Montana Code 80-12-203. Qualifications of applicants
80-12-203. Qualifications of applicants. (1) To be eligible for a loan approved by the authority for issuance of a bond, an applicant:
Terms Used In Montana Code 80-12-203
- Authority: means the department of agriculture provided for in 2-15-3001. See Montana Code 80-12-102
- Bonds: means bonds or bond anticipation notes issued by the authority under the provisions of this chapter. See Montana Code 80-12-102
(a)shall declare the intention to maintain the applicant’s residence in Montana during the length of the loan;
(b)must have been approved by a financial institution; and
(c)must have a net worth not to exceed $450,000.
(2)Applications for loans to be approved by the authority for issuance of bonds may be submitted by individuals, partnerships, associations, or joint ventures. All persons involved in the application must meet the requirements of subsection (1). Corporations may not apply.