reglab/statecodes huggingface dataset:
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-14 - The Authority Repurchase

Current through 2024-29, July 17, 2024
A. If Lender does
				not repurchase as provided by paragraph 13 hereof, the Authority will purchase
				from Holder the unpaid principal balance of the Guaranteed Portion together
				with accrued interest to date of repurchase less Lender's servicing fee, as
				provided, and subject to the limitations set forth, in the Program Documents.
				The Authority will be subrogated to all rights of Holder upon
				repurchase.
B. The Authority shall
				promptly notify the Lender of its receipt of a demand for payment of a
				Guaranteed Portion. The Lender shall promptly provide the Authority with the
				information necessary for the Authority's determination of the appropriate
				amount due the Holder. If there is any discrepancy between the amount claimed
				by the Holder and the information submitted by the Lender, the Authority will
				notify both parties, who must resolve the conflict before payment by the
				Authority will be approved. Upon receipt of the appropriate information, the
				Authority will review the demand, issue the appropriate check and remit the
				required payment as provided in the related Program Documents.
C. The Lender shall agree to consent to the
				purchase by the Authority and agrees to furnish on request by the Authority a
				current statement certified by an appropriate authorized officer of the Lender
				of the unpaid principal and interest then owed by Borrowers on the Eligible
				Loan. The Lender shall agree that any purchase by the Authority does not
				change, alter or modify any of the Lender's obligations to the Authority
				arising from said Eligible Loan or guarantee nor does it waive any of the
				Authority's rights against Lender, and that the Authority will have the right
				to set off against Lender all rights inuring to the Authority as the Holder
				against the Authority's obligation to Lender under the Loan Note
				Guarantee.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-15 - Repurchase by Lender for Servicing

Current through 2024-29, July 17, 2024
If, in the opinion of the Lender, repurchase of the
				  Guaranteed Portion of the Eligible Loan is necessary to adequately service the
				  Eligible Loan, the Holder shall agree to sell the portion of the Eligible Loan
				  to the Lender for an amount equal to the unpaid principal and interest on such
				  portion less Lender's servicing fee.
A. The Lender shall not repurchase a
				Guaranteed Portion from the Holder for arbitrage purposes or other purposes to
				further its own financial gain:
B.
				Any repurchase will only be made after the Lender obtains, the Authority's
				written approval; and
C. If the
				Lender does not repurchase the Guaranteed Portion from the Holder, the
				Authority at its option shall have the right to purchase such Guaranteed
				Portion for servicing purposes.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-16 - Custody of Unguaranteed Portion

Current through 2024-29, July 17, 2024
The Lender may retain or sell the Unguaranteed Portion of the
				  Eligible Loan only through participation. "Participation" means the sale of an
				  interest in the Eligible Loan wherein the Lender retains the note, collateral
				  securing the note, and all responsibility for Eligible Loan servicing and
				  liquidation. Sale of participations in an Unguaranteed Portion shall be subject
				  to the limitations in the related Program Documents.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-17 - When Guarantee Terminates

Current through 2024-29, July 17, 2024
The Loan Note Guarantee for a Certificate will terminate
				  automatically (a) upon full payment of the related Eligible Loan; or (b) upon
				  full payment of any loss obligation thereunder; or (c) upon written notice from
				  the Lender to the Authority that the guarantee will terminate 30 days after the
				  date of notice, provided the Lender holds the Guaranteed Portion and the Loan
				  Note Guarantee is returned to be canceled by the Authority, or (d) at such time
				  as there is no Holder of the Guaranteed Portion of the Eligible Loan, at which
				  such time the provisions of the Loan Insurance Agreement, shall solely
				  apply.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-18 - Commitment or Rejection

Current through 2024-29, July 17, 2024
A. Upon approval of
				an application, a commitment for the Program will be issued as part of a Loan
				Insurance Authorization subject to the execution of instruments evidencing full
				compliance with Authority requirements and in form and content satisfactory to
				the Authority.
B. If, upon
				examination of the application and supporting information the Chief Executive
				Officer or the members, as applicable, reject such application, the Lender
				shall be so informed.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-19 - Premiums, Fees and Other Charges

