reglab/statecodes huggingface dataset:
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-6 - Terms and Conditions; Premiums, Fees and Other Charges

Current through 2024-29, July 17, 2024
A. Periodic payments of principal and
				interest shall be established in accordance with a borrower's needs. The
				authority may defer principal