reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 415: TUITION EQUALIZATION FUND (REPEALED) › 20-A §11203. Selection (REPEALED)

§11203. Selection
(REPEALED)
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1985, c. 318, §5 (RP).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS › Subchapter 1: LOAN INSURANCE PROGRAMS › 20-A §11401. General provisions

§11401. General provisions
1.  Purpose.
The purpose of this subchapter is to allow the authority to continue a student loan insurance program, meeting certain federal requirements, in order to secure loans to students attending institutions of higher education, including career and technical education training institutions, and to parents of these students, in accordance with the Constitution of Maine, Article VIII, Part First, Section 2.
[RR 2003, c. 2, §67 (COR).]
2.  Definitions.
As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
A. "Authority" means the Finance Authority of Maine.   [PL 1989, c. 698, §13 (NEW); PL 1989, c. 698, §76 (AFF).]
B. "Chief executive officer" means the Chief Executive Officer of the Finance Authority of Maine.   [PL 1989, c. 698, §13 (NEW); PL 1989, c. 698, §76 (AFF).]
[PL 1989, c. 698, §13 (NEW); PL 1989, c. 698, §76 (AFF).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1985, c. 797, §47 (AMD). PL 1989, c. 698, §13 (RPR). PL 1991, c. 716, §7 (AMD). RR 2003, c. 2, §67 (COR).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS › Subchapter 1: LOAN INSURANCE PROGRAMS › 20-A §11402. Loan programs administered

§11402. Loan programs administered
In accordance with the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV, Part B, as amended, the Finance Authority of Maine shall administer the Robert T. Stafford Loan Program, the Parent Loans to Undergraduate Students Program and the Supplemental Loans for Students Program. To this end, the faith and credit of the State is pledged consistent with the terms and limitations of the Constitution of Maine, Article VIII, Part First, Section 2.   [PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1989, c. 698, §13 (RPR).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS › Subchapter 1: LOAN INSURANCE PROGRAMS › 20-A §11403. Student Loan Insurance Fund

§11403. Student Loan Insurance Fund
1.  Establishment.
There is established the Student Loan Insurance Fund, to be used by the authority as a nonlapsing, revolving fund for carrying out this subchapter.
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
2.  Fund; charges and credits.
Charges and credits are as follows.
A. All expenses of the authority for its operations under this subchapter, including interest and principal payments required by loan defaults, may be charged to the fund.   [PL 1989, c. 698, §13 (RPR).]
B. All amounts received by the authority under this subchapter must be credited to the fund.   [PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
3.  Excess money.
Money in the fund not needed currently to meet the obligations of the authority as an insurer is deposited with the authority to the credit of the fund, or may be invested as provided by law.
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1989, c. 698, §13 (RPR).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS › Subchapter 1: LOAN INSURANCE PROGRAMS › 20-A §11404. Additions to Student Loan Insurance Fund

§11404. Additions to Student Loan Insurance Fund
1.  Request of authority.
The authority may, in writing, request the Governor to provide additional funds to add to the Student Loan Insurance Fund to meet its obligations.
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
2.  Transfer of funds.
The Governor shall transfer to the fund sufficient money for the requested purpose from the State Contingent Account or from the proceeds of bonds issued as provided in this section.
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
3.  Bonds.
Bonds must be issued as follows.
A. The Governor shall order the Treasurer of State to issue bonds in the amount requested, but not exceeding in the aggregate outstanding at any one time the amount set forth in the Constitution of Maine, Article VIII, Part First, Section 2.   [PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
B. Bonds mature serially or run for such periods as the Governor may determine, but not for a term of more than 20 years.   [PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
C. The Governor shall determine the rates of interest and the terms and conditions of the bonds.   [PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
D. The bonds are deemed to be a pledge of the full faith and credit of the State.   [PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1989, c. 698, §13 (RPR).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS › Subchapter 1: LOAN INSURANCE PROGRAMS › 20-A §11405. Powers and duties