Current through 2024-29, July 17, 2024
A. In addition
				to other requirements, no Program commitment shall be effective until the
				Authority has received a commitment fee calculated as up to 2% of the insured
				portion of the insured Eligible Loan, for Eligible Loans other than loans
				insured or guaranteed under Chapter 103
B. In addition to other requirements, the
				Authority shall be paid a Program premium either calculated as up to 2% of the
				insured portion of the Eligible Loan scheduled (other than in cases of partial
				or full prepayment) to be outstanding on each anniversary date of the Eligible
				Loan or on some other date or the actual balance owed by the borrower if
				larger, or a one-time fee payable at inception calculated on a present-value
				basis. The premium shall be paid in advance for such period as specified in the
				Program Documents.
C. The Authority
				will be entitled to the full amount of the premium over the term of the Loan
				Note Guarantee. If the Eligible Loan is paid without loss or insurance payment
				by the Authority before the end of the loan term or if the Loan Note Guarantee
				is terminated without loss to the Authority before the end of the maximum term
				of the contract, the Authority may waive the balance of the premium claimed or,
				if the full premium was paid in advance without any discount, then the
				Authority may remit the balance of the premium. In order to assure that the
				Authority will receive the full premium, the Authority may provide in the
				Program Documents that the balance of any premium due may be deducted from the
				insurance payment of that premium escrow or investment arrangements be
				made.
D. The Holder's right to
				receive payment with respect to a Certificate is not affected by the Lender's
				or Borrower's failure to pay the required insurance premiums to the
				Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-20 - Waiver of rule

Current through 2024-29, July 17, 2024
The members or the Chief Executive Officer may waive any
				  requirement of this rule except to the extent that the requirement is mandated
				  by the Act, in cases where deviation from the rule is insubstantial.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-21 - Miscellaneous

Current through 2024-29, July 17, 2024
Any approvals, reviews, determinations or findings of the
				  Authority related to any plans, specifications, contracts, application or other
				  documents required or contemplated by this rule or the Act are solely for the
				  benefit of the Authority and shall not in any way constitute any approval of
				  the adequacy of such documents or of the project.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 204 - SECONDARY MARKET PROGRAM › Section 457-204-22 - Implementation/Appeal to Members

Current through 2024-29, July 17, 2024
The Chief Executive Officer may approve any loan pursuant to
				  this Program which the Chief Executive Officer may approve pursuant to the
				  Small Business and Veteran's Small Business Programs or the Mortgage Insurance
				  Program. In the event that any request by a Lender is denied by the Chief
				  Executive Officer, the Lender shall have the right to appeal the decision of
				  the Chief Executive Officer to the members. Notice of the appeal, together with
				  a statement of the reasons why the Chief Executive Officer's decision should be
				  reversed or modified, shall be given to the Chief Executive Officer in writing
				  within twenty days after the date on which the Chief Executive Officer mailed
				  the notice of decision to the Lender. The appeal shall be heard at a meeting of
				  the members, and the Lender must be present to support the appeal. The members
				  ordinarily meet once each month. The appeal shall be based on the record before
				  the Chief Executive Officer on the date of the decision. The decision of the
				  Chief Executive Officer shall be final unless the members determine that the
				  decision by the Chief Executive Officer was arbitrary, capricious or an abuse
				  of discretion, in which event the members may overturn or modify the decision
				  of the Chief Executive Officer and may direct the Chief Executive Officer to
				  take further action with respect to the request.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM › Section 457-205-2 - Application

