reglab/housing_qa huggingface dataset:
20-A ME Rev Stat § 11461 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-C: HIGHER EDUCATION LOAN AND LOAN INSURANCE PROGRAM|20-A §11461. Higher Education Loan and Loan Insurance Program Fund

 §11461. Higher Education Loan and Loan Insurance Program Fund 1.  Establishment.  The Higher Education Loan and Loan Insurance Program Fund is established to be used by the authority as a nonlapsing, revolving fund for carrying out this chapter. In its discretion, the authority may combine this fund with other funds of the authority for accounting purposes and may establish separate accounts for loans and for a reserve for loan default payments. Money in the fund currently not needed to meet the obligations of the authority as lender or insurer is deposited with the authority to the credit of the fund or may be invested as provided by law.   [PL 2013, c. 34, §6 (AMD).] 2.  Charges and credits.  All amounts received or allocated by the authority for deposit to the fund pursuant to this chapter or otherwise must be deposited in the fund. All expenses of the authority in carrying out this chapter, including interest, principal and fee payments required by loan defaults, must be charged to the fund. The authority's liability for those expenses is limited to the fund.   [PL 2013, c. 34, §6 (AMD).] SECTION HISTORY PL 1991, c. 824, §A35 (NEW). PL 2013, c. 34, §6 (AMD).
20-A ME Rev Stat § 11462 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-C: HIGHER EDUCATION LOAN AND LOAN INSURANCE PROGRAM|20-A §11462. Loans to minors

 §11462. Loans to minors Notwithstanding any other law, if the borrower on a loan made or insured under this program is a minor, an otherwise valid note or other written agreement executed by the borrower for the purpose of the loan creates a binding obligation.   [PL 1991, c. 824, Pt. A, §35 (NEW).]SECTION HISTORY PL 1991, c. 824, §A35 (NEW).
20-A ME Rev Stat § 11463 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-C: HIGHER EDUCATION LOAN AND LOAN INSURANCE PROGRAM|20-A §11463. Insure student loan payments

 §11463. Insure student loan payments The authority may make commitments and agreements to insure student loan payments.   [PL 2013, c. 34, §7 (NEW).]1.  Loan serviced.  A loan insured by the authority must be serviced as required by the authority.   [PL 2013, c. 34, §7 (NEW).] 2.  Compliance.  A loan insured by the authority must be in compliance with the student loan insurance credit policy of the authority.   [PL 2013, c. 34, §7 (NEW).] 3.  Other terms.  A loan insured by the authority may be subject to terms other than those specified in subsections 1 and 2 as may be required by law or by rule of the authority.   [PL 2013, c. 34, §7 (NEW).] 4.  Financial education.  Prior to obtaining a loan insured by the authority, an applicant must satisfy financial education requirements established or approved by the authority.   [PL 2013, c. 34, §7 (NEW).] SECTION HISTORY PL 2013, c. 34, §7 (NEW).
20-A ME Rev Stat § 11472 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11472. Maine Education Savings Program

 §11472. Maine Education Savings Program The Maine Education Savings Program, referred to in this chapter as the "program," is established to encourage the investment of funds to be used for higher education expenses. The authority shall administer the program and act as administrator of the program fund.   [PL 2021, c. 17, §2 (AMD).]SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2017, c. 474, Pt. F, §4 (AMD). PL 2021, c. 17, §2 (AMD).
20-A ME Rev Stat § 11476 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11476. Investment options and parameters

