reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: SUPPLEMENTAL LOAN PROGRAM › 20-A §11453. Taxable bond option

§11453. Taxable bond option
With respect to all or any portion of any issue of any bonds or any series of bonds that the authority may issue in accordance with the limitations and restrictions of this chapter, the authority may covenant, elect and consent that the interest on the bonds be includable under the code or any subsequent corresponding internal revenue law of the United States in the gross income of the holders of the bonds to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includable in the gross income of the holders under the code or any subsequent law. Bonds issued pursuant to this section are not subject to any limitations or restrictions of any law that may limit the authority's power to issue those bonds. The foregoing grant of power may not be construed as limiting the inherent power of the State or its agencies under any other provision of law to issue debt, the interest on which is includable in the gross income of the holders under the code or any subsequent law.   [PL 1991, c. 603, §6 (NEW).]
SECTION HISTORY
PL 1991, c. 603, §6 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: SUPPLEMENTAL LOAN PROGRAM › 20-A §11454. Agreement of the State

§11454. Agreement of the State
The State hereby pledges to and agrees with the holders of any bonds issued under this chapter and with those parties who may enter into any contract with the authority pursuant to this chapter that the State will not limit, alter, restrict or impair the rights vested in the authority and the participating institutions until the bonds, together with interest, including interest on any unpaid installment of interest and all costs and expenses in connection with any actions or proceedings by or on behalf of the bondholders, are fully met and discharged and such contracts are fully performed on the part of the authority. Nothing in this chapter precludes that limitation or alteration if and when adequate provision is made by law for the protection of the holders of bonds of the authority or those entering into contracts with the authority. The authority is authorized to include this pledge and undertaking for the State in those bonds or contracts.   [PL 1991, c. 603, §6 (NEW).]
SECTION HISTORY
PL 1991, c. 603, §6 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: SUPPLEMENTAL LOAN PROGRAM › 20-A §11455. Termination of existence of authority

§11455. Termination of existence of authority
No law terminating the Student Financial Aid Supplemental Loan Program may take effect as long as any bonds of the program are outstanding and unpaid without adequate provision for payment having been made.   [PL 1991, c. 6033, §6 (NEW).]
SECTION HISTORY
PL 1991, c. 603, §6 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: SUPPLEMENTAL LOAN PROGRAM › 20-A §11456. Act cumulative; no notice required

§11456. Act cumulative; no notice required
Nothing in this chapter may be construed as a restriction or limitation upon any powers that the authority might otherwise have under any laws of this State and this chapter is cumulative of any such powers. Neither the making of contracts nor the issuance of bonds pursuant to this chapter need comply with the requirements of any other state law applicable to the making of contracts, the issuance of bonds or the construction, acquisition or management of any project undertaken pursuant to this chapter. No proceedings, notice or approval is required for the issuance of any bonds or any instrument as security therefor, except as is provided in this chapter or in the code, if applicable.   [PL 1991, c. 603, §6 (NEW).]
SECTION HISTORY
PL 1991, c. 603, §6 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: SUPPLEMENTAL LOAN PROGRAM › 20-A §11457. Act liberally construed

§11457. Act liberally construed
This chapter being necessary for the welfare of the State and its inhabitants must be liberally construed so as to effect its purposes.   [PL 1991, c. 603, §6 (NEW).]
SECTION HISTORY
PL 1991, c. 603, §6 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: HIGHER EDUCATION LOAN PROGRAM › 20-A §11441. Program established (REPEALED)

§11441. Program established
(REPEALED)
SECTION HISTORY
PL 1991, c. 612, §3 (NEW). PL 1991, c. 824, Pt. A, §34 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: HIGHER EDUCATION LOAN PROGRAM › 20-A §11442. Definitions (REPEALED)

§11442. Definitions
(REPEALED)
SECTION HISTORY
PL 1991, c. 612, §3 (NEW). PL 1991, c. 824, Pt. A, §34 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: HIGHER EDUCATION LOAN PROGRAM › 20-A §11443. Eligibility (REPEALED)

§11443. Eligibility
(REPEALED)
SECTION HISTORY
PL 1991, c. 612, §3 (NEW). PL 1991, c. 824, Pt. A, §34 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: HIGHER EDUCATION LOAN PROGRAM › 20-A §11444. Higher Education Loan Program Fund (REPEALED)

