Terms Used In Montana Code > Title 17 > Chapter 6 - Deposits and Investments

• Amortization: Paying off a loan by regular installments.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the board of investments created in 2-15-1808. See Montana Code 17-6-302
• Certified microbusiness development corporation: means a microbusiness development corporation certified pursuant to 17-6-408. See Montana Code 17-6-403
• Clean and healthful environment: means an environment that is relatively free from pollution that threatens human health, including as a minimum, compliance with federal and state environmental and health standards. See Montana Code 17-6-302
• Coal-fired generating unit: means an individual unit of a coal-fired electrical generating facility located in Montana that has a generating capacity greater than or equal to 100 megawatts. See Montana Code 17-6-302
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-6-403
• Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-6-302
• Development loan: means money loaned to a certified microbusiness development corporation by the department for the purpose of making microbusiness loans under the provisions of this part. See Montana Code 17-6-403
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Existing infrastructure: means public improvements, including but not limited to:

  (a)drinking water systems;

  (b)wastewater treatment;

  (c)sanitary sewer or storm sewer systems;

  (d)solid waste disposal and separation systems;

  (e)roads;

  (f)bridges; or

  (g)any public improvements authorized by Title 7, chapter 11, part 10; Title 7, chapter 12, parts 41 through 45; Title 7, chapter 13, parts 42 and 43; and Title 7, chapter 14, part 47. See Montana Code 17-6-302

• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Financial institution: includes but is not limited to a state-chartered or federally chartered bank or a savings and loan association, credit union, or development corporation created pursuant to Title 32, chapter 4. See Montana Code 17-6-302
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Fraud: Intentional deception resulting in injury to another.
• Health care: has the meaning provided in 50-16-504. See Montana Code 17-6-602
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Intermediary loan: means a loan provided to a local economic development organization with a revolving loan fund to be used to provide matching funds for the U. See Montana Code 17-6-302
• Legacy: A gift of property made by will.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Lien: A claim against real or personal property in satisfaction of a debt.
• Loan participation: means loans or portions of loans bought from a financial institution. See Montana Code 17-6-302
• Local economic development organization: means :

  (a)(i) a private, nonprofit corporation, as provided in Title 35, chapter 2, that is exempt from taxation under section 501(c)(3) or 501(c)(6) of the Internal Revenue Code, 26 U. See Montana Code 17-6-302

• Microbusiness development corporation: means a nonprofit corporation organized and existing under the laws of the state to provide training, technical assistance, and access to capital for the startup or expansion of qualified microbusinesses. See Montana Code 17-6-403
• Montana economy: means any business activities in the state of Montana, including those that continue existing jobs or create new jobs in Montana. See Montana Code 17-6-302
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner: means an entity certified as an exempt wholesale generator pursuant to 42 U. See Montana Code 17-6-302
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Program: means the microbusiness finance program established in 17-6-406. See Montana Code 17-6-403
• Programs for tobacco disease prevention: means programs of services administered by the state for the purposes of informing individuals of the health risks of tobacco use and exposure to secondhand tobacco smoke, assisting persons in the avoidance of tobacco products use, and assisting individuals in cessation of tobacco use. See Montana Code 17-6-602
• Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Revolving loan fund: means a fund required to be established by a certified microbusiness development corporation that receives a development loan. See Montana Code 17-6-403
• Service fees: means the fees normally charged by a financial institution for servicing a loan, including amounts charged for collecting payments and remitting amounts to the fund. See Montana Code 17-6-302
• Several: means two or more. See Montana Code 1-1-201
• Tobacco products: means a substance intended for human use that contains tobacco and includes but is not limited to cigarettes, cigars, smoking tobacco, and tobacco intended for use in an oral or nasal cavity. See Montana Code 17-6-602
• Trust fund: means the Montana tobacco settlement trust fund authorized by Article XII, section 4, of the Montana constitution and implemented through this part. See Montana Code 17-6-602
• Trustee: A person or institution holding and administering property in trust.
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.