Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM › Section 457-205-1 - Definitions

Current through 2024-29, July 17, 2024
A. Certain terms used in this rule, which are
				defined in the Finance Authority of Maine Act or the enabling legislation,
				shall have the meanings set forth in the Finance Authority of Maine Act or the
				enabling legislation, respectively, unless clearly specified otherwise or
				unless the context clearly indicates otherwise.
B. "Applicant" means a financial institution
				eligible to make education loans pursuant to the federal Higher Education Act
				and regulations promulgated thereunder, that has submitted an application to
				the authority to distribute program funds for the Authority.
C. "Authority" means the Finance Authority of
				Maine.
D. "Borrower" means a parent
				or student obtaining an education loan.
E. "Chief Executive Officer" means the
				authority's chief executive officer or any person acting under the supervision
				of the chief executive officer.
F.
				"Education Loan" means a loan made pursuant to the program which is made by the
				authority or by an eligible financial institution to a student or to a parent
				of a student, or both, to finance a student's cost of attendance at an
				institution of higher education, and which may be funded with the proceeds of a
				qualified student loan bond under the federal Internal Revenue Code and
				regulations promulgated thereunder.
G. "Eligible Financial Institution" or
				"financial institution" means a financial institution authorized to do business
				in this state, as defined in Title 9-B, section 131(17-A) of the Maine Revised
				Statutes Annotated, and for the purposes of this rule, includes a credit union
				authorized to do business in this state as defined in Title 9-B, section
				131(12-A) of the Maine Revised Statutes Annotated.
H. "Enabling Legislation" means PL 1999, ch.
				443.
I. "Finance Authority of Maine
				Act" means 10 MRSA961 et seq. and 20-A MRSA11441
et
				seq
>.
J. "Institution
				of higher education" means any public or private nonprofit educational
				institution within the State, any public or private nonprofit educational
				institution outside of the State which is attended by residents of the State,
				any accredited proprietary educational institution within the State which is
				eligible to participate in federal student financial assistance programs
				pursuant to Title IV of the federal Higher Education Act, any accredited
				proprietary educational institution located outside the State which is attended
				by residents of the State and which is eligible to participate in federal
				student financial assistance programs under Title IV of the federal Higher
				Education Act that provides a program of education beyond the high school level
				and awards an associate, baccalaureate or advanced degree.
K. "Members" means the members of the Board
				of Directors of the Finance Authority of Maine.
L. "Participation Agreement" means an
				agreement between the Authority and any successful applicant setting forth the
				terms and conditions of the eligible financial institution's disbursement and
				servicing of education loans for the authority.
M. "Program" means the Education Loans
				through Lenders Program as described in and governed by the Finance Authority
				of Maine Act, the enabling legislation and this rule.
N. "State" means the State of
				Maine.