 §11476. Investment options and parameters The authority, with the advice of the advisory committee, may provide investment options for a participant within the program fund to the extent permitted by federal Internal Revenue Code of 1986 provisions addressing qualified tuition programs. The authority, with the advice of the advisory committee, shall invest, or cause to be invested, the amounts on deposit in the program fund in a reasonable manner to achieve the objectives of each fund, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. A participant or designated beneficiary may not direct the investment of any amounts on deposit in the program fund, except to the extent allowed pursuant to provisions of the federal Internal Revenue Code of 1986 addressing qualified tuition programs. The authority shall give due consideration to rate of return, term or maturity, diversification and liquidity of investments within the program fund or any account in the program fund pertaining to the projected disbursements and expenditures from the program fund and the expected payments, deposits, contributions and gifts to be received.   [PL 2021, c. 17, §5 (AMD).]SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2011, c. 150, §4 (AMD). PL 2011, c. 150, §9 (AFF). PL 2021, c. 17, §5 (AMD).
20-A ME Rev Stat § 11477 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11477. Early termination or overfunding of participation agreement

 §11477. Early termination or overfunding of participation agreement 1.  Cancellation.  The authority may by rule establish fees and penalties applicable to early termination, overfunding of accounts or failure to use the program fund for an eligible purpose.   [PL 1997, c. 732, §4 (NEW).] 2.  Death or disability.  The authority may not levy or assess an administration refund fee or penalty upon a participant's termination of a participation agreement under the following circumstances:   A. Death of the beneficiary;   [PL 1997, c. 732, §4 (NEW).]B. Permanent disability or mental incapacity of the beneficiary; or   [PL 1997, c. 732, §4 (NEW).]C. Receipt by the beneficiary of a scholarship or educational funding, identified by rule of the authority, resulting in an excess of funds in the account not needed to pay higher education expenses at an institution of higher education.   [PL 2017, c. 474, Pt. F, §5 (AMD).][PL 2017, c. 474, Pt. F, §5 (AMD).] SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2017, c. 474, Pt. F, §5 (AMD).
20-A ME Rev Stat § 11478 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11478. Ownership of account; transfer of ownership rights

 §11478. Ownership of account; transfer of ownership rights For all purposes of the laws of the State, the following provisions apply.   [PL 1997, c. 732, §4 (NEW).]1.  Participant retains ownership.  The participant retains ownership of all contributions and all program earnings credited to a participant's account under a participation agreement up to the date of utilization for payment of higher education expenses and, notwithstanding any other provision of law, an amount credited to any account is not susceptible to levy, execution, judgment or other operation of law, garnishment or other judicial enforcement and the amount is not an asset or property of either the participant or the beneficiary for purposes of any state insolvency laws. Notwithstanding this subsection, an amount credited to the participant's account may not be included in any gross estate of the participant for purposes of state tax law, except to the extent that the amount may be includable in any gross estate for purposes of federal tax law.   [PL 2021, c. 17, §6 (AMD).] 2.  Institution of higher education is owner upon payment.  The institution of higher education obtains ownership of the amounts disbursed from an account to the institution of higher education with respect to the higher education expenses paid to the institution at the time each disbursement is made to the institution, subject to any applicable refund policy or other policies of the institution.   [PL 1997, c. 732, §4 (NEW).] 3.  Transfer of ownership.  A participant may transfer ownership rights to another eligible participant, including, but not limited to, a gift of the ownership rights to a minor beneficiary pursuant to Title 33, chapter 32; except that, notwithstanding any provision of Title 33, chapter 32, the transfer must be effected and the property distributed in accordance with rules adopted by the authority or the terms of the participation agreement.   [PL 1997, c. 732, §4 (NEW).] 3-A.  Successor participants.  A participant may designate another person as successor owner of the account in the event of the death or disability of the participant.   [PL 2001, c. 380, §3 (NEW).] 4.  Jurisdictional effect.  A person may not be deemed a resident of the State or be deemed as present in the State for jurisdictional purposes solely by reason of being a beneficiary or participant of an account.   [PL 1997, c. 732, §4 (NEW).] 5.  Not security.  A person may not pledge any interest in an account as security for a loan or other debt.   [PL 1997, c. 732, §4 (NEW).] SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2001, c. 380, §3 (AMD). PL 2021, c. 17, §6 (AMD).
20-A ME Rev Stat § 11479 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11479. Tax exemption