Current through 2024-29, July 17, 2024
A. The authority may establish a deadline for
				applications to use the proceeds of each issuance of tax exempt
				bonds.
B. Each application under
				this program will include the following:
1
				The name of the eligible financial institution or, for an application submitted
				by a group of financial institutions, the name of each financial institution,
				the name of the financial institution primarily responsible for the application
				and a contact person at each financial institution in the group.
2 A request for an amount of funds to be used
				to make education loans to borrowers.
3 A description of the applicant's recent
				history in making education loans, including its volume of loans originated in
				the two most recent years, its student loan servicing capabilities for its
				existing education loans and education loans it proposes to originate with
				program funds.
4 The applicant's
				current financial statement in the form requested by the authority in the
				application or request for applications.
5 A statement by the eligible financial
				institution explaining how it will use the bond proceeds to benefit the
				inhabitants of the State. The statement should include information on any
				benefits passed on to borrowers as a result of using the proceeds of tax exempt
				bonds to fund education loans, including:
(a)
				Discounts in interest rate and any terms or conditions of obtaining such a
				discount;
(b) Targeting of loans to
				individuals who live in areas where there has not historically been sufficient
				access to education loans;
(c)
				Targeting of loans to low income individuals or others, who have not
				historically had sufficient access to education loans;
(d) Outreach services the lender will provide
				to borrowers;
(e) Any other benefit
				the applicant will provide to Maine residents.
(f) A breakdown of the purposes and amounts
				for which the proceeds of the bond issue will be expended.
(g) A statement from the eligible financial
				institution that education loans will only be made to a borrower who is:
(i) A resident of the State; or
(ii) A student attending an institution of
				higher education in the State; or
(iii) A borrower who previously obtained an
				education loan from the eligible financial institution, while a resident of the
				State or while attending an institution of higher education located in the
				State.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM › Section 457-205-3 - Application Evaluation Criteria

Current through 2024-29, July 17, 2024
A. In determining
				whether or not to approve an application of an eligible financial institution
				and, if approved, the amount of the bond proceeds to be disbursed by the
				applicant, the chief executive officer shall consider the relative public
				benefits to be provided by each applicant to residents of the State. The chief
				executive officer will evaluate applications based on the public benefit to be
				provided by each applicant relative to the portion of the proceeds of tax
				exempt bonds the applicant will receive. In determining relative public benefit
				the authority will consider each applicant's total proposal, but may give
				additional weight to proposals that provide interest rate savings and outreach
				services to borrowers.
B. In
				determining whether to allocate all or any portion of the proceeds of bonds to
				an applicant for origination of loans to borrowers, the authority must first
				determine that the applicant will be able to comply with all requirements of
				the purchaser(s) of the bonds or any placement agents or
				underwriters.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM › Section 457-205-4 - Participation Agreement

Current through 2024-29, July 17, 2024
The Authority shall enter into a participation agreement with
				  each successful applicant, which shall set out the terms and conditions of the
				  financial institution's receipt of an allocation of the bond proceeds. The
				  participation agreement must require:
A. That the financial institution provide
				periodic reporting on the status of the loans made to borrowers with the bond
				proceeds;
B. That the financial
				institution meet certain public policy goals and provide periodic reporting on
				each of the public policy goals established.
C. That the financial institution will pass
				through repayment of the education loans by the borrower to the authority net
				of any reasonable expenses the authority determines the financial institution
				may retain for its services.
D.
				That the financial institution shall maintain separate books and records with
				respect to its participation in the program, which the authority may review in
				order to audit the participating financial institution's disbursement of bond
				proceeds and reporting of the public benefit.
E. Such other terms and conditions as the
				authority may require.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM › Section 457-205-5 - Program Implementation and Assistance Provided

Current through 2024-29, July 17, 2024
A. The members of the authority shall approve
				the issuance of all revenue obligation securities to be issued by the
				authority. The determination of how proceeds of revenue obligation securities
				will be allocated shall be administered by and is delegated to the chief
				executive officer. The chief executive officer is hereby authorized to make the
				determinations required by this rule and to approve proposals by eligible
				financial institutions.
B. The
				chief executive officer may enter into an agreement with the superintendent of
				banking by which the authority will work with the superintendent of banking to
				perform an audit of participating financial institutions.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM › Section 457-205-6 - Expenses

Current through 2024-29, July 17, 2024
The chief executive officer may designate that a portion of
				  the repayment by the borrower be retained by the authority for its
				  out-of-pocket expenses in connection with the issuance of the tax exempt
				  revenue obligation securities, including without limitation charges of
				  underwriters, bond purchasers, rating agencies, special counsel and costs of
				  copying, mailing, phone calls, advertising and travel.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM › Section 457-205-7 - Appeal to the Members

