Montana Code 90-6-602. Definitions
90-6-602. Definitions. As used in this part, the following definitions apply:
Terms Used In Montana Code 90-6-602
- Board: means the board of housing provided for in 2-15-1814. See Montana Code 90-6-602
- Eligible veteran: means an individual who is a Montana resident and who:
(a)is or has been a member of the Montana national guard;
(b)is or has been a member of the federal reserve forces of the armed forces of the United States, serving pursuant to Title 10 of the United States Code;
(c)is serving or has served on federal active duty pursuant to Title 10 of the United States Code;
(d)is an unremarried spouse of an individual who was otherwise an eligible veteran and was killed in the line of duty;
(e)is an eligible veteran as defined by the board pursuant to 90-6-605(2); or
(f)if previously a member of the armed forces, was discharged under honorable conditions. See Montana Code 90-6-602
- First-time home buyer: means an individual determined by the board to be a first-time home buyer pursuant to rules adopted by the board. See Montana Code 90-6-602
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- program: means the program created in 90-6-603. See Montana Code 90-6-602
- Resident: means an individual who maintains a permanent place of abode within Montana and who has not established a residence elsewhere even though the individual may be temporarily absent from the state. See Montana Code 90-6-602
- 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
- trust fund: means the trust fund created pursuant to Article IX, section 5, of the Montana constitution. See Montana Code 90-6-602
- Trust indenture: has the meaning provided in 71-1-303. See Montana Code 90-6-602
- Under honorable conditions: means a discharge or separation from military duty characterized by the armed forces as under honorable conditions. See Montana Code 90-6-602
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)”Board” means the board of housing provided for in 2-15-1814.
(2)”Coal tax trust fund” or “trust fund” means the trust fund created pursuant to Article IX, section 5, of the Montana constitution.
(3)”Eligible veteran” means an individual who is a Montana resident and who:
(a)is or has been a member of the Montana national guard;
(b)is or has been a member of the federal reserve forces of the armed forces of the United States, serving pursuant to Title 10 of the United States Code;
(c)is serving or has served on federal active duty pursuant to Title 10 of the United States Code;
(d)is an unremarried spouse of an individual who was otherwise an eligible veteran and was killed in the line of duty;
(e)is an eligible veteran as defined by the board pursuant to 90-6-605(2); or
(f)if previously a member of the armed forces, was discharged under honorable conditions.
(4)”First-time home buyer” means an individual determined by the board to be a first-time home buyer pursuant to rules adopted by the board.
(5)”Mortgage loan” means a loan for the purchase of real property with any improvements located within this state that is to be used for residential purposes and that is based upon a written instrument approved by a federal agency and that is written in the form of a trust indenture.
(6)”Participating financial institution” means a corporate lender or other loan originator approved by the board for originating and servicing loans pursuant to this part.
(7)”Resident” means an individual who maintains a permanent place of abode within Montana and who has not established a residence elsewhere even though the individual may be temporarily absent from the state.
(8)”Trust indenture” has the meaning provided in 71-1-303.
(9)(a) “Under honorable conditions” means a discharge or separation from military duty characterized by the armed forces as under honorable conditions. The term includes honorable discharge and general discharge.
(b)The term does not include a dishonorable discharge or another administrative discharge characterized by military regulation as other than honorable.
(10)”Veterans’ home loan mortgage program” or “program” means the program created in 90-6-603.