 §11479. Tax exemption The assets of the program fund, all program earnings and any income from operations are exempt from all taxation by the State or any of its political subdivisions. A deposit to any account, transfer of that account to a successor participant, designation of a successor beneficiary of that account, credit of program earnings to that account or qualified distribution from that account used for the purpose of paying higher education expenses pursuant to this chapter, as long as that distribution does not exceed the limits established in Section 529 of the federal Internal Revenue Code of 1986, as amended, or rollover distributions permitted under Section 529 of the federal Internal Revenue Code of 1986, as amended, does not subject that participant, the estate of that participant or any beneficiary to any state income or estate tax liability. In the event of cancellation or termination of a participation agreement and distribution of funds to a participant, the increase in value over the amount deposited in the program fund by that participant may be taxable to that participant in the year distributed.   [PL 2021, c. 17, §7 (AMD).]SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2017, c. 474, Pt. F, §6 (AMD). PL 2021, c. 17, §7 (AMD).
20-A ME Rev Stat § 11480 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11480. Rights of participants and beneficiaries to assets of the authority

 §11480. Rights of participants and beneficiaries to assets of the authority Participants and beneficiaries do not have access or rights to any assets of the authority other than program fund assets credited to the account of that participant or beneficiary. An account may not be deemed a debt or obligation of the authority or of the State.   [PL 1997, c. 732, §4 (NEW).]SECTION HISTORY PL 1997, c. 732, §4 (NEW).
20-A ME Rev Stat § 11481 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11481. Release of information

 §11481. Release of information Notwithstanding any other provision of law, including, without limitation, Title 1, chapter 13, subchapter I and Title 10, section 975‑A, the authority may provide information regarding individual participation accounts as required by federal law and laws of the state of residence of any participant or beneficiary.   [PL 1997, c. 732, §4 (NEW).]SECTION HISTORY PL 1997, c. 732, §4 (NEW).
20-A ME Rev Stat § 11482 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11482. Exemption from registration

 §11482. Exemption from registration A participation agreement offered pursuant to this chapter is not a security as defined in Title 32, section 16102, subsection 28. The authority may obtain written advice of legal counsel or written advice from the United States Securities and Exchange Commission, or both, that the offering of a participation agreement is not subject to federal securities laws but is in compliance with those laws and is not in violation of other applicable laws.   [PL 2005, c. 65, Pt. C, §9 (AMD).]SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2005, c. 65, §C9 (AMD).
20-A ME Rev Stat § 11483 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11483. Compliance with federal law

 §11483. Compliance with federal law The authority may take any action necessary to ensure that the program complies with the federal Internal Revenue Code of 1986, Section 529, as amended, and any successor provisions and other applicable laws, rules and regulations adopted pursuant to that provision to the extent necessary for the program fund to constitute a qualified tuition program with the benefits of eligibility under provisions of the federal Internal Revenue Code of 1986 addressing qualified tuition programs.   [PL 2021, c. 17, §8 (AMD).]SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2021, c. 17, §8 (AMD).
20-A ME Rev Stat § 11484 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11484. Advisory Committee on Education Savings