Current through 2024-29, July 17, 2024
If an application is denied by the chief executive officer,
				  the applicant shall have the right to appeal the decision of the chief
				  executive officer to the members of the authority. Notice of the appeal,
				  together with a statement of the reasons why the chief executive officer's
				  decision should be reversed or modified, shall be given to the chief executive
				  officer in writing within twenty days after the date on which the chief
				  executive officer mailed the notice of decision to the applicant. The appeal
				  shall be heard at a meeting of the members, and the applicant must be present
				  to support the appeal. The appeal shall be based on the record before the chief
				  executive officer on the date of the decision. The decision of the chief
				  executive officer shall be final unless seven or more members determine that
				  the decision by the chief executive officer was arbitrary, capricious or an
				  abuse of discretion, in which event the members may overturn or modify the
				  decision of the chief executive officer and may direct the chief executive
				  officer to take further action with respect to the application.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-1 - Defined Terms

Current through 2024-29, July 17, 2024
The following terms, some of which are defined in the Finance
				  Authority of Maine Act,
				   10 M.R.S.A.
				  Section961 et seq., (the "Act") , shall have
				  the following meanings in this rule:
A. "Advisory Board" means the job-start
				Advisory Board appointed by the Board of Directors of each community action
				agency or by the Boards of Directors of community action agencies which have
				jointly contracted with the Authority to administer a combined job-start
				program.
B. "Authority" means the
				Finance Authority of Maine (Act Section 963 ).
B.1. "Business Support Group" means a
				self-selected group of no less than five individuals, corporations or
				partnerships having community or other common ties demonstrating a common
				mission or purpose who are hopeful of starting or expanding separate
				businesses, and meet the eligibility requirements set forth in Section 4 of
				this rule, which group has been approved by the Authority and by the community
				action agency in whose area it exists.
B.2. "Business Support Group Leader" means a
				leader elected by a business support group from among its members to convene
				periodic meetings, maintain a loan register, facilitate payments due to the
				Authority and perform other tasks as necessary and directed by the business
				support group in accordance with and in furtherance of the job-start program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-4 - Eligibility

Current through 2024-29, July 17, 2024
To be eligible for a loan, an applicant must meet the
				  following criteria:
A. Applicants
				shall be limited to individual residents of the State of Maine, and
				corporations, partnerships and joint ventures organized under the laws of the
				State of Maine in which all of the stockholders, partners or joint venturers
				individually meet the eligibility criteria for applicants under this rule.
				Nor-for-profit businesses shall not be eligible to apply for loans under the
				job-start program. Applicants will not be eligible if they employ more than 20
				persons or have gross sales exceeding $2,500,000 per year, or, in the case of
				new businesses, they project that within the first twelve months of operation
				they will employ more than 20 persons or have gross sales exceeding
				$2,500,000.
B. An applicant may not
				have previously received a job-start program loan, except that this restriction
				shall not apply if the amount previously received plus the amount of the
				additional assistance sought for the same business enterprise does not exceed
				the maximum permitted loan amount. For purposes of this subsection (B), the
				term "applicant" shall include the spouse, dependents or members of the same
				household, partners, or joint venturers or stockholders in the business for
				which the loan is sought. An applicant who has previously been rejected by the
				Authority for a loan under the job-start program may not reapply unless there
				has been a significant change in the application from the one
				rejected.
C. The Gross Income of
				the applicant shall not exceed the higher of:
1 eighty percent (80%) of the State average
				of the most recently issued HUD median income guidelines for lower income
				families, pursuant to Section 8 of the U.S. Housing and Community Development
				Act of 1974, ("HUD Income Guidelines") ; or
2 80% of the most recently issued HUD Income
				Guidelines applicable to the county of residence of the applicant, based on
				household size, plus $1,000 for each member of the applicant's household in
				excess of five.
In the case of a corporation, partnership or joint venture,
				  Gross Income shall not exceed the average income guidelines referenced above as
				  applicable to the stockholders, partners or joint venturers, and in addition
				  all stockholders, partners and joint venturers must meet the applicable Gross
				  Income requirement. Applicable gross income guidelines will be established for
				  each fiscal year on the first day of each fiscal year.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-5 - Application Contents