§11444. Higher Education Loan Program Fund
(REPEALED)
SECTION HISTORY
PL 1991, c. 612, §3 (NEW). PL 1991, c. 824, Pt. A, §34 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: HIGHER EDUCATION LOAN PROGRAM › 20-A §11445. Loans to minors (REPEALED)

§11445. Loans to minors
(REPEALED)
SECTION HISTORY
PL 1991, c. 612, §3 (NEW). PL 1991, c. 824, Pt. A, §34 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-C: HIGHER EDUCATION LOAN AND LOAN INSURANCE PROGRAM › 20-A §11458. Program established

§11458. Program established
There is established the Higher Education Loan and Loan Insurance Program, administered by the Finance Authority of Maine, to carry out the purposes of this chapter.   [PL 2013, c. 34, §4 (AMD).]
SECTION HISTORY
PL 1991, c. 824, §A35 (NEW). PL 2013, c. 34, §4 (AMD).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-C: HIGHER EDUCATION LOAN AND LOAN INSURANCE PROGRAM › 20-A §11459. Definitions

§11459. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1991, c. 824, Pt. A, §35 (NEW).]
1.  Authority.
"Authority" means the Finance Authority of Maine.
[PL 1991, c. 824, Pt. A, §35 (NEW).]
1-A.  Consolidation loan.
"Consolidation loan" means a loan under this chapter to or for the benefit of an individual made for the purpose of refinancing education loans that, when made, were made to or for the benefit of a student then enrolled in an eligible program of study at an institution of higher education that meets the other requirements of this chapter.
[PL 2015, c. 103, §1 (NEW).]
1-B.  Education loan.
"Education loan" means a loan made by the Federal Government under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Title IV, Part B, as amended, or a loan made by a regulated financial institution for the express purpose of financing the costs of higher education under a program designed solely for such purposes.
[PL 2015, c. 103, §1 (NEW).]
2.  Eligible program of study.
"Eligible program of study" means a certificate program of at least one year, an associate degree program, a baccalaureate degree program or a graduate degree program.
[PL 1991, c. 824, Pt. A, §35 (NEW).]
3.  Institution of higher education.
"Institution of higher education" means an accredited institution of higher education located within the United States.
[PL 1991, c. 824, Pt. A, §35 (NEW).]
3-A.  Student loan.
"Student loan" means a loan under this chapter to or for the benefit of a student enrolled or to be enrolled in an eligible program of study at an institution of higher education that meets the other requirements of this chapter.
[PL 2015, c. 103, §1 (NEW).]
4.  Unmet need.
"Unmet need" means the difference between the total cost of attendance for an academic year at an institution of higher education and the total of all sources of financial assistance, including loans, grants, work-study programs and all other available sources, as determined by the authority by rules adopted in accordance with Title 5, chapter 375.
[PL 1991, c. 824, Pt. A, §35 (NEW).]
SECTION HISTORY
PL 1991, c. 824, §A35 (NEW). PL 2015, c. 103, §1 (AMD).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-C: HIGHER EDUCATION LOAN AND LOAN INSURANCE PROGRAM › 20-A §11460. Eligibility

§11460. Eligibility
Loans made or insured under this chapter must be either student loans or consolidation loans. Loans made or insured under this chapter are available only to or for the benefit of a resident of the State or an individual attending an institution of higher education in the State who:   [PL 2015, c. 103, §2 (AMD).]
1.  Graduated.
For a student loan, has graduated from an approved secondary school, matriculated at a postsecondary school prior to high school graduation or successfully completed a high school equivalency diploma or its equivalent;
[PL 2015, c. 103, §2 (AMD).]
2.  Accepted.
For a student loan, has been accepted for enrollment as an undergraduate or graduate student or is in good standing as an undergraduate or graduate student at an institution of higher education in an eligible program of study;
[PL 2015, c. 103, §2 (AMD).]
3.  Application.
Has applied for a loan under the program and has provided or caused to be provided all information determined necessary by the authority in order to determine eligibility;
[PL 2013, c. 34, §5 (AMD).]
4.  Unmet need.
For a student loan, has been determined by the authority to have an unmet need for financial assistance that, if not met, will prevent the student from attending the institution of higher education of that student's choice;
[PL 2015, c. 103, §2 (AMD).]
5.  Residency.
Meets the state residency or, for a student loan, school attendance requirements that may be established by the authority by rule;
[PL 2015, c. 103, §2 (AMD).]
6.  Loan repayment.
Has been determined by the authority to have a reasonable prospect of being able to repay the loan. In appropriate cases, the authority may allow repayments to be deferred and subordinated to repayment of other student loans for such period of time as may be necessary for the borrower to be able to afford to repay the loan; and
[PL 1991, c. 824, Pt. A, §35 (NEW).]
7.  Minimum academic progress.
For a student loan, is making satisfactory academic progress in accordance with the standards of that institution of higher education.
[PL 2015, c. 103, §2 (AMD).]
SECTION HISTORY
PL 1991, c. 824, §A35 (NEW). PL 2013, c. 34, §5 (AMD). PL 2015, c. 103, §2 (AMD).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM › 20-A §11497. Loan transactions

