Title 30, Title 30

(1) An issuer is required to file the following documents with respect to a federal covered security provided for in section 18(b)(2) of the Securities Act of 1933: (a) documents that are part of a current federal registration statement filed with the securities and exchange comm…

(1) It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly, in, into, or from this state, to: (a) employ any device, scheme, or artifice to defraud; (b) make any untrue statement of a material fact or omit to state a…

It is unlawful for any person to knowingly make or cause to be made, in any document filed with the commissioner or in any proceeding under parts 1 through 3 of this chapter, any statement which is, at the time and in the light of the circumstances under which it is made, false o…

(1) The fact that an application for registration under 30-10-201(6), a notice filing under 30-10-211 or 30-10-327, or a registration statement under 30-10-203, 30-10-204, or 30-10-205 has been filed or the fact that a person or security is effectively registered or a complete no…

(1) The commissioner may: (a) make public or private investigations or examinations within or outside this state as the commissioner considers necessary to determine whether any registration should be granted, denied, or revoked or whether any person has violated or is about to v…

(Temporary) Injunctions and other remedies -- limitations on actions. (1) If it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of parts 1 through 3 of this chapter or any rule or order…

(1) A person who willfully violates any provision of parts 1 through 3 of this chapter except 30-10-302, who willfully violates any rule or order under parts 1 through 3 of this chapter, or who willfully violates 30-10-302 knowing the statement made to be false or misleading in a…

(1) Any person who offers or sells a security in violation of 30-10-202 or offers or sells a security by means of fraud or misrepresentation is liable to the person buying the security from the offeror or seller, who may sue either at law or in equity to recover the consideration…

Any person aggrieved by a final order of the commissioner is entitled to judicial review as provided in Title 2, chapter 4, part 7.

(1) The commissioner may, after conducting a hearing pursuant to 30-10-305, require a person found to have committed a violation of 30-10-301 to make restitution for all financial losses sustained by any person as a result of the violation. The commissioner may further require a …

(1) A broker-dealer, investment adviser, investment adviser representative, or other person who has reason to believe fraud has occurred shall report the suspected fraud to the commissioner within 60 days of discovery of the occurrence. (2) A broker-dealer shall make complete dis…

(1) In any private action arising under this part, if the plaintiff alleges that the defendant made an untrue statement or omitted a material fact necessary in order to make the statements made, in light of the circumstances in which they were made, not misleading, the complaint …

(1) In any private action arising under this part, upon final adjudication of the action, the court shall include in the record specific findings regarding compliance by each party and each attorney representing any party with each requirement of Rule 11 of the Montana Rules of C…

In any private action arising under this part in which the plaintiff may recover money damages, the court shall, when requested by a defendant, submit to the jury a written interrogatory on the issue of each defendant's state of mind at the time the alleged violation occurred.

(1) The provisions of this section limit any damages otherwise available under this part. (2) Except as provided in subsection (3), in any private action arising under this part in which the plaintiff seeks to establish damages by reference to the market price of a security that …

(1) For the purposes of this section, the following definitions apply: (a) "Forward-looking statement" means: (i) a statement containing a projection of revenue; income per share, including income loss; earnings per share, including earnings loss; capital expenditures; dividends;…

A broker, dealer, or person associated with a broker or dealer, may not solicit or accept, directly or indirectly, remuneration for assisting an attorney in obtaining the representation of any person in any private action under this part or under the Securities Act of 1933, 15 U.…

For purposes of any action brought by the commissioner under 30-10-304, 30-10-305, or 30-10-306, for violations of 30-10-301 through 30-10-303, any person that knowingly provides substantial assistance to another person in violation of a provision of this part or of any rule or r…

In any private action arising under this part, if any portion or all of the amount recoverable represents other than the depreciation in value of the subject security resulting from a part of the prospectus or oral communication not being true or omitting to state a material fact…

Sections 30-10-315 through 30-10-322 may not be considered to create or ratify any implied private right of action or to prevent the commissioner, by rule or regulation, from restricting or otherwise regulating private actions under Montana securities laws.