§11405. Powers and duties
Under this subchapter, the chief executive officer may:   [PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
1.  Agent.
Choose a suitable agent or agents to administer in whole or in part the affairs and activities required by this subchapter or by applicable federal provisions; and
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
2.  Agreements.
Enter into agreements with the United States Secretary of Education relating to federal, state and private programs of low-interest insured loans to students in institutions of higher education, within the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Title IV, Part B, as amended.
[PL 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
3.  Agreements.
[PL 1989, c. 698, §13 (RP); PL 1989, c. 698, §76 (AFF).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1989, c. 698, §13 (RPR).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS › Subchapter 1: LOAN INSURANCE PROGRAMS › 20-A §11406. Loans to minors

§11406. Loans to minors
Notwithstanding any other law, if the borrower on a loan 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 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1983, c. 806, §83 (AMD). PL 1989, c. 698, §13 (RPR).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS › Subchapter 2: OTHER FEDERAL EDUCATIONAL FINANCIAL ASSISTANCE PROGRAMS › 20-A §11410. Authorization

§11410. Authorization
In accordance with the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV, Part A, Subparts 3 and 6; and Subchapter V, Part D, Subpart 1, as amended, the Finance Authority of Maine shall administer the State Student Incentive Grant Program the Robert C. Byrd Honors Scholarship Program and the Paul Douglas Teacher Scholarship Program.   [PL 1989, c. 698, §13 (RPR).]
SECTION HISTORY
PL 1989, c. 698, §13 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11411. Maine Educational Loan Program

§11411. Maine Educational Loan Program
There is established the Maine Educational Loan Program, referred to in this chapter as "the program" and administered by the Finance Authority of Maine, to carry out the purposes of this chapter.   [PL 2015, c. 170, §8 (NEW); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §8 (RPR). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11412. Declaration of necessity and purpose

§11412. Declaration of necessity and purpose
The Legislature declares that there is a need to provide additional assistance for higher education for residents and inhabitants of this State; the cost of higher education is increasing; assistance to higher education, including recipients and providers of higher education, will benefit the people of this State, enhance their welfare and increase their commerce and economic prosperity; it is the purpose of this chapter to provide assistance to students or the families of students who are residents of this State attending institutions of higher education within or outside of this State, to students and the families of students attending institutions of higher education within this State and to institutions of higher education within this State; the assistance provided by this chapter is intended in part to supplement federal guaranteed higher education loan programs, other student loan programs, grant programs, scholarship programs, programs assisting institutions of higher education and other means of assisting students, families of students and institutions of higher education; and the exercise of the powers to the extent and in the manner provided in this chapter is the exercise of an essential governmental function.   [PL 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11414. Finance Authority of Maine; successor

§11414. Finance Authority of Maine; successor
The Finance Authority of Maine is the successor to the Maine Educational Loan Authority. All properties, rights in land, buildings and equipment and any funds, moneys, revenues and receipts or assets of the Maine Educational Loan Authority, including funds previously appropriated by the State for the Maine Educational Loan Authority, belong to the Finance Authority of Maine as successor, subject to all liens and pledges thereon made by the Maine Educational Loan Authority. All liabilities of the Maine Educational Loan Authority are liabilities of the Finance Authority of Maine. All contracts and undertakings of the Maine Educational Loan Authority are contracts of the Finance Authority of Maine. Any resolution with respect to the making of loans or issuance of bonds by the Maine Educational Loan Authority and any other action taken by them with respect to assistance provided under this chapter must be a resolution of the Finance Authority of Maine or an action taken by the Finance Authority of Maine. All bond obligations of the Maine Educational Loan Authority and all contracts, agreements, obligations, certifications and undertakings of the Maine Educational Loan Authority are obligations, contracts, agreements, certifications and undertakings of the Finance Authority of Maine, except that nothing in this section may be construed to make any obligation of the Maine Educational Loan Authority that is not a general obligation of the Maine Educational Loan Authority a general obligation of the Finance Authority of Maine, and any limitations on these obligations of the Maine Educational Loan Authority, whether by contract or indenture, are limitations on the obligations of the Finance Authority of Maine as successor. Notwithstanding this section, the Finance Authority of Maine shall administer and carry out, as obligations of the Finance Authority of Maine, all obligations of the Maine Educational Loan Authority.   [PL 2015, c. 170, §13 (RPR); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §13 (RPR). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11415. Members (REPEALED)

