Terms Used In Montana Code 37-54-501

• Appraisal: A determination of property value.
• Appraisal: means the practice of developing an opinion of the value of real property in conformance with the uniform standards of professional appraisal practice as developed by the appraisal foundation. See Montana Code 37-54-102
• Appraisal management company: means , in connection with valuation of properties collateralizing mortgage loans or mortgages incorporated into a securitization, an external third party, authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than 15 certified or licensed appraisers in this state or 25 or more nationally within a given year. See Montana Code 37-54-102
• Appraisal management services: means the direct or indirect performance of any of the following functions on behalf of a lender, financial institution, client, or other person in conjunction with a consumer credit transaction that is secured by a consumer's principal dwelling:

  (a)administering an appraiser panel;

  (b)recruiting, retaining, or selecting appraisers to be part of an appraisal panel;

  (c)qualifying and verifying licensing or certification, negotiating fees, and verifying service level expectations with appraisers who are part of an appraiser panel;

  (d)contracting with appraisers from the appraiser panel to perform appraisal assignments;

  (e)receiving an order for an appraisal assignment from one person and delivering the order for the appraisal assignment to an appraiser who is part of an appraiser panel for completion;

  (f)managing the process of having an appraisal assignment performed, including performing administrative duties such as receiving appraisal assignment orders and reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and reimbursing appraisers for services performed;

  (g)tracking and determining the status of orders for appraisal assignments;

  (h)conducting quality control examinations of a completed appraisal assignment prior to the delivery of the appraisal report to a client who ordered the appraisal assignment; and

  (i)providing a completed appraisal report performed by an appraiser to one or more clients. See Montana Code 37-54-102

• Appraiser: means an individual who holds a license or certification to complete an appraisal assignment in the state where the real property that is the subject of the appraisal assignment is located. See Montana Code 37-54-102
• Board: means the board of real estate appraisers provided for in 2-15-1758. See Montana Code 37-54-102
• Controlling person: means :

  (a)an owner, officer, or director of a corporation, partnership, or other business entity that offers appraisal management services in this state;

  (b)an individual employed, appointed, or authorized by an appraisal management company to enter into a contractual relationship with other persons for the performance of appraisal management services and to enter into agreements with appraisers for the performance of appraisal assignments; or

  (c)an individual who possesses directly or indirectly the power to direct or cause the direction of the management or policies of an appraisal management company. See Montana Code 37-54-102

• 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.
• Customary: means according to usage. See Montana Code 1-1-206
• Department: means the department of labor and industry provided for in 2-15-1701. See Montana Code 37-54-102
• Person: means an individual, firm, partnership, association, corporation, or other business entity. See Montana Code 37-54-102
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Service of process: The service of writs or summonses to the appropriate party.
• 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
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}