As used in 30-10-301, 30-10-324, 30-10-325, and 30-10-327, the following definitions apply: (1) (a) "Compensation" means the receipt of money, a thing of value or purported value, or a financial benefit. (b) Compensation does not include: (i) payments to a participant based on th…

(1) A person may not conduct or promote or cause to be conducted or promoted a pyramid promotional scheme. (2) A person who willfully violates the provisions of subsection (1) shall, for each participant giving consideration, be fined an amount not more than $100,000 or be impris…

(1) A multilevel marketing company shall file with the commissioner on forms prescribed by the commissioner: (a) prior to obtaining a participant that is a resident of this state: (i) a notice that the company intends to operate in this state; and (ii) an irrevocable consent desi…

(1) If a qualified individual, investment adviser, investment adviser representative, or salesperson reasonably believes that financial exploitation of a vulnerable person may have occurred, may have been attempted, or is being attempted, the qualified individual, investment advi…

(1) A qualified individual, investment adviser, investment adviser representative, or salesperson who reasonably believes that the financial exploitation of a vulnerable person is occurring, has or may have occurred, is being attempted, or has been or may have been attempted: (a)…

(1) A broker-dealer or investment adviser may delay a disbursement from an account of a vulnerable person or an account on which a vulnerable person is a beneficiary if: (a) the broker-dealer, the investment adviser, or a qualified individual reasonably believes, after initiating…

This part may be cited as the "Montana Living Trust Act".

The purpose of this part is to regulate the marketing and sale of living trusts in Montana and to provide civil remedies for fraudulent and deceptive sales practices.

As used in this part, unless the context requires otherwise, the following definitions apply: (1) (a) "Living trust" means either an irrevocable or a revocable inter vivos trust. (b) The term does not include an account with a POD designation, as defined in 72-6-201. (2) "Offer" …

(1) A person may not offer or sell a living trust in this state unless the person: (a) is registered as an investment adviser or investment adviser representative under 30-10-201; and (b) has applied for and been granted a license under this section. (2) Subsection (1) does not a…

(1) The administration of the provisions of this part is under the general supervision and control of the state auditor. The state auditor shall adopt forms and rules necessary to implement this part. (2) A document is filed when it is received by the state auditor. The state aud…

This part applies to any person who sells or offers to sell a living trust in this state or when an offer to buy a living trust is made and accepted in this state. An offer to sell or buy is made in this state, whether or not either party is then present in this state, if the off…

All fines and fees received by the state auditor pursuant to this part must be deposited in the general fund. If, in any year, the fines and fees do not cover the cost of administering this part, the state auditor may increase the fees by rule to the extent necessary to cover the…

(1) An applicant under this part shall file with the state auditor, in the form the state auditor prescribes, an irrevocable consent appointing the state auditor as the applicant's agent for the purpose of receiving service of any lawful process in any noncriminal suit, action, o…

It is unlawful for a person, in connection with the offer or sale of any living trust, directly or indirectly, in, into, or from this state, to: (1) employ any device, scheme, or artifice to defraud; (2) make any untrue statement of a material fact; (3) fail to state a material f…

It is unlawful for a person to knowingly make or cause to be made a materially false or misleading statement in any document filed with the state auditor or in any proceeding under this part.

The fact that an application for a license to offer or sell living trusts has been filed or approved in this state does not constitute a finding by the state auditor that any document filed under this part is true, complete, and not misleading. The state auditor's approval of an …

(1) The state auditor may: (a) issue subpoenas, compel testimony, and conduct hearings as provided in Title 2, chapter 4, parts 1 and 6; (b) make public or private investigations or examinations within or outside this state that the state auditor considers necessary to: (i) deter…

(1) If it appears to the state auditor that a person has engaged or is about to engage in an act or practice constituting a violation of any provision of this part, the state auditor may: (a) issue an order directing the person to cease and desist from committing or continuing th…

A person aggrieved by a final order of the state auditor may obtain judicial review of the order as provided in Title 2, chapter 4, part 7.

(1) A person who offers or sells a living trust in violation of 30-10-904 or offers or sells a living trust by means of fraud or misrepresentation is liable to the person buying the living trust, who may sue either at law or in equity to recover the consideration paid for the liv…

Sale is a contract by which, for a pecuniary consideration called a price, one transfers to another an interest in property.

The subject of sale must be property, the title to which can be immediately transferred from the seller to the buyer.

An agreement for sale is either: (1) an agreement to sell; (2) an agreement to buy; or (3) a mutual agreement to sell and buy.

An agreement to sell is a contract by which one engages, for a price, to transfer to another the title to a certain thing.

An agreement to buy is a contract by which one engages to accept from another and pay a price for the title to a certain thing.