 §11484. Advisory Committee on Education Savings The Advisory Committee on Education Savings, referred to in this chapter as the "advisory committee," is created to provide advice to the authority on the operation of the program and investment of the program fund.   [PL 2017, c. 474, Pt. F, §7 (AMD).]1.  Membership.  The advisory committee consists of 8 members as follows:   A. [PL 2017, c. 200, §1 (RP).] B. [PL 2001, c. 417, §18 (RP).] B-1. [PL 2011, c. 420, Pt. G, §1 (RP); PL 2011, c. 420, Pt. G, §9 (AFF).] B-2. One member appointed by the Governor from the public;   [PL 2017, c. 200, §1 (AMD).]C. Four members appointed by the Governor with experience in and knowledge of institutional investment of funds; and   [PL 2017, c. 200, §1 (AMD).]D. [PL 2011, c. 420, Pt. G, §4 (RP); PL 2011, c. 420, Pt. G, §9 (AFF).] E. [PL 2017, c. 200, §1 (RP).] F. Three members appointed by the chair of the board who are members of the board.   [PL 2017, c. 200, §1 (AMD).]The chair of the advisory committee must be appointed annually by the chair of the board.   [PL 2011, c. 420, Pt. G, §§1-5 (AMD); PL 2011, c. 420, Pt. G, §9 (AFF); PL 2017, c. 200, §1 (AMD).] 2.  Terms.  Members appointed by the Governor must be appointed for terms of 4 years. Members appointed by the chair of the board are appointed for terms of one year. Members may be removed for cause.   A. [PL 2001, c. 417, §20 (RP).] B. [PL 2001, c. 417, §20 (RP).] [PL 2017, c. 200, §2 (AMD).] 3.  Compensation.  Members of the advisory committee are compensated in accordance with Title 5, chapter 379.   [PL 1997, c. 732, §4 (NEW).] SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2001, c. 417, §§18-20 (AMD). PL 2011, c. 420, Pt. G, §§1-5 (AMD). PL 2011, c. 420, Pt. G, §9 (AFF). PL 2017, c. 200, §§1, 2 (AMD). PL 2017, c. 474, Pt. F, §7 (AMD).
20-A ME Rev Stat § 11485 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11485. Rulemaking

 §11485. Rulemaking The authority shall establish rules for the implementation of the program established by this chapter, including rules establishing fees and penalties and rules necessary to ensure treatment as a qualified tuition program for federal tax purposes. Rules adopted pursuant to this section, including those setting fees and penalties, are routine technical rules as defined by Title 5, chapter 375, subchapter 2-A.   [PL 2021, c. 17, §9 (AMD).]SECTION HISTORY PL 1997, c. 732, §4 (NEW). PL 2021, c. 17, §9 (AMD).
20-A ME Rev Stat § 11486 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-E: MAINE EDUCATION SAVINGS PROGRAM|20-A §11486. Liberal construction

 §11486. Liberal construction This chapter must be construed liberally in order to effectuate its legislative intent.   [PL 1997, c. 732, §4 (NEW).]SECTION HISTORY PL 1997, c. 732, §4 (NEW).
20-A ME Rev Stat § 11491 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM|20-A §11491. Purpose; program established

 §11491. Purpose; program established The Legislature finds and declares that the provision of a higher education for all residents of this State and for nonresidents attending institutions of higher education within this State who desire a higher education and are properly qualified is important to the welfare and security of this State and consequently is an important public purpose. Many qualified students are deterred by financial considerations from completing their education, with a consequent irreparable loss to the State of talents vital to the welfare of the State and its citizens. Accordingly, there is established the Higher Education Loan Purchase Program to provide greater access to federal loan program loans at a lower cost, enabling all residents of this State as well as nonresidents attending an institution of higher education in this State to attend the institutions of higher education of their choice.   [PL 2003, c. 455, §2 (NEW).]SECTION HISTORY PL 2003, c. 455, §2 (NEW).
20-A ME Rev Stat § 11492 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM|20-A §11492. Definitions

