Montana Code 30-14-1726. Definitions
30-14-1726. Definitions. As used in 30-14-1726 through 30-14-1736, the following definitions apply:
Terms Used In Montana Code 30-14-1726
- 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.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(1)”Consumer” means an individual, a parent or guardian in the case of a minor or of an incapacitated person as defined in 72-5-101, or a conservator in the case of a protected person as defined in 72-5-101.
(2)”Consumer reporting agency” means any person that, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information on consumers for the purpose of furnishing credit reports to a third party and that uses any means or facility of interstate commerce for the purpose of preparing or furnishing credit reports.
(3)”Credit report” means any written, oral, or other communication of any information by a consumer reporting agency:
(a)bearing on a consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living; and
(b)that is used or expected to be used in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for:
(i)credit to be used primarily for personal, family, or household purposes;
(ii)employment purposes; or
(iii)any other purpose authorized under 15 U.S.C. § 1681(b).
(4)”Person” means an individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity.
(5)”Proper identification” means information sufficient to verify identity.
(6)”Reviewing the account” or “account review” includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.
(7)(a) “Security freeze” means a notice that:
(i)is placed in a consumer’s credit report at the request of the consumer;
(ii)is subject to exceptions and exemptions provided in 30-14-1734;
(iii)prohibits the consumer reporting agency from releasing all or any part of the consumer’s credit report or credit score without the express authorization of the consumer, as provided in 30-14-1729.
(b)A security freeze does not prevent a consumer reporting agency from advising a third party that a security freeze is in effect with respect to the consumer’s credit report.