Terms Used In Montana Code > Title 30 > Chapter 14 > Part 13 - Service Contracts -- Vehicle Theft Protection Products

• Administrator: means the person who is responsible for the administration of service contracts. See Montana Code 30-14-1301
• Contract: A legal written agreement that becomes binding when signed.
• contract holder: means the person who is the purchaser or holder of a service contract. See Montana Code 30-14-1301
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the department of justice provided for in 2-15-2001. See Montana Code 30-14-1301
• Fraud: Intentional deception resulting in injury to another.
• Incidental costs: means expenses specified in a vehicle theft protection product warranty that are incurred by the vehicle theft protection product warranty holder due to the failure of a vehicle theft protection product to perform as provided in the contract. See Montana Code 30-14-1301
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, partnership, corporation, incorporated or unincorporated association, limited liability company, limited liability partnership, joint-stock company, reciprocal insurer, syndicate, or any similar entity or combination of entities acting in concert. See Montana Code 30-14-1301
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Property: means real and personal property. See Montana Code 1-1-205
• Provider: means a person who is contractually obligated to the service contract holder or vehicle theft protection product warranty holder under the terms of the service contract or vehicle theft protection product warranty. See Montana Code 30-14-1301
• Reimbursement insurance policy: means a policy of insurance issued to a provider to either provide reimbursement to the provider under the terms of the insured service contracts issued or sold by the provider or, in the event of the provider's nonperformance, to pay on behalf of the provider all covered contractual obligations incurred by the provider under the terms of the insured service contracts issued or sold by the provider. See Montana Code 30-14-1301
• Road hazard: means a hazard that is encountered while driving a motor vehicle, including but not limited to potholes, rocks, wood debris, metal parts, glass, plastic, curbs, or composite scraps. See Montana Code 30-14-1301
• Service contract: means a contract or agreement for a separately stated consideration for a specific duration to perform the repair, replacement, or maintenance of property or to indemnify for the repair, replacement, or maintenance of property if an operational or structural failure is due to a defect in materials or manufacturing or to normal wear and tear, with or without an additional provision for incidental payment or indemnity under limited circumstances, including but not limited to towing, rental, and emergency road service. See Montana Code 30-14-1301
• 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
• Vehicle theft protection product: means a device or system that:

  (i)is installed on or applied to a motor vehicle;

  (ii)is designed to prevent loss or damage to a motor vehicle from theft; and

  (iii)includes a vehicle theft protection product warranty. See Montana Code 30-14-1301

• Vehicle theft protection product warranty: means a written agreement by a warrantor that provides that if the vehicle theft protection product fails to prevent loss or damage to a motor vehicle from theft, then the warrantor will pay to or on behalf of the vehicle theft protection product warranty holder specified incidental costs as a result of the failure of the vehicle theft protection product to perform pursuant to the terms of the written agreement. See Montana Code 30-14-1301
• warranty holder: means the person who is the purchaser of a vehicle theft protection product and the holder of a vehicle theft protection product warranty. See Montana Code 30-14-1301