Montana Code 30-14-2101. Definitions
30-14-2101. Definitions. As used in this part, the following definitions apply:
Terms Used In Montana Code 30-14-2101
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
- Usual: means according to usage. See Montana Code 1-1-206
(1)(a) “Debt settlement provider” means any person or entity engaging in or holding itself out as engaging in the business of debt settlement for compensation that does not in the usual and regular course of business hold, receive, or disburse a debtor’s funds in connection with debt settlement services.
(b)The term does not include any of the following:
(i)attorneys, escrow agents, accountants, broker dealers in securities, or investment advisors in securities, when acting in the ordinary practice of their professions;
(ii)any bank, agent of a bank, trust company, savings and loan association, savings bank, credit union, crop credit association, development credit corporation, industrial development corporation, title insurance company, or insurance company operating or organized under the laws of this state, another state, or the United States, or any other person authorized to make loans under Montana law;
(iii)persons who perform credit services for their employer while receiving a regular salary or wage when the employer is not engaged in the business of debt settlement;
(iv)public officers while acting in their official capacities and persons acting under court order;
(v)any person while performing services incidental to the dissolution, winding up, or liquidating of a partnership, corporation, or other business enterprise; or
(vi)any for-profit or nonprofit entity that is subject to the provisions of Title 30, chapter 14, part 20, the Montana Consumer Debt Management Services Act.
(2)”Debt settlement service” is the negotiation, adjustment, or settlement of a consumer’s debt without holding, receiving, or disbursing the debtor’s funds.
(3)”Principal amount of the debt” means the total amount of debt of an individual at the time the individual is accepted into a debt settlement program.