§11415. Members
(REPEALED)
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 1995, c. 519, §6 (AMD). PL 1999, c. 443, §6 (AMD). PL 1999, c. 728, §13 (AMD). PL 2003, c. 20, §OO2 (AMD). PL 2003, c. 20, §OO4 (AFF). PL 2003, c. 385, §2 (AMD). PL 2005, c. 397, §C12 (AMD). PL 2015, c. 170, §14 (RP). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11416. Officers; quorum; effective actions (REPEALED)

§11416. Officers; quorum; effective actions
(REPEALED)
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §15 (RP). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11418. Records confidential

§11418. Records confidential
1.  Confidential information.
Records containing any information acquired by the authority or a member, officer, employee or agent of the authority from applicants for or recipients of financial assistance provided pursuant to the program are confidential for purposes of Title 1, section 402, subsection 3, paragraph A.
[PL 2015, c. 170, §17 (AMD); PL 2015, c. 170, §30 (AFF).]
2.  Wrongful disclosure prohibited.
No member, officer, employee, agent, other representative of the authority or other person may 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 or under the following circumstances:
A. Impersonal, statistical or general information;   [PL 1987, c. 807, §3 (NEW).]
B. If necessary in connection with processing any application for, obtaining or maintaining financial assistance for any person or in connection with acquiring, maintaining or disposing of property;   [PL 1987, c. 807, §3 (NEW).]
C. To a financial institution or credit reporting service;   [PL 1987, c. 807, §3 (NEW).]
D. Information necessary to comply with any federal or state law or rule or with any agreement pertaining to financial assistance;   [PL 1987, c. 807, §3 (NEW).]
E. Information to the extent the authority deems the disclosure necessary to the sale or transfer of its bonds;   [PL 1987, c. 807, §3 (NEW).]
F. If necessary to assure collection of any obligation in which it has or may have an interest;   [PL 1987, c. 807, §3 (NEW).]
G. In any litigation or proceeding in which the authority has appeared, introduction for the record of any information obtained from records declared confidential by this section; and   [PL 1987, c. 807, §3 (NEW).]
H. 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 1987, c. 807, §3 (NEW).]
[PL 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §17 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11419. Conflict of interest (REPEALED)

§11419. Conflict of interest
(REPEALED)
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §18 (RP). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11421. Refunding bonds

§11421. Refunding bonds
The authority may provide for issuance of refunding bonds of the authority to refund any outstanding bonds issued under this chapter, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption. The authority may provide for the issuance of bonds of the authority for the combined purpose of refunding any outstanding bonds, including refunding bonds issued under this chapter. The issuance of the bonds, the maturities and other details, the rights and remedies of the holders and the rights, powers, privileges, duties and obligations of the authority are governed by the provisions of this chapter insofar as they are applicable.   [PL 2015, c. 170, §20 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §20 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11422. Loan transactions

§11422. Loan transactions
In furtherance of the purposes of this chapter, the authority may purchase, 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 loan, 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, with or without public bidding. In connection with such purchase or sale of a loan or of a beneficial interest or participation in a loan, the authority may enter into one or more agreements providing for the custody, control and administration of the loan. Any such agreement may provide that the authority, a financial institution or other person shall 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 a loan, or to a beneficial interest or participation in a loan, must be deemed to have been transferred on terms and to the extent specified in that agreement and that the effect of a sale of a beneficial interest or participation in a loan is the same as a sale of a loan. In furtherance of the purposes of this chapter, the authority may also 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 8, the certificates or instruments must be and are made negotiable instruments within the meaning of and for all purposes of Title 11, Article 8, subject only to such registration requirements as the authority may establish.   [PL 2015, c. 170, §20 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §20 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11423. Trust agreement; pledge