Current through 2024-29, July 17, 2024
Applications and forms for financial information will be
				  provided by the Authority to the Coordinators along with instructions for
				  completion by the applicants. The community action agencies may substitute
				  other forms provided that they contain substantially the same information and
				  take into account any differences from the Authority forms. The information to
				  be submitted by the applicant will include the following:
A. Certification by the applicant that he or
				she meets all eligibility criteria, along with satisfactory evidence of Gross
				Income and Net Worth.
B.
				Applicant's resume and references.
C. A current balance sheet and previous
				balance sheets if available.
D.
				Applicant's tax returns for the previous three (3) years, and in the case of a
				corporation, partnership or joint venture, tax returns of all shareholders,
				partners or venturers.
E.
				Statements of projected income and expenses for the first year of the proposed
				operation.
F. A detailed listing of
				all machinery or equipment having a value in excess of five hundred dollars
				($500).The depreciation schedule for the previous year shall be submitted if
				the applicant was in business.
G. A
				detailed description and market value estimate of the real estate or vessel
				used in the business or offered as collateral.
H. A marketing plan, to include products or
				services to be sold, to whom the products or services will be sold and evidence
				of markets.
I. A purchase agreement
				if applicable.
J. Letters of
				commitment from any other sources of financing.
K. A Department of Environmental Protection
				Certificate of Approval, if applicable, and any other applicable governmental
				approvals.
L. Satisfactory evidence
				of lack of access to conventional sources of credit.
M. Other information reasonably necessary to
				determine the likelihood of success of the applicant's proposed
				business.
N. The Authority's
				Environmental Questionnaire.
O. If
				the applicant has more than ten (10) employees, an employment plan on the form
				provided by the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-6 - Application Procedures

Current through 2024-29, July 17, 2024
A. Applications
				shall be submitted to the Coordinator, who shall assist applicants in preparing
				applications for presentation to the Advisory Board which are complete and
				which comply with the requirements of this rule and contain sufficient
				information upon which a decision on the application can be based.
B. Advisory Boards shall convene meetings at
				such times, places and with such frequency as is reasonable taking into
				consideration the volume of applications, the requirements of the applicants
				and the convenience of the Advisory Board members, provided that meetings shall
				occur at least monthly if applications are pending review. All meetings shall
				be open and accessible to the public, and applicants shall be invited to attend
				and present their application. Notice of the date, time and place of each
				meeting shall be given to the public in such manner as may be reasonable and
				appropriate in each region. Upon request, the Advisory Boards shall take such
				action as may be necessary to protect confidential financial information and
				business plans, provided that if there is any disagreement between the Advisory
				Board and the applicant as to the confidentiality of any information, the sole
				remedy of the applicant shall be to withdraw the application.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-7 - Criteria and Considerations

Current through 2024-29, July 17, 2024
The following shall be considered by the Advisory Board in
				  recommending approval or rejection of an application for a loan, and by the
				  Authority in approving or rejecting a loan:
A. Whether the application is complete and
				the applicant has supplied all information necessary for review and analysis of
				the application.
B. Whether the
				applicant is eligible for the loan.
C. The extent to which the applicant
				demonstrates need for the loan and lack of access to conventional sources of
				credit.
D. The economic feasibility
				of the business as evidenced by the applicant's present and past financial
				situation and business experience and the general reasonableness of the
				business proposal and financial projections for the future.
E. The applicant's credit-worthiness, taking
				into account the scope of the job-start program and the targeted applicant
				pool.
F. Whether the applicant has
				sufficient capital and other resources to conduct the business as
				planned.
G. Whether an adequate
				market analysis or other counseling requirement has been completed.
H. Whether the applicant is offering security
				for the loan and whether the security is adequate.
I. The extent to which the risk of financial
				loss is shared by others.
J. The
				viability of the industry of which the enterprise is a part and the
				contribution of the enterprise to that industry.
K. The extent to which the projected annual
				gross income of the business contributes to the total income of the applicant.
				Part-time business endeavors will receive equal consideration.
L. The impact of the business on the
				applicant and his dependents, the community and the region served by the
				community action agency, including the extent to which the business contributes
				to:
1 Local economic development,
2 Market development, and
3 Employment opportunities.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-8 - Recommendation to the Authority

