Montana Administrative Code

6.10.508 CUSTODY OF CLIENT FUNDS OR SECURITIES BY INVESTMENT ADVISERS It shall be unlawful for any investment adviser to take, or have custody of, any securities or funds of any client unless: the investment adviser notifies the commissioner in writing that the investment adviser…

6.10.510 INVESTMENT ADVISER BOOKS AND RECORDS Except as otherwise provided in (5), an investment adviser registered or required to be registered under the Securities Act of Montana must make and keep true, accurate, and current the following books, ledgers, and records: those boo…

6.10.511 NOTICE FILING REQUIREMENTS FOR FEDERAL COVERED ADVISERS The notice filing for a federal covered adviser pursuant to 30-10-201, MCA, shall be filed with the commissioner, or with a central registration depository designated by the commissioner on an executed Form ADV (uni…

6.10.601 SENIOR SPECIFIC CERTIFICATIONS AND DESIGNATIONS GENERALLY UNLAWFUL The use of a senior specific certification or designation by any person in connection with the offer, sale, or purchase of securities, or the provision of advice as to the value of or the advisability of …

6.10.602 REBUTTABE PRESUMPTION REGARDING CERTAIN DISQUALIFICATIONS There is a rebuttable presumption that a designating or certifying organization is not disqualified solely for purposes of ARM 6.10.601I(1)(d), when the organization has been accredited by: The American National S…

6.10.604 FACTORS CONSIDERED TO DETERMINE UNLAWFUL CERTIFICATIONS OR DESIGNATIONS In determining whether a combination of words (or an acronym standing for a combination of words) constitutes a certification or professional designation indicating or implying that a person has spec…

6.10.605 CERTIFICATIONS OR DESIGNATIONS NOT CONSIDERED UNLAWFUL For purposes of this rule, a senior certification or professional designation does not include a job title within an organization that is licensed or registered by a state or federal financial services regulatory age…

6.10.607 RULES NOT LIMITING AUTHORITY Nothing in these rules shall limit the commissioner's authority to enforce existing provisions of law. Authorizing statute(s): 30-10-107, MCA Implementing statute(s): 30-10-201, 30-10-301, MCA History: NEW, 2008 MAR p. 2046, Eff. 9/26/08.

6.10.701 SECURITIES RESTITUTION FUND The purpose of these rules is to set forth: the procedures for allocating money from the Securities Restitution Fund to the victims of securities fraud in Montana; the procedures that victims shall use to apply for compensation from the fund; …

6.10.702 DEFINITIONS For purposes of this subchapter: "Approaching zero" means the fund balance is under $1,000,000. "Claimant" means a claimant as defined under 30-10-1003(1), MCA. "Commissioner" means the Commissioner of Securities and Insurance, Montana State Auditor. "Committ…

6.10.703 METHOD FOR CALCULATING PERCENTAGES AS THE FUND APPROACHES ZERO When the fund is approaching zero, the committee shall utilize loss ratio to determine how much money a person is eligible to receive, except as specified in (4). The committee shall use the following percent…

6.10.705 COMPOSITION OF THE COMMITTEE The committee shall be composed of three employees of the CSI. Those three persons shall be appointed by the Commissioner, at the Commissioner’s discretion. Authorizing statute(s): 30-10-1008, MCA Implementing statute(s): 30-10-1008, MCA Hist…

6.10.706 COMMITTEE PROCEDURES The committee shall meet quarterly to determine award recommendations. The committee shall review all completed applications received in the preceding quarter prior to making any recommendations. Within two weeks following the committee meeting, the …

6.10.707 APPLICATION REVIEW REQUIREMENTS Claimants shall submit a written application on a form prescribed by the commissioner. Only persons whose applications are complete and show they meet all of the eligibility requirements specified in 30-10-1005, MCA, and other relevant sta…

6.12.1201 APPLICABILITY OF SUB-CHAPTER This sub-chapter applies to living trusts and to transactions involving living trusts, subject to the Montana Living Trust Act, Title 30, chapter 10, part 9, MCA. Authorizing statute(s): Sec. 30-10-905, MCA Implementing statute(s): Sec. 30-1…

6.12.1202 DEFINITIONS As used in this sub-chapter, unless the context indicates otherwise: The definitions in 30-10-903, MCA, apply. "Living trust representative" means a person licensed to sell living trusts under 30-10-901 through 30-10-915, MCA. Authorizing statute(s): Sec. 30…