§11423. Trust agreement; pledge
1.  Trust agreement.
Any bonds issued under this chapter may be secured by a trust agreement by and between any or all of the following: The authority, a participating institution and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the State.
[PL 1987, c. 807, §3 (NEW).]
2.  Pledge.
Any trust agreement entered into pursuant to a bond issue under this chapter may pledge or assign any revenues to be received by the authority or proceeds or benefits of any contract and may serve to convey or mortgage or otherwise secure any property or property rights, contain provisions for protecting and enforcing the rights and remedies of bondholders, restrict the individual right of action by bondholders and contain such other provisions as the authority deems appropriate, including the right to the appointment of a receiver and the right to the issuance of an order of specific performance by a court of competent jurisdiction.
[PL 2015, c. 170, §21 (AMD); PL 2015, c. 170, §30 (AFF).]
3.  Education loan program.
Any expense incurred in carrying out the trust agreement entered into pursuant to a bond issue under this chapter may be treated as a part of the cost of the operation of an education loan program.
[PL 2015, c. 170, §21 (AMD); PL 2015, c. 170, §30 (AFF).]
4.  Valid and binding.
A pledge by the authority of revenues as security for an issue of bonds issued under this chapter is valid and binding from the time when the pledge is made.
The revenues pledged are immediately subject to the lien of the pledge without any physical delivery, recording of any instrument or further act and the lien of any pledge is valid and binding against any person having any claim of any kind in tort, contract or otherwise against the authority or any participating institution or borrower, irrespective of whether the person has notice.
No bond resolution, trust agreement or financing statement, continuation statement or other instrument adopted or entered into by the authority under this chapter need be filed or recorded in any public record other than the records of the authority in order to perfect the lien against 3rd persons, regardless of any contrary provision of law.
[PL 2015, c. 170, §21 (AMD); PL 2015, c. 170, §30 (AFF).]
5.  Trust funds.
All money received by or on behalf of the authority under this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter.
Any officer with whom, or any bank or trust company with which, that money is deposited shall act as trustee of the money and shall hold and apply it for the purposes provided in the chapter and any applicable bond resolution or trust agreement.
[PL 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §21 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11425. Enforcement of rights and duties

§11425. Enforcement of rights and duties
Except to the extent that the rights are restricted by any applicable bond resolution or trust or other agreement, any holder of bonds issued under this chapter or a trustee under a trust agreement entered into under this chapter may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of the State or by any applicable bond resolution or trust or other agreement.   [PL 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11426. Bonds as legal investments

§11426. Bonds as legal investments
Bonds issued by the authority under this chapter are hereby made securities in which all public officers and public bodies of the State and its political subdivisions, all 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, profit-sharing, retirement funds and other persons carrying on a banking business and all other persons whatsoever, may properly and legally invest funds, including capital in their control or belonging to them. These bonds are hereby made securities which 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 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11427. Accounts and reports

§11427. Accounts and reports
The authority shall keep full and accurate accounts of its activities and operations under this chapter and shall, within 120 days after the end of each of its fiscal years, make and deliver a report to the Governor, the Speaker of the House, the President of the Senate and the joint standing committee of the Legislature having jurisdiction over education. The report must cover the preceding fiscal year and must include a complete operating and financial statement for that year and a breakdown showing the geographic distribution and distribution between institutions of higher learning of its student loans among residents of this State. The report must demonstrate that all revenues, including reserves, that are acquired with proceeds of tax-exempt bonds issued under this chapter using a portion of the state ceiling on private activity bonds, are being used in a manner consistent with the public purpose for which the bonds are issued. The authority shall cause an audit of its books and accounts related to its operations under this chapter to be made at least once each year by independent certified public accountants. The audit may be combined with audits of other activities of the authority. The cost of the audit may be paid by the authority from funds available to it pursuant to this chapter.   [PL 2015, c. 170, §25 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 1999, c. 728, §17 (AMD). PL 2015, c. 170, §25 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11428. Chapter additional and supplemental

