An Act to Recruit and Retain College Graduates through Loan Repayment LR2722(02)
Maine Legislature, Session 121, LD 1864
Committee Amendment CA_A_H794 (House)
Committee: Education and Cultural Affairs

COMMITTEE AMENDMENT "Il" to H.P. 1387, L.D. 1864, Bill, "An 
Act 
To 
Recruit 
and 
Retain 
College 
Graduates 
through 
Loan 
Repayment" 
Amend 
the bill 
in 
section 
in that part 
designated 
"§12522." by striking out all of subsection 5 (page 2, lines 12 
to 23 in L.D.) and inserting in its place the following: 
'5. 
Loan re.pa!JRent agreement; provisions. 
The authority 
shall enter into loan repayment agreements with participants on 
terms and conditions acceptable to the authority, which at a 
minimum 
must 
require 
the 
participant 
and 
the 
participant's 
employer to certify annually, before any payment by the authority 
under 
the 
loan 
repayment 
agreement 
may 
be 
made, 
that 
the 
participant has been employed in an eligible employment position 
for the preceding 12-month period. ' 
Further amend the bill in section 1 by striking out all of 
that part designated "§12523." (page 2, lines 25 to 38 in L.D.) 
and inserting in its place the following: 
'§12523. 
Nonlapsing fund 
A nonlapsing, 
interest-earning, 
revolving fund under the 
jurisdiction of 
the authority is created to 
carry out the 
purposes of this chapter. 
The authority may receive, invest and 
expend on behalf of the fund money from gifts, grants, bequests 
and donations in addition to money appropriated or allocated by 
the State. 
Money received by the authority under this chapter 
Page l-LR2722(2) 
COMMITTEE AMENDMENT 
, 
.~ 
COMMITTEE AMENDMENT ,A .. to H.P. 1387, L.D. 1864 
must be invested by the authority, as provided by law, with the 
earned income to be added to the fund. 
Money in the fund must be 
used for the designated purposes of the fund, which includes the 
payment of administrative costs incurred by the authority for the 
operation of the program. ' 
SUMMARY 
This amendment is the majority report of the Joint Standing 
Committee 
on 
Education 
and 
Cultural Affairs. 
The 
amendment 
proposes 
to strike the provision of the bill directing the 
Finance Authority of Maine to make loan installment payments 
directly to the student loan recipient's financial institutions 
and instead allows the authority to determine by rule the best 
method for ensuring that loan repayments are credited to the 
recipient's student loans. 
The amendment also proposes to allow 
the authority to use the fund created in the bill for the 
administrative costs of operating the Future for Youth in Maine 
Loan Repayment Program. 
FISCA L -' () n: it r (H 1 RED 
(Sec 3113Ched) 
, 
COMMITTEE AMENDMENT 
Approved: 03122/04 :t?ae 
Office of Fiscal and Program Review 
LD 1864 
An Act to Recruit and Retain College Graduates through Loan 
Repayment 
LR2722(02) 
Fiscal Note for Bill as Amended by Committee Amendment" " 
Committee: Education and Cultural Affairs 
Fiscal Note Required: Yes 
Majority Report 
Fiscal Note 
2003-04 
2004-05 
Projections 
2005-06 
Projections 
2006-07 
Net Cost (Savings) 
General Fund 
.ppropriations/ Allocations 
General Fund 
Fiscal Detail and Notes 
$0 
$0 
$1,000,000 
$0 
$1,000,000 
$0 
This bill establishes a Future for Youth in Maine Loan Repayment Program as a non-lapsing, interest-earning, 
revolving fund within the Finance Authority of Maine and provides a General Fund appropriation of $1,000,000 in 
fiscal year 2004-05 to fund loan repayments. Future General Fund appropriations may be required to support the 
progr~. The amount and timing of the appropriations can not be determined at this time and will depend on the 
number of applicants over time. 
$0 
$0 
Information available to the Department of Labor to determine "labor shortage areas" in the State may not be 
sufficient to provide a complete assessment. If the Department of Labor is able to fulfill the requirements of this bill 
using the available information, there will be no additional cost to the department. If additional information is 
required in order to provide more accurate data, there would be a fiscal impact. The ability of the department to 
absorb those additional costs can not be determined at this time. 
Additional costs to the Department of Economic and Community Development can be absorbed utilizing existing 
budgeted resources. 
LR2722(2) - Fiscal Note - Page 1 of 1