Montana Code Annotated 2023



Part 6. Veterans' Home Loan Mortgage Program


90-6-602. Definitions. As used in this part, the following definitions apply:

(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.

History: En. Sec. 2, Ch. 349, L. 2011.