§11428. Chapter additional and supplemental
1.  In general.
This chapter provides a complete, additional and alternative method for carrying out the functions authorized and shall be regarded as supplemental and additional to, and the limitations imposed by this chapter do not limit or otherwise affect powers or rights conferred by other laws and the issuance of bonds and refunding bonds under this chapter need not comply with the requirements of any other law applicable to the issuance of bonds.
[PL 1987, c. 807, §3 (NEW).]
2.  Institutions of higher education.
Notwithstanding any other provision of law or charter, institutions of higher education may borrow money from the authority, make education loans and take all other actions necessary or convenient to consummate the transactions contemplated under this chapter. The authority may establish, contract for, charge and collect any amount or rate of interest or compensation with respect to authority loans and participating institutions of higher education may contract for, charge and collect any amount or rate of interest or compensation with respect to education loans. Neither the authority nor any institution of higher education participating in a loan program under this chapter may be subject to any licensing provisions relating to financial institutions or any credit regulations of the State.
[PL 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11429. Tax exemption

§11429. Tax exemption
The exercise of the powers granted by this chapter must be in all respects for the benefit of the people of the State, for the increase of their commerce, welfare and prosperity and for the improvement of their health and living conditions and constitutes the performance of an essential governmental function. Neither the authority nor any of its agents may be required to pay any taxes or assessments upon or in respect of education loans or any property acquired, used by the authority or any of its agents or under the jurisdiction, control, possession or supervision of, or upon the activities of, the authority or any of its agents in the operation of any program under this chapter, or upon income or other revenues received and any bonds issued under this chapter, the transfer and the income from the bonds, including any profit made on the sale of the bonds, as well as the income and property of the authority derived under this chapter, are at all times exempt from taxation of every kind by the State and by the municipalities and all other political subdivisions of the State.   [PL 2015, c. 170, §26 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §26 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11430. Taxable bond option

§11430. Taxable bond option
With respect to all or any portion of any issue of any bonds or any series of bonds which 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 shall 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 shall not be subject to any limitations or restrictions of any law which may limit the authority's power to issue those bonds. The foregoing grant of power shall 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 1987, c. 807, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11431. Agreement of the State

§11431. 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 under this chapter 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 issued under this chapter or those entering into contracts with the authority pursuant to this chapter. The authority is authorized to include this pledge and undertaking for the State in those bonds or contracts.   [PL 2015, c. 170, §26 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §26 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11432. Termination of existence of authority

§11432. Termination of existence of authority
A law terminating the existence of the authority may not take effect as long as any bonds of the authority issued under this chapter are outstanding and unpaid without adequate provision for payment having been made.   [PL 2015, c. 170, §26 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §26 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11433. Chapter cumulative; no notice required

§11433. Chapter cumulative; no notice required
Neither this chapter nor anything contained 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 under this chapter, except as is provided in this chapter or in the code, if applicable.   [PL 2015, c. 170, §26 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §26 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11434. Chapter liberally construed

§11434. 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 2015, c. 170, §26 (AMD); PL 2015, c. 170, §30 (AFF).]
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2015, c. 170, §26 (AMD). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-A: MAINE EDUCATIONAL LOAN PROGRAM › 20-A §11435. Review of authority (REPEALED)

§11435. Review of authority
(REPEALED)
SECTION HISTORY
PL 1987, c. 807, §3 (NEW). PL 2005, c. 397, §B4 (AMD). PL 2015, c. 170, §27 (RP). PL 2015, c. 170, §30 (AFF).
2023 Maine Revised Statutes › TITLE 20-A: EDUCATION › Part 5: POST-SECONDARY EDUCATION › Chapter 417-B: SUPPLEMENTAL LOAN PROGRAM › 20-A §11441. Program established

