Montana Code 31-1-703. Definitions
31-1-703. Definitions. For the purposes of this part, the following definitions apply:
Terms Used In Montana Code 31-1-703
- 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.
- 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
- 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
(1)”Account” means any banking, checking, credit union, commercial, savings, savings and loan, brokerage, investment, or other kind of depository account held by a consumer.
(2)”Check” means a negotiable instrument, as defined in 30-3-104, that is drawn on a state or federal bank, credit union, or savings and loan association and is payable on demand at the maturity of a deferred deposit loan.
(3)”Consumer” means a natural person who, singly or jointly with another natural person, enters into a deferred deposit loan.
(4)”Deferred deposit lender” or “licensee” means a person engaged in the business of making deferred deposit loans.
(5)”Deferred deposit loan” means an arrangement, including all representations made by the deferred deposit lender whether express or implied, in which:
(a)a person accepts a check dated on the date on which the check is written and agrees to hold the check for a period of days prior to deposit or presentment;
(b)a person accepts a check dated subsequent to the date on which the check is written and agrees to hold the check for deposit or presentment until the date written on the check; or
(c)a person accepts written authorization from a consumer to electronically deduct from the consumer’s account on a specific date the amount of the loan and fees that are authorized under this part.
(6)”Department” means the department of administration.
(7)”Person” means a natural person, sole proprietorship, firm, partnership, corporation, or other entity.