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| Montana- Division of Banking and Financial Institutions |
The Division of Banking and Financial Institutions is responsible for the supervision, regulation, and examination of: 1) state-chartered banks, trust companies, savings and loans, and credit unions; 2) consumer loan and sales finance companies; 3) escrow companies; 4) foreign capital depositories in accordance with Title 32, MCA; and 5) deferred deposit loan companies.
Purpose
The purpose of the supervisory function is to investigate the methods of operation and determine if these institutions are operating in a safe and sound manner. Supervision of regulated financial businesses is accomplished through on-site safety and soundness examinations conducted by division examiners. Division responsibilities are mandated primarily in Titles 2, 31, and 32, MCA.
Mission
“The State of Montana's Division of Banking and Financial Institutions is charged with protecting the public's interest in the regulation of all state-chartered banks and financial institutions that the Division is required by statute to regulate in the following manner:
- To preserve and promote sound and constructive competition among institutions regulated with a dual federal and state banking system, while overseeing the security of deposits and the safe and sound conduct of the business of state-chartered banks and financial institutions within Montana's statewide system;
- To seek regulatory coordination, cooperation and parity among banks and institutions regulated, and maintain open lines of communication between banks and state and federal regulatory agencies; and
- To charter and annually examine Montana Foreign Capital Depositories to ensure the depositories are operating in compliance with applicable Montana and federal statutes”.
Goals and Objectives
The goals of the Division of Banking and Financial Institutions include:
- The sound conduct of the business of banks;
- The conservation of bank assets;
- The maintenance of adequate reserves against deposits;
- The opportunity for banks to compete with other businesses, including but not limited to other financial organizations existing under the laws of the state, other states, the United States and foreign countries;
- The opportunity for banks to serve the citizens of this state;
- The opportunity for banks to participate in and promote the economic progress of Montana and the United States;
- The opportunity for the management of banks to exercise business judgment in conducting the affairs of their institutions; and
- Modernization and simplification of the law governing banking, by providing that banks have all the rights and powers granted corporations, except as otherwise provided in this chapter.
Use the attached link to access more current information on the Montana Division of Banking and Financial Institutions.
http://www.state.mt.us/doa/banking/default.asp
Contact and Location Information
Division of Banking and Financial Institutions
301 South Park, Suite 316
Mailing Address: PO Box 200546
Helena, MT 59620
Phone: (406) 841-2920
Fax: (406) 841-2930
Complaints
The Consumer Protection Office...
- advocates on the behalf of Montana consumers in matters of unfair or deceptive acts in the conduct of business.
- investigates consumer complaints and provides for an informal mediation process for consumer complaints against businesses.
- enforces Montana consumer protection laws and regulations relating to Personal Solicitation Sales Act, Consumer Protection Act, Telemarketing Act, and New Vehicle Warranty Act.
- ensures a healthy business environment by preventing groundless consumer complaints against Montana businesses and providing those businesses with the opportunity to resolve legitimate consumer complaints in a manner resulting in stronger business relationships with consumers.
Use the attached link for information on how to file a complaint and to find the correct forms to use.
http://www.state.mt.us/doa/consumerProtection/default.asp
Mortgage Brokers
For license information, use the attached link..
http://www.state.mt.us/doa/banking/mortgage.asp
Entities Regulated
The Division of Banking and Financial Institutions is responsible for the supervision, regulation, and examination of the following entities:
- state-chartered banks, trust companies, savings and loans, and credit unions;
- consumer loan and sales finance companies;
- escrow companies;
- foreign capital depositories in accordance with Title 32, MCA; and
- deferred deposit loan companies..
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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