Montana Code 32-7-101. Title and purpose
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32-7-101. Title and purpose. (1) This part must be known and may be cited as the “Regulation of Escrow Businesses Act”.
Terms Used In Montana Code 32-7-101
- Department: means the department of administration as provided for in Title 2, chapter 15, part 10. See Montana Code 32-7-102
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person or for the purpose of making payments under any encumbrance of the property, delivers any written instrument, money, evidence, title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence, title, or thing of value is to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, or bailor or to any agents or employees pursuant to the written escrow instructions. See Montana Code 32-7-102
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)It is the intent of the legislature that the escrow industry be supervised and regulated by the department of administration in order to protect the citizens of the state and to provide that the business practices of the escrow industry are fair and orderly among the members of the escrow industry, with due regard to the ultimate consumers in this important area of property protection.