6.12.1203 LICENSURE Each application for a license to offer and sell living trusts in this state must be made on Form LT-1, available from the state auditor. A license granted under 30-10-904, MCA, to an investment advisor entitles an investment advisor representative affiliated …

6.12.1204 LIVING TRUST REPRESENTATIVE BOOKS AND RECORDS Each living trust representative shall make and keep all books and records relating to the representative's offering and sales of living trusts, including, but not limited to, the following: each written agreement (or copy t…

6.12.1205 SALES AND PROMOTIONAL MATERIAL Sales and promotional material used in connection with the offer or sale of living trusts by persons required to be licensed under 30-10-904, MCA, to persons in this state must be filed with the state auditor at least 10 days prior to use …

6.12.1206 INTERNET An offer of sale of living trusts made through the internet or similar proprietary or common carrier electronic system is exempt from 30-10-901 through 30-10-915, MCA, if the following conditions are met: the offer indicates that the offer is not being made to …

6.14.101 ASSIGNMENT OF PAYROLL DEDUCTIONS TO FINANCIAL INSTITUTIONS (IS HEREBY REPEALED) Authorizing statute(s): Sec. 17-8-211(2), MCA Implementing statute(s): Sec. 17-8-211, MCA History: NEW, 1978 p. 385, Eff. 3/25/78; REP, 1993 p. 2764, Eff. 11/25/93.

6.14.201 DEFINITIONS (IS HEREBY REPEALED) Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.14.202 TYPES OF VOLUNTARY PAYROLL DEDUCTIONS (IS HEREBY RFPEALED) Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.14.203 PROCEDURE FOR OBTAINING APPROVAL FOR VOLUNTARY PAYROLL DEDUCTIONS (IS HEREBY REPEALED) Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.14.204 PAYROLL DEDUCTION APPROVAL (IS HEREBY REPEALED) Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.14.205 CONDITIONS FOR REVOCATION OF APPROVAL (IS HEREBY REPEALED) Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.14.206 NOTICE OF REVOCATION OF APPROVAL (IS HEREBY REPEALED) Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.14.207 EFFECTIVE DATE OF REVOCATION OF APPROVAL (IS HEREBY REPEALED) Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.14.208 GRACE PERIOD (IS HEREBY REPEALED) END OF TITLE 6 Authorizing statute(s): Sec. 33-1-313, MCA Implementing statute(s): Sec. 17-1-122, MCA History: NEW, 1986 MAR p. 246, Eff. 2/28/86; REP, 1993 MAR p. 2764, Eff. 11/25/93.

6.2.101 INCORPORATION OF MODEL PROCEDURAL RULES BY THE INSURANCE DEPARTMENT The insurance department has adopted the Attorney General's Model Procedural Rules by reference to such rules as stated in ARM 1.3.101 through 1.3.233 with the exceptions enumerated in this chapter. The i…

6.2.102 (In lieu of 1.3.205) RULEMAKING, PREAMBLE AND SUMMARY (IS HEREBY REPEALED) ) Authorizing statute(s): 33-1-313, MCA Implementing statute(s): 2-4-201, MCA History: NEW, Eff. 4/4/75; REP, 1996 MAR p. 1636, Eff. 6/21/96.

6.2.103 RULEMAKING, NOTICE (REPEALED) Authorizing statute(s): 33-1-313, MCA Implementing statute(s): 2-4-201, MCA History: NEW, Eff. 4/4/75; AMD, 1996 MAR p. 1636, Eff. 6/21/96; REP, 2017 MAR p. 1889, Eff. 10/14/17.

6.2.104 CONTESTED CASES, NOTICE OF OPPORTUNITY TO BE HEARD (REPEALED) Authorizing statute(s): 33-1-313, MCA Implementing statute(s): 2-4-201, MCA History: NEW, Eff. 4/4/75; AMD, 1996 MAR p. 1636, Eff. 6/21/96; REP, 2017 MAR p. 1889, Eff. 10/14/17.

6.2.105 (In lieu of 1.3.221) CONTESTED CASES, RECORD (IS HEREBY REPEALED) Authorizing statute(s): 33-1-313, MCA Implementing statute(s): 2-4-201, MCA History: NEW, Eff. 4/4/75; REP, 1996 MAR p. 1636, Eff. 6/21/96.

