Montana Code 39-51-402. Unemployment insurance fund — custodian — accounts and deposits
39-51-402. Unemployment insurance fund — custodian — accounts and deposits. (1) The commissioner of labor and industry is the ex officio treasurer and custodian of the unemployment insurance fund and shall administer that fund in accordance with this chapter. The commissioner shall maintain within the fund three separate accounts:
Terms Used In Montana Code 39-51-402
- Benefits: means the money payments payable to an individual, as provided in this chapter, with respect to the individual's unemployment. See Montana Code 39-51-201
- Department: means the department of labor and industry provided for in Title 2, chapter 15, part 17. See Montana Code 39-51-201
- Ex officio: Literally, by virtue of one's office.
- Fund: means the unemployment insurance fund established by this chapter to which all contributions and payments in lieu of contributions must be paid and from which all benefits provided under this chapter must be paid. See Montana Code 39-51-201
- State: includes , in addition to the states of the United States of America, the District of Columbia, Puerto Rico, the Virgin Islands, and Canada. See Montana Code 39-51-201
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)a clearing account;
(b)an unemployment trust fund account; and
(c)a benefit account.
(2)All money payable to the unemployment insurance fund, upon receipt by the department, must be immediately deposited in the clearing account. Refunds payable pursuant to 39-51-1110 may be paid from the clearing account. After clearance, all other money in the clearing account must be immediately deposited with the secretary of the treasury of the United States to the credit of the account of this state in the unemployment trust fund, established and maintained pursuant to section 904 of the Social Security Act (42 U.S.C. § 1104), as amended.
(3)The benefit account consists of all money requisitioned for the payment of benefits from this state’s account in the unemployment trust fund.
(4)Except as otherwise provided, money in the clearing and benefit accounts may be deposited in any bank or public depository in which general funds of the state may be deposited, but a public deposit insurance charge or premium may not be paid out of the unemployment insurance fund.