act and administrative rules pertaining to privacy and all other matters;

(j) the officers and employees of the applicant proposed to be bonded, the amount of bonds to be provided and the surety company or sureties proposed to issue said bonds, which bonds shall be in such form as is provided or approved by the commissioner and issued by a surety company qualified and authorized to do business in Montana or otherwise approved by the commissioner; and

(k) such other information relevant to an applicant's fitness to operate a foreign capital depository, as the commissioner or board may require.

(2) Applicant shall be required to disclose to all customers by written notice at the time of deposit the following:

(a) "neither deposits of currency, tangible personal property, any other property, business transactions nor the foreign capital depository is insured by any governmental entity such as the United States or the state of Montana";

(b) the notice shall be acknowledged in English in writing by the customer; and

(c) the notice shall be provided to the customer in the English language.

(3) Subject to the provisions of ARM 2.60.809(3) , an application fee of $25,000 shall be paid to the state of Montana at the time of application and thereafter shall not be refundable in whole or in part.

(4) The proposed articles of incorporation in accordance with 32-1-301, MCA, shall be submitted with the application for a charter.

(5) The form for applying for a charter for a foreign capital depository (Form FCD-1) may be obtained from the Commissioner of Banking and Financial Institutions, Department of Administration, 846 Front Street, P.O. Box 200546, Helena, MT 59620-0546.