§11441. Program established
There is established the Student Financial Aid Supplemental Loan Program to provide assistance to students or the families of students who are residents of this State attending institutions of higher education within or outside of this State and to students attending institutions of higher education within this State and their families. The assistance provided by this chapter is intended to supplement federal guaranteed higher education loan programs, other student loan programs, grant programs, scholarship programs, programs assisting institutions of higher education and other means of assisting students and families of students.   [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 §11443. Supplemental loans

§11443. Supplemental loans
1.  Programs.
The authority is authorized to carry out one or more programs making financial and other assistance available to borrowers or institutions to finance the cost of attendance. The authority is further authorized to issue bonds, lend the proceeds of the bonds and exercise any other power set forth in this chapter for these purposes.
[PL 1991, c. 603, §6 (NEW).]
2.  Policies.
The authority shall establish rules pertaining to participation in the Student Financial Aid Supplemental Loan Program, issuing bonds and borrowing money by the authority, a process for allocation and carry-forward of that portion of the state ceiling on issuance of tax exempt bonds allocated to the authority pursuant to Title 10, chapter 9, servicing and collection of loans made pursuant to programs of the authority and other policies governing the operation of the authority.
[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 §11444. Records confidential

§11444. Records confidential
1.  Confidential information.
Records containing any information acquired by the authority or a member, employee or agent of the authority from applicants for or recipients of financial assistance provided by the Student Financial Aid Supplemental Loan Program are confidential for purposes of Title 1, section 402, subsection 3, paragraph A.
[PL 1991, c. 603, §6 (NEW).]
2.  Wrongful disclosure prohibited.
No member, employee, agent, other representative of the authority or other person may 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 or under the following circumstances:
A. Impersonal, statistical or general information;   [PL 1991, c. 603, §6 (NEW).]
B. If necessary in connection with processing any application for, obtaining or maintaining financial assistance for any person or in connection with acquiring, maintaining or disposing of property;   [PL 1991, c. 603, §6 (NEW).]
C. To a financial institution or credit reporting service;   [PL 1991, c. 603, §6 (NEW).]
D. Information necessary to comply with any federal or state law or rule or with any agreement pertaining to financial assistance;   [PL 1991, c. 603, §6 (NEW).]
E. Information to the extent the authority determines the disclosure necessary to the sale or transfer of its bonds;   [PL 1991, c. 603, §6 (NEW).]
F. If necessary to ensure collection of any obligation in which it has or may have an interest;   [PL 1991, c. 603, §6 (NEW).]
G. In any litigation or proceeding in which the authority has appeared, introduction for the record of any information obtained from records declared confidential by this section; and   [PL 1991, c. 603, §6 (NEW).]
H. 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 1991, c. 603, §6 (NEW).]
[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 §11446. Refunding bonds

§11446. Refunding bonds
The authority may provide for issuance of refunding bonds of the authority to refund any outstanding bonds issued under this chapter, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption, and, if considered advisable by the authority, for any other purpose of the authority. The authority may provide for the issuance of bonds of the authority for the combined purpose of refunding any outstanding bonds, including refunding bonds issued under this chapter. The issuance of the bonds, the maturities and other details, the rights and remedies of the holders and the rights, powers, privileges, duties and obligations of the authority are governed by the provisions of this chapter insofar as they are 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 §11447. Loan transactions

