This bill amends several sections of the Montana Code Annotated (MCA) to redefine the roles and responsibilities of the state auditor and the commissioner of banking and financial institutions. It removes the state auditor's previous regulatory authority over insurance, securities, and banking, establishing that the state auditor will now oversee the commissioner of banking and financial institutions. The bill also updates definitions related to banking operations, replacing references to the "director of the department of administration" with "department," indicating a shift in regulatory authority. These changes aim to streamline the regulatory framework governing financial institutions in Montana, ensuring a clear supervisory role for the state auditor's office while maintaining rigorous examination and enforcement processes.

Additionally, the bill modernizes the regulatory framework for credit unions and mortgage lending practices by clarifying definitions and procedures. It removes references to the "department of administration," replacing them with "department," and introduces new provisions regarding the concealment of actions by credit union officials, establishing penalties for such actions. The bill also outlines the roles of mortgage loan originators and defines terms related to residential mortgage loans, ensuring compliance with regulations and enhancing transparency in mortgage transactions. Overall, the amendments aim to improve governance, accountability, and consumer protection within the financial sector in Montana.

Statutes affected:
LC Text: 2-15-601, 2-15-602, 32-1-109, 32-1-211, 32-1-901, 32-1-902, 32-1-903, 32-1-904, 32-1-905, 32-1-906, 32-1-907, 32-1-908, 32-1-909, 32-1-910, 32-1-911, 32-1-912, 32-1-921, 32-2-603, 32-3-102, 32-3-104, 32-3-201, 32-3-202, 32-3-203, 32-3-204, 32-3-205, 32-3-206, 32-3-207, 32-3-212, 32-3-215, 32-3-216, 32-3-301, 32-3-302, 32-3-303, 32-3-307, 32-3-321, 32-3-322, 32-3-323, 32-3-401, 32-3-403, 32-3-417, 32-3-422, 32-3-609, 32-3-611, 32-3-702, 32-3-703, 32-3-705, 32-3-1003, 32-3-1004, 32-3-1005, 32-3-1008, 32-3-1009, 32-3-1013, 32-4-306, 32-9-103