8.111.702    DEFINITIONS

As used in these rules, the following words and phrases have the following meanings:

(1) "Act" means the Montana Veterans' Home Loan Act, Title 90, chapter 6 sections 1 through 6, MCA.

(2) "Board" means the Montana Board of Housing established under 2-15-1814, MCA.

(3) "Deceased eligible veteran" means an eligible veteran who was killed in the line of duty while in military service.

(4) "Eligible veteran" means an individual who is in military service or has been in military service and was discharged under honorable conditions.

(5) "First time home buyer" means an individual who has not previously owned an interest in real property occupied by the individual as their primary residence. An applicant must provide proof of first time home buyer status satisfactory to the board.

(6) "Guide" means the board's Mortgage Purchase and Servicing Guide referenced in ARM 8.111.305.

(7) "Honorable conditions" means a discharge or separation from service characterized by the applicable military authority as under honorable conditions. The term includes honorable discharge and general discharge, but does not include a dishonorable discharge or other administrative discharge characterized by military regulation as other than honorable.

(8) "Montana Resident" means an individual who has established and maintains a permanent place of abode within the state of Montana and has not established residence elsewhere although the individual may be temporarily absent from the state. An applicant must provide proof of Montana residence satisfactory to the board.

(9) "Program" means the Montana Veterans' Home Loan Program established by the Act and administered by the board pursuant to these rules.

(10) "Property" means the residential real property purchased or to be purchased with a veteran's loan.

(11) "Military Service" means:

(a) Membership in the Montana National Guard;

(b) Membership in the federal reserve forces of the armed forces of the United States pursuant to Title 10 of the U.S. Code; or

(c) Service on federal active duty pursuant to Title 10 of the U.S. Code.

(12) "Veteran's loan" means a mortgage loan made pursuant to the Act and these rules.

History: 90-6-104, 90-6-106, MCA; IMP, 90-6-104, 90-6-106, MCA; NEW, 2011 MAR p. 2024, Eff. 9/23/11.