Current through 2024-29, July 17, 2024
A. After the
				application is complete, has been presented to the Advisory Board, and the
				applicant has had an opportunity to support the application and provide any
				further information or answers to questions, the Advisory Board shall vote on
				whether to recommend that the Authority accept or reject the application. A
				majority of the Advisory Board shall be necessary to recommend approval of a
				loan. In the event that a majority vote cannot be obtained either to recommend
				approval or rejection, then the recommendation shall be deemed to be to reject.
				No Advisory Board member may participate in a vote on an application where that
				member has a direct or indirect pecuniary interest in the outcome of the
				vote.
B. The Advisory Board, in
				cooperation with the Coordinator, shall prepare a report on each application
				and shall forward the report to the Authority within ten (10) business days of
				the vote on the application. The report shall contain the following:
1 The complete application as presented to
				the Advisory Board.
2 A detailed
				summary of the testimony at the Advisory Board meeting at which the application
				was considered, including comments of the applicant, answers provided by the
				applicant to questions, any comments by any members of the public, and any
				statements by the Coordinator or any member of the Advisory Board,
3 A statement of the results of the
				vote,
4 A statement of reasons for
				the vote, if the majority based its vote on agreed reasons,
5 A statement by any members who voted
				contrary to the majority giving reasons for their stance, if they so
				desire.
6 If the vote is to approve
				the loan, a recommendation for the amount of the loan, the term of the loan,
				the security for the loan, if any, and any other recommendations regarding the
				terms or conditions,
7 such other
				information or analysis as the Advisory Board feels should be considered by the
				Authority.
B.1. In the event that
				the Authority has provided for the community action agency to administer the
				Maine Job Start Program and to control a portion of the job start revolving
				loan fund, then the provisions of sub- paragraphs C, D, E and F shall apply to
				the community action agency instead of the Authority, mutatis mutandis, and
				subparagraph G shall not apply, and there shall be no appeal to the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-9 - Loan Terms and Conditions

Current through 2024-29, July 17, 2024
A. Loans to
				applicants shall not exceed the lesser of ten thousand dollars ($10,000) or an
				amount which is reasonable under the circumstances in accordance with the
				purposes of the Act. Two or more applicants may not combine loans to the same
				business enterprise to exceed the loan maximum.
B. The loan shall bear a maximum interest
				rate which shall be fixed at two (2) percentage points below the New York prime
				rate of interest as listed in the Wall Street Journal on the date the
				commitment is issued by the Authority. In no event will the Job-Start interest
				rate exceed twelve percent (12%), provided however, that the chief executive
				officer may require that the interest rate after default will be a maximum of
				five (5) percentage points greater than the initial rate on the defaulted
				loan.
C. The term of each loan
				shall be based on applicant need, the business plan and the useful life of the
				collateral securing the loan.
D.
				The Authority may require such collateral as may be available, including, in
				appropriate cases, a mortgage on real estate, a security agreement in personal
				property or personal guarantees. Except as specifically approved by the chief
				executive officer, collateral shall be located within the State, or if mobile,
				shall be registered within the State if the State registers such mobile
				collateral.
E. The Authority will
				prepare the loan documentation, and execution of all loan documentation in form
				and content satisfactory to the Authority shall be a condition precedent to the
				payment of loan proceeds to the applicant. Loan closings shall take place at a
				mutually agreed upon location.
F.
				In the event that the Authority has provided for the community action agency to
				administer the Maine Job Start Program and to control a portion of the job
				start revolving loan fund, then the provisions of subparagraphs A, B, C, D and
				E shall apply to the community action agency instead of the Authority, mutatis
				mutandis, and with regard to sub-paragraph B, the community action agency shall
				set the rate of interest for the loan, but in no event shall the rate exceed
				the lesser of (a) the New York prime rate of interest plus four (4) percent per
				annum, or (b) twelve (12) percent per annum.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-10 - Covenants of Borrower

