Montana Code 90-6-106. Adoption of rules
90-6-106. Adoption of rules. (1) The board shall adopt rules respecting the regulation of borrowers, the admission of occupants in housing developments, the construction of ancillary facilities, and requirements or restrictions necessary to implement this part.
Terms Used In Montana Code 90-6-106
- Board: means the board of housing created in 2-15-1814. See Montana Code 90-6-103
- Housing development: means single-family homes, multifamily projects, housing for the elderly projects, nursing home projects, personal-care projects, and any work or undertaking financed in whole or in part under this part for the primary purpose of acquiring, constructing, or rehabilitating accommodations for persons or families of lower income in need of housing. See Montana Code 90-6-103
- Lending institution: means any public or private entity or governmental agency approved by the board maintaining an office in this state and authorized by law to make or participate in making residential mortgages in the state. See Montana Code 90-6-103
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
(2)The board shall adopt rules for the:
(a)organization, approval, standards, and regulation of housing sponsors and eligible recipients;
(b)approval, standards, and regulation of lending institutions under this part;
(c)assessment, collection, and payment of all fees and charges in connection with making, purchasing, and servicing of its bonds and notes, mortgage lending, construction lending, temporary lending, and security purchase programs;
(d)assessment and collection of fees and charges in connection with its technical, consultative, and project assistance activities;
(e)determination and regulation of mortgagor and lending institution and their use of funds under this part, sponsor and mortgagor equity definitions and limitations, and housing development costs;
(f)percentage of housing units or housing developments assisted under this part that are reserved for lower income persons and families and which allows for an economic mixture of residents.