6.2.106 (In lieu of 1.3.222) CONTESTED CASES, EVIDENCE (IS HEREBY REPEALED) Authorizing statute(s): 33-1-313, MCA Implementing statute(s): 2-4-201, MCA History: NEW, Eff. 4/4/75; REP, 1996 MAR p. 1636, Eff. 6/21/96.

6.2.107 CONTESTED CASES, FINAL ORDERS (REPEALED) Authorizing statute(s): 33-1-313, MCA Implementing statute(s): 2-4-201, MCA History: NEW, Eff. 4/4/75; AMD, 1996 MAR p. 1636, Eff. 6/21/96; REP, 2017 MAR p. 1889, Eff. 10/14/17.

6.2.108 (In lieu of 1.3.226) CONTESTED CASES, NOTIFICATION OF ORDERS (IS HEREBY REPEALED ) Authorizing statute(s): 33-1-313, MCA Implementing statute(s): 2-4-201, MCA History: NEW, Eff. 4/4/75; REP, 1996 MAR p. 1636, Eff. 6/21/96.

6.2.120 INCORPORATION OF MODEL PROCEDURAL RULES BY THE SECURITIES DEPARTMENT The securities department has adopted the Attorney General's Model Procedural Rules by reference to such rules as stated in ARM 1.3.101 through 1.3.233 with the exceptions enumerated in this chapter. The…

6.2.121 ORDERS All orders issued pursuant to the Securities Act of Montana shall be signed by the Securities Commissioner or a designee of the Securities Commissioner. Authorizing statute(s): 30-10-107, MCA Implementing statute(s): 30-10-107, MCA History: NEW, 1985 MAR p. 1238, E…

6.2.122 TEMPORARY CEASE AND DESIST ORDERS If the commissioner issues a temporary cease and desist order, the respondent has 15 days from receipt of the order to make a written request for a contested case hearing on the allegations contained in the order. The hearing must be held…

6.2.123 HEARINGS -- FINAL ORDER (REPEALED) Authorizing statute(s): 30-10-107, MCA Implementing statute(s): 30-10-201, 30-10-207, 30-10-305, MCA History: NEW, 1985 MAR p. 1238, Eff. 8/30/85; REP, 2017 MAR p. 1889, Eff. 10/14/17.

6.2.124 JUDICIAL REVIEW (REPEALED) Authorizing statute(s): 30-10-107, MCA Implementing statute(s): 30-10-308, MCA History: NEW, 1985 MAR p. 1238, Eff. 8/30/85; AMD, 2008 MAR p. 2046, Eff. 9/26/08; REP, 2017 MAR p. 1889, Eff. 10/14/17.

6.2.125 RULEMAKING, PETITION TO ADOPT, AMEND, OR REPEAL RULE Section 2-4-315, MCA, authorizes an interested person or member of the legislature acting on behalf of an interested person when the legislature is not in session, to petition an agency to adopt, amend, or repeal a rule…

6.2.201 PURPOSE AND SCOPE This subchapter implements for the department and the Department of Revenue the mechanisms provided in Title 17, chapter 4, MCA, for recovery and offset of monetary sums owing to the state of Montana, including, but not limited to, sums related to the pr…

6.2.202 DEFINITIONS For the purpose of this subchapter, the following definitions shall apply: "Debt" means a monetary sum owed to the state of Montana. "Department" means the State Auditor's Office. "Offset" means a deduction from monies due to a person or entity from the state …

6.2.203 REFERRAL FOR RECOVERY AND OFFSET The department under the authority of 17-4-104, MCA, may refer to the Department of Revenue, or other agency designated by law, for recovery and offset of any debt owed to the department. The department must determine that a debt is uncoll…

6.2.204 UNCOLLECTIBLE DEBT A debt is uncollectible by the department if the department has determined that: the debt is owing to the department; the debtor has either not pursued available administrative remedies within the department, or has failed to prevail in the available ad…

6.6.1001 PURPOSE The purpose of these rules is to establish specific rules to regulate funeral insurance, including but not limited to the licensing of producers, form review, financial reporting, and consumer protection. Authorizing statute(s): 33-1-313, 33-20-1503, MCA Implemen…

6.6.1002 SCOPE These rules shall apply to: all life insurance policy forms delivered or issued for delivery, marketed, or designated as intended for use in this state as funeral insurance; any solicitation, negotiation, or sale of funeral insurance occurring within this state; re…