Current through 2024-29, July 17, 2024
The borrower will agree to the following terms and conditions
				  in the loan documentation, as may be reasonable and applicable:
A. The borrower will comply with all
				applicable planning, zoning, sanitary, building and environmental laws,
				ordinances and regulations of the federal, state and local
				governments.
B. The borrower will
				agree not to convey, lease or transfer any collateral for the loan without the
				prior written consent of the Authority.
C. The borrower will agree to participate in
				such marketing and training programs as the Authority may require.
D. The borrower will expend no portion of the
				loan directly or indirectly for purposes other than those approved by the
				Authority.
E. The borrower will
				keep and maintain proper books, records and accounts, and operate the business
				in a businesslike manner, and will allow the Authority or its designated
				representatives to examine the business and the books, records and accounts at
				any reasonable time.
F. The
				borrower will pay, when due, all taxes or charges assessed against the
				collateral or the business.
G. The
				borrower will keep insured to the satisfaction of the Authority all insurable
				property securing the loan and will maintain the collateral in good condition
				and repair.
H. The borrower will
				repay any advances or expenses of the Authority necessary to protect the
				collateral or enforce the rights of the Authority against the borrower or the
				collateral.
I. Capital expenditures
				may be limited as deemed necessary by the Authority.
J. The borrower will not alter or relocate
				collateral or the business or change the nature of the business without the
				prior written consent of the Authority.
K. The borrower will comply with such other
				covenants as the Authority may impose or establish.
L. In the event that the Authority has
				provided for the community action agency to administer the Maine Job Start
				Program and to control a portion of the job start revolving loan fund, then the
				provisions of subparagraphs C, D, E, F, and G shall apply to and benefit the
				community action agency instead of the Authority, mutatis mutandis.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-11 - Use of Loan Proceeds

Current through 2024-29, July 17, 2024
The borrower shall use loan proceeds for the purposes stated
				  in the Commitment, and the borrower's rights under the Commitment shall not be
				  assignable.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-12 - Waiver of Rule

Current through 2024-29, July 17, 2024
The members or the chief executive officer so may waive any
				  requirement of this rule, except to the extent that the requirement is mandated
				  by the Act, in cases where the deviation from the rule is insubstantial and is
				  not contrary to the purposes of the job-start program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-13 - Loan Administration

Current through 2024-29, July 17, 2024
A. Notes shall be
				payable to the Authority, unless the Authority has provided that the community
				action agency shall administer the Maine Job Start Program and control a
				portion of the job start revolving loan fund, in which event notes shall be
				payable to the community action agency. All loan administration, including
				accounting, monitoring and collection, shall be the responsibility of the
				Authority, unless the Authority has provided that the community action agency
				shall administer the Maine Job Start Program and control a portion of the job
				start revolving loan fund, in which event loan administration shall be the
				responsibility of the community action agency. Upon default under the loan
				documentation for any loan, whether a default in payment or otherwise, the
				chief executive officer may allow the defaulting borrower such time to cure the
				default as the chief executive officer may deem reasonable, may revise the
				terms and conditions of the loan to accord with the borrower's financial
				condition and business prospects, may require additional security or may
				declare an immediate default and proceed to take such action as is necessary to
				enforce the Authority's rights, or in the event the Authority has provided that
				the community action agency shall administer the Maine Job Start Program and
				control a portion of the job start revolving loan fund, then such action as is
				necessary to enforce the community action agency's rights under the loan
				documents and to collect the loan. In determining how to proceed after a
				borrower defaults, the chief executive officer shall consider the purposes of
				the Act and the job-start program, the borrower's progress and prospects, the
				impact of enforcement and collection on the borrower and the likelihood that
				the loan will be repaid if a waiver or extension is granted.
B. If the chief executive officer determines
				that the loan should be enforced and collected, the borrower shall be given
				notice of the default or defaults, shall be given a grace period of thirty (30)
				days in which to cure the default or defaults, and shall be notified that if he
				fails to cure the default or defaults, the Authority, or, if the Authority has
				provided that the community action agency shall administer the Maine Job Start
				Program and control a portion of the job start revolving loan fund, then, the
				community action agency, may proceed to enforce its rights under the loan
				documents.
C. In order to protect
				the integrity of the job-start fund, the chief executive officer may apply
				payments or other monies received on loans which are in default first to
				expenses of collection, and preservation of collateral, second to accrued
				interest and third to outstanding principal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 301 - MAINE JOB-START PROGRAM › Section 457-301-14 - Business Support Groups

Current through 2024-29, July 17, 2024
In addition to the foregoing, the following shall apply only
				  to business support groups. To the extent that anything in this Section
				  14 is contrary to any of the
				  foregoing, this Section
				  14 shall govern business support
				  groups.
A. Contract. The Contract
				between participating community action agencies and the Authority shall contain
				the following:
1 The Coordinator shall also
				be responsible for monitoring periodic business support group meetings,
				business support group fund reporting to the Authority and assistance in
				preparation of and review of business support group loan
				applications.
2 The community
				action agency shall also provide the Authority with a monthly report on
				business support group funds and status of projects pending.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-1 - DEFINITIONS

