Montana Code 33-17-1505. Recordkeeping and trust fund requirements
33-17-1505. Recordkeeping and trust fund requirements. (1) A rental vehicle entity shall keep records of insurance transactions pursuant to 33-17-1101.
Terms Used In Montana Code 33-17-1505
- Rental agreement: means a written agreement setting forth the terms and conditions governing the use of a vehicle that is provided by a rental vehicle entity for the rental or lease of a rental vehicle for a period of not more than 90 days. See Montana Code 33-17-1501
- Rental vehicle: means a motor vehicle that is designated as:
(a)a private passenger motor vehicle, including an automobile, a passenger van, a minivan, or a sport utility vehicle; or
(b)a cargo vehicle, including a cargo van, a pickup truck, or a truck with a gross weight of less than 26,000 pounds that does not require the operator to possess a commercial driver's license. See Montana Code 33-17-1501
- Rental vehicle entity: means an entity in the business of providing rental vehicles to the public under a rental agreement. See Montana Code 33-17-1501
- Rental vehicle insurance: means insurance that a renter purchases from a rental vehicle entity as part of the rental agreement in conjunction with the use of a rental vehicle. See Montana Code 33-17-1501
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(2)The commissioner may not require a rental vehicle entity to hold rental vehicle insurance premium in a separate trust account pursuant to 33-17-1102 if the premium for rental vehicle insurance is itemized as part of the rental agreement.