ARM 2.59.2303. APPLICATION PROCEDURES

(1) An application to form a shell bank must be submitted to the department using the Shell Bank Charter Application form, April 30, 2025, version, located at banking.mt.gov. (2) At least 30 days prior to the effective date of any merger or business consolidation involving a shell bank, the applicant must publish notice in a newspaper of general circulation in the community in which the main office of the proposed shell bank is to be located. If there is no such newspaper in the community, then the closest major newspaper of general circulation published nearest the community will suffice. The notice must run once a week for two consecutive weeks. The notice must include: (a) the name of the proposed shell bank; (b) a brief summary of the purpose of the shell bank; and (c) a reference to ARM 2.59.2302, under which the proposed shell bank is to be formed. (3) A nonrefundable application fee of $10,000 must be paid to the department at the time of application. (4) The applicant must provide the affidavit of publication to the department after it is received.