Montana § 90-6-602 - Definitions

§ 90-6-602. Definitions

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 .