§11447. Loan transactions
The authority may purchase, 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 loan, 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, with or without public bidding. In connection with the purchase or sale of a loan or of a beneficial interest or participation in a loan, the authority may enter into one or more agreements providing for the custody, control and administration of the loan. Any such agreement may provide that the authority, a financial institution or other person 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 a loan, or to a beneficial interest or participation in a loan, is deemed to have been transferred on terms and to the extent specified in that agreement and that the effect of a sale of a beneficial interest or participation 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 8, the certificates or instruments are made negotiable instruments within the meaning of and for all purposes of Title 11, Article 8, subject only to such registration requirements as the authority may establish.   [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 §11448. Trust agreement; pledge

§11448. Trust agreement; pledge
1.  Trust agreement.
Any bonds issued under this chapter may be secured by a trust agreement by and between any or all of the following: the authority, a participating institution and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the State.
[PL 1991, c. 603, §6 (NEW).]
2.  Pledge.
Any trust agreement may pledge or assign any revenues to be received by the authority or proceeds or benefits of any contract, may serve to convey or mortgage or otherwise secure any property or property rights, may contain provisions for protecting and enforcing the rights and remedies of bondholders, may restrict the individual right of action by bondholders and may contain such other provisions as the authority determines appropriate, including the right to the appointment of a receiver and the right to the issuance of an order of specific performance by a court of competent jurisdiction.
[PL 1991, c. 603, §6 (NEW).]
3.  Education loan program.
Any expense incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of an education loan program.
[PL 1991, c. 603, §6 (NEW).]
4.  Valid and binding.
A pledge by the authority of revenues as security for an issue of bonds is valid and binding from the time when the pledge is made.
The revenues pledged are immediately subject to the lien of the pledge without any physical delivery, recording of any instrument or further act and the lien of any pledge is valid and binding against any person having any claim of any kind in tort, contract or otherwise against the authority or any participating institution or borrower, irrespective of whether the person has notice.
No bond resolution, trust agreement or financing statement, continuation statement or other instrument adopted or entered into by the authority need be filed or recorded in any public record other than the records of the authority in order to perfect the lien against 3rd persons, regardless of any contrary provision of law.
[PL 1991, c. 603, §6 (NEW).]
5.  Trust funds.
All money received by or on behalf of the authority under this chapter, whether as proceeds from the sale of bonds or as revenues, is deemed to be trust funds to be held and applied solely as provided in this chapter.
Any officer with whom, or any bank or trust company with which, that money is deposited shall act as trustee of the money and shall hold and apply it for the purposes provided in the chapter and any applicable bond resolution or trust agreement.
[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 §11450. Enforcement of rights and duties

§11450. Enforcement of rights and duties
Except to the extent that the rights are restricted by any applicable bond resolution or trust or other agreement, any holder of bonds issued under this chapter or a trustee under a trust agreement entered into under this chapter may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of the State or by any applicable bond resolution or trust or other agreement.   [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 §11451. Bonds as legal investments

§11451. Bonds as legal investments
Bonds issued by the authority under this chapter are hereby made 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; 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 hereby 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 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 §11452. Chapter additional and supplemental

§11452. Chapter additional and supplemental
1.  In general.
This chapter provides a complete, additional and alternative method for carrying out the functions authorized and is supplemental and additional to, and the limitations imposed by this chapter do not limit or otherwise affect powers or rights conferred by other laws. The issuance of bonds and refunding bonds under this chapter need not comply with the requirements of any other law applicable to the issuance of bonds.
[PL 1991, c. 603, §6 (NEW).]
2.  Institutions of higher education.
Notwithstanding any other provision of law or charter, institutions of higher education may borrow money from the authority, make education loans and take all other actions necessary or convenient to consummate the transactions contemplated under this chapter. The authority may establish, contract for, charge and collect any amount or rate of interest or compensation with respect to authority loans. Participating institutions of higher education may contract for, charge and collect any amount or rate of interest or compensation with respect to education loans. Neither the authority nor any institution of higher education participating in a loan program under this chapter may be subject to any licensing provisions relating to financial institutions or any credit regulations of the State.
[PL 1991, c. 603, §6 (NEW).]
SECTION HISTORY
PL 1991, c. 603, §6 (NEW).