Current through 2024-29, July 17, 2024
A. Reference to Act Definitions. Certain
				terms used in this rule, which are defined in the Finance Authority of Maine
				Act, 10 MRSA §961 and following (the Act), shall have the meanings set
				forth in the Act, unless clearly specified otherwise or unless the context
				clearly indicates otherwise.
B.
				Defined Terms.
1. "Borrower" means a person
				or entity which meets the eligibility requirements set forth in Section 2 of
				this rule, and includes a prospective borrower where the context
				requires.
2. "Chief executive
				officer" means the Authority's chief executive officer or a person acting under
				the supervisory control of the chief executive officer.
3. "Lender" means any bank, trust company,
				national banking association, federal savings and loan association, industrial
				bank, mortgage company, insurance company, credit union, local development
				corporation, or any other institution or entity authorized to do business in
				this State, or any state or Federal agency which customarily provides financing
				assistance.
4. "Program" means the
				Maine Natural Disaster Business Assistance Program governed by the Act and this
				rule.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-2 - ELIGIBILITY

Current through 2024-29, July 17, 2024
To be eligible for financial assistance under the program,
				  borrowers must demonstrate each of the following:
A. The borrower has suffered serious
				financial hardship as a direct result of a natural disaster which has caused
				any part of the State to be declared a disaster area by the President of the
				United States or his authorized representative.
B. The borrower's business which suffered the
				hardship must be located in the State.
C. The borrower's business is organized as a
				for-profit business.
D. The
				proceeds of the financial assistance will be used for a business purpose and
				not to discharge an existing indebtedness, unless the chief executive officer
				specifically approves refinancing based on a demonstration of compelling
				need.
E. The borrower must apply to
				the United States Small Business Administration ("SBA") for disaster loan
				assistance if the borrower is eligible to do so. Failure to apply to SBA before
				any applicable deadline will cause the borrower to be ineligible under this
				program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-3 - APPLICATION CONTENTS

Current through 2024-29, July 17, 2024
Each borrower or its lender shall submit an application to
				  the chief executive officer on such forms and with such attachments as the
				  chief executive officer may require consistent with the purposes of the program
				  and the requirements of other Authority small business programs (e.g., Chapter
				  103, 301, 302). The application shall be accompanied by or supplemented with
				  evidence of the submission of an application to SBA where applicable, and a
				  copy of the SBA application where available.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-4 - APPLICATION PROCEDURES

Current through 2024-29, July 17, 2024
Applications shall be reviewed and considered for assistance
				  in the order in which they are received. Applications shall be marked with the
				  date and time received or with some other marking indicating the order in which
				  applications were received. Applications received at the same time, such as in
				  the same delivery of mail, shall receive equal consideration. The chief
				  executive officer shall determine when an application is received, which
				  determination shall be final. Applications which are not substantially complete
				  may be deemed not received until completed. For applications to be submitted
				  through lenders, the chief executive officer may determine that the application
				  is received upon receipt of a telephone call from the lender stating that the
				  application is being submitted, provided that the application must be received
				  in the Authority's offices within seven (7) calendar days from the date of the
				  telephone call. In order to confirm the reservation, the lender must be given a
				  reservation number at the time of the telephone call.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 303 - NATURAL DISASTER BUSINESS ASSISTANCE PROGRAM › Section 457-303-5 - ASSISTANCE PROVIDED

Current through 2024-29, July 17, 2024
The Authority may provide assistance from the Natural
				  Disaster Business Assistance Fund either in the form of a direct loan to a
				  borrower or in the form of a deposit with a lender, which lender has agreed to
				  loan the amount of the deposit to the borrower on such terms and conditions as
				  the chief executive officer may require or approve. Assistance under this
				  program shall be combined, to the extent feasible, with assistance under other
				  Authority programs. Financial assistance may not be provided through a lender
				  unless that lender certifies that it would not be able to provide a loan to the
				  borrower without financial assistance under this program even if the Authority
				  provided loan insurance under the Small Business Mortgage Insurance Program
				  (Chapter 103).