§11497. Loan transactions
The authority may finance, sell, service, pledge, invest in, hold, trade, accept as collateral or otherwise deal in, acquire or transfer, all on such terms and conditions as the authority may specify, any eligible loan or portfolio of loans or loan pass-through certificate, pledge, including any pledge of loan revenue, loan participation certificate or other loan-backed or loan-related security. Any such transaction may be conducted by public or private offering. In connection with the financing or sale of an eligible loan or of a beneficial interest or participation in an eligible loan or portfolio of eligible loans, or other interest in eligible loans, the authority may enter into one or more agreements providing for the origination, guarantee, financing, purchase, sale, servicing, custody, control and administration of such eligible loan or portfolio of eligible loans. Any such agreement may provide that the authority, any other eligible lender, a financial institution, a credit union or other person may act as trustor, trustee or custodian under the agreement. Any such agreement may provide that, with respect to loans governed by the agreement, title to such eligible loans or portfolio of eligible loans or other interest in eligible loans is deemed to have been transferred on terms and to the extent specified in that agreement and that the effect of a sale of an interest in a loan is the same as a sale of a loan. The authority may issue or cause to be issued certificates or other instruments evidencing the holder's fractional interest in a pool of loans, which interest may be undivided or limited to one or more specific loans. Whether or not the certificates or instruments are of such form or character as to be negotiable instruments under Title 11, Article 3‑A, the certificates or instruments are made negotiable instruments within the meaning of and for all purposes of Title 11, Article 3‑A, subject only to such registration requirements as the authority may establish.   [PL 2007, c. 520, §7 (AMD).]
SECTION HISTORY
PL 2003, c. 455, §2 (NEW). PL 2007, c. 520, §7 (AMD).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM › 20-A §11498. Tax exemption

§11498. Tax exemption
Bonds issued under this chapter constitute a proper public purpose and the securities, their transfer and the income from them, including any profits made on their sale, are at all times exempt from taxation within the State, whether or not those securities, their transfer or the income from them, including any profits made on their sale, are subject to federal taxation.   [PL 2003, c. 455, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 455, §2 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM › 20-A §11499. Bonds as legal investments

§11499. Bonds as legal investments
Bonds issued by the authority under this chapter are securities in which all public officers and public bodies of the State and its political subdivisions; insurance companies and associations and other persons carrying on an insurance business; trust companies, banks, bankers, banking associations, savings banks and savings associations, including savings and loan associations; financial institutions; credit unions; building and loan associations; investment companies; executors, administrators, trustees and other fiduciaries; pension, retirement funds and profit-sharing plans; other persons carrying on a banking business; and all other persons may properly and legally invest funds, including capital in their control or belonging to them. These bonds are made securities that may properly and legally be deposited with and received by any state, municipal or public officer or any agency or political subdivision of the State for any purpose for which the deposit of bonds or other obligations of the State is now or may hereafter be authorized by law.   [PL 2003, c. 455, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 455, §2 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM › 20-A §11499-A. Taxable bond option

§11499-A. Taxable bond option
With respect to all or any portion of any issue of any bonds or any series of bonds that the authority may issue in accordance with the limitations and restrictions of this chapter, the authority may covenant, elect and consent that the interest on the bonds be includable under the federal Internal Revenue Code or any subsequent corresponding internal revenue law of the United States in the gross income of the holders of the bonds to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includable in the gross income of the holders under the federal Internal Revenue Code or any subsequent law. Bonds issued pursuant to this section are not subject to any limitations or restrictions of any law that may limit the authority's power to issue those bonds. The grant of power in this section may not be construed as limiting the inherent power of the State or its agencies under any other provision of law to issue debt, the interest on which is includable in the gross income of the holders under the federal Internal Revenue Code or any subsequent law.   [PL 2003, c. 455, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 455, §2 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM › 20-A §11499-B. Agreement of the State