 §11492. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 2003, c. 455, §2 (NEW).]1.  Authority.  "Authority" means the Finance Authority of Maine established in Title 10, section 961 and its successors or assigns.   [PL 2003, c. 455, §2 (NEW).] 2.  Bonds.  "Bonds" includes bonds, notes, commercial paper, pass-through instruments or any other evidences of indebtedness the authority issues under this chapter.   [PL 2003, c. 455, §2 (NEW).] 3.  Borrower.  "Borrower" means a person who is obligated as a borrower to make payment of an eligible loan.   [PL 2003, c. 455, §2 (NEW).] 4.  Eligible lender.  "Eligible lender" means the authority and the Federal Government and any financial institution, credit union or institution of higher education that is an eligible lender under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV, as amended, or under the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484, 90 Stat. 2243, as amended, as applicable or, in each case, any successor provision, that is approved by the authority for participation in the program.   [PL 2003, c. 455, §2 (NEW).] 5.  Eligible loan or loan.  "Eligible loan" or "loan" means a loan originated under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV, as amended, or under the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484, 90 Stat. 2243, as amended, in each case along with any successor provision, by an eligible lender to a borrower, or under any student loan program administered by the authority.   [PL 2003, c. 455, §2 (NEW).] 6.  Finance.  "Finance" means the origination, acquisition or refinancing of eligible loans, including through loans to eligible lenders.   [PL 2007, c. 520, §3 (AMD).] 7.  Program.  "Program" means the Higher Education Loan Purchase Program established by this chapter.   [PL 2003, c. 455, §2 (NEW).] SECTION HISTORY PL 2003, c. 455, §2 (NEW). PL 2007, c. 520, §3 (AMD).
20-A ME Rev Stat § 11493 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM|20-A §11493. Higher Education Loan Purchase Program

 §11493. Higher Education Loan Purchase Program 1.  Program.  The authority is authorized to carry out the program by issuing bonds for the purpose of financing eligible loans and may use any net earnings on those bonds to administer the program, to pay or further secure the bonds and to make eligible loans.   [PL 2007, c. 520, §4 (AMD).] 2.  Authorization.   [PL 2007, c. 520, §5 (RP).] 3.  Rules.  The authority shall adopt rules to implement and administer the program. All rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.   [PL 2003, c. 455, §2 (NEW).] SECTION HISTORY PL 2003, c. 455, §2 (NEW). PL 2007, c. 520, §§4, 5 (AMD).
20-A ME Rev Stat § 11494 (2021)
2021 Maine Revised Statutes|TITLE 20-A: EDUCATION|Part 5: POST-SECONDARY EDUCATION|Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM|20-A §11494. Records confidential

 §11494. Records confidential 1.  Confidential information.  Records containing any information acquired by the authority or a member, employee or agent of the authority from borrowers whose loans are financed by the authority are confidential for purposes of Title 1, section 402, subsection 3, paragraph A.   [PL 2003, c. 455, §2 (NEW).] 2.  Wrongful disclosure prohibited.  A member, employee, agent, other representative of the authority or other person may not knowingly divulge or disclose records declared confidential by this section, except that the authority may, in its discretion, make or authorize any disclosure of information of the following types:   A. Impersonal, statistical or general information;   [PL 2003, c. 455, §2 (NEW).]B. Information to an eligible lender or credit reporting service;   [PL 2003, c. 455, §2 (NEW).]C. Information necessary to comply with the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV, as amended, or the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484, 90 Stat. 2243, as amended, in each case along with any successor provision, or any administrative requirement under either of those Acts or of any other federal or state law or rule or with any agreement pertaining to financial assistance;   [PL 2003, c. 455, §2 (NEW).]D. Information, the disclosure of which the authority determines is necessary or convenient to the sale or transfer of its bonds or loans;   [PL 2003, c. 455, §2 (NEW).]E. Information necessary to ensure collection of any obligation in which the authority has or may have an interest;   [PL 2003, c. 455, §2 (NEW).]F. In any litigation or proceeding in which the authority has appeared, any information obtained from records declared confidential by this section; and   [PL 2003, c. 455, §2 (NEW).]G. Information required pursuant to a subpoena, request for production of documents, warrant or other order by competent authority, provided that any such order appears to have first been served on the person to whom confidential information sought pertains or belongs and provided that any such order appears on its face or otherwise to have been issued or made upon lawful authority.   [PL 2003, c. 455, §2 (NEW).][PL 2003, c. 455, §2 (NEW).] SECTION HISTORY PL 2003, c. 455, §2 (NEW).