Terms Used In Montana Code > Title 33 > Chapter 25 > Part 4 - Prohibited Practices -- Penalties

• Associate: means a:

  (a)corporation, partnership, or other business entity organized for profit, of which a producer of title business is a director, officer, partner, employee, or owner of 5% or more of its equity or capital;

  (b)franchisor or franchisee of a producer of title business;

  (c)spouse, parent, or child of a producer of title business;

  (d)corporation, partnership, or other business entity that controls, is controlled by, or is under common control with a producer of title business; or

  (e)person with whom a producer of title business or an associate has an agreement, arrangement, understanding, or course of conduct having the purpose or substantial effect of evading the provisions of this title. See Montana Code 33-25-105

• Contract: A legal written agreement that becomes binding when signed.
• Controlled business: means that portion of the business of title insurance in this state of a title insurer or title insurance producer that is referred to it by a producer or associate having a financial interest in the title insurer or title insurance producer. See Montana Code 33-25-105
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• producer: means a person, corporation, partnership, or other business entity, including an officer, director, or owner of 5% or more of the equity or capital thereof, engaged in this state in the trade, business, occupation, or profession of:

  (a)buying or selling interests in real property;

  (b)making loans secured by interests in real property; or

  (c)acting as broker, insurance producer, or representative of a person described in subsection (8)(a) or (8)(b). See Montana Code 33-25-105

• Property: means real and personal property. See Montana Code 1-1-205
• 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
• Title insurance business: means :

  (a)issuing or offering to issue a title insurance policy as an insurer;

  (b)transacting or proposing to transact any of the following as a title insurer or title insurance producer, in contemplation of or in conjunction with the issuance of a title insurance policy:

  (i)soliciting or negotiating the issuance of a title insurance policy;

  (ii)guaranteeing, warranting, or otherwise insuring the correctness of title searches;

  (iii)handling escrows, settlements, or closings;

  (iv)executing title insurance policies, reports, commitments, binders, and endorsements;

  (v)effecting contracts of reinsurance; or

  (vi)abstracting, searching, or examining titles;

  (c)transacting, as a title insurer or insurance producer, matters subsequent to the issuance of a title insurance policy and arising out of the policy; or

  (d)doing or proposing to do business that, in substance, is equivalent to any of the activities described in subsections (12)(a) through (12)(c) in a manner designed to evade the provisions of this title. See Montana Code 33-25-105

• Title insurance policy: means a contract by which, subject to its stated terms and conditions, a title insurer insures or indemnifies the insured against loss or damage sustained by reason of:

  (a)defects in or liens or encumbrances on the title to the stated property;

  (b)unmarketability of the title to the stated property; or

  (c)invalidity or unenforceability of liens or encumbrances on the stated property. See Montana Code 33-25-105

• Title insurance producer: means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:

  (i)solicit title insurance business;

  (ii)collect rates;

  (iii)determine insurability in accordance with underwriting rules and standards of the insurer; or

  (iv)issue policies of the title insurer. See Montana Code 33-25-105

• Title insurer: means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer so authorized. See Montana Code 33-25-105