§11499-B. Agreement of the State
The State pledges to and agrees with the holders of any bonds issued under this chapter and with those parties who may enter into any contract with the authority pursuant to this chapter that the State will not limit, alter, restrict or impair the rights vested by this chapter in the authority until the bonds issued pursuant to this chapter, together with interest, including interest on any unpaid installment of interest and all costs and expenses in connection with any actions or proceedings by or on behalf of the bondholders, are fully met and discharged and such contracts are fully performed on the part of the authority. Nothing in this chapter precludes that limitation or alteration if and when adequate provision is made by law for the protection of the holders of such bonds and of those parties entering into contracts with the authority. The authority is authorized to include this pledge and undertaking for the State in those bonds or contracts.   [PL 2003, c. 455, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 455, §2 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM › 20-A §11499-C. Chapter cumulative; no notice required

§11499-C. Chapter cumulative; no notice required
This chapter may not be construed as a restriction or limitation upon any powers that the authority might otherwise have under any laws of this State and this chapter is cumulative of any such powers. Neither the making of contracts nor the issuance of bonds pursuant to this chapter need comply with the requirements of any other state law applicable to the making of contracts, the issuance of bonds or the construction, acquisition or management of any project undertaken pursuant to this chapter. No proceedings, notice or approval is required for the issuance of any bonds or any instrument as security for those bonds, except as is provided in this chapter or in the federal Internal Revenue Code, if applicable.   [PL 2003, c. 455, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 455, §2 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM › 20-A §11499-D. Chapter liberally construed

§11499-D. Chapter liberally construed
This chapter being necessary for the welfare of the State and its inhabitants must be liberally construed so as to effect its purposes.   [PL 2003, c. 455, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 455, §2 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11501. Declaration of policy (REPEALED)

§11501. Declaration of policy
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11502. Definitions (REPEALED)

§11502. Definitions
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 1985, c. 779, §54 (AMD). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11503. Student loan corporations authorized (REPEALED)

§11503. Student loan corporations authorized
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11504. Incorporators (REPEALED)

§11504. Incorporators
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11505. Purposes (REPEALED)

§11505. Purposes
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11506. Issuance of bonds (REPEALED)

§11506. Issuance of bonds
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11507. Rights of the authority and student loan corporations (REPEALED)

§11507. Rights of the authority and student loan corporations
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11508. Bonds of the authority (REPEALED)

§11508. Bonds of the authority
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11509. Source of payment of expenses (REPEALED)

§11509. Source of payment of expenses
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11510. Administration of student loan corporation issued loans; no discrimination (REPEALED)

§11510. Administration of student loan corporation issued loans; no discrimination
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11511. Exemption from taxation (REPEALED)

§11511. Exemption from taxation
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11512. Bonds declared legal investments (REPEALED)

§11512. Bonds declared legal investments
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11513. Act cumulative; no notice required (REPEALED)

§11513. Act cumulative; no notice required
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 418: STUDENT LOAN CORPORATIONS (REPEALED) › 20-A §11514. University of Maine System (REPEALED)

§11514. University of Maine System
(REPEALED)
SECTION HISTORY
PL 1983, c. 422, §21 (NEW). PL 1985, c. 779, §55 (AMD). PL 2011, c. 595, §1 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 419: STUDENT INCENTIVE SCHOLARSHIP PROGRAM (REPEALED) › 20-A §11601. Definitions (REPEALED)

§11601. Definitions
(REPEALED)
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1983, c. 806, §84 (AMD). PL 1989, c. 559, §9 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 419: STUDENT INCENTIVE SCHOLARSHIP PROGRAM (REPEALED) › 20-A §11602. Establishment (REPEALED)

§11602. Establishment
(REPEALED)
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1989, c. 559, §9 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 419: STUDENT INCENTIVE SCHOLARSHIP PROGRAM (REPEALED) › 20-A §11603. Eligibility (REPEALED)

§11603. Eligibility
(REPEALED)
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1989, c. 559, §9 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 419: STUDENT INCENTIVE SCHOLARSHIP PROGRAM (REPEALED) › 20-A §11604. Determination of need (REPEALED)

§11604. Determination of need
(REPEALED)
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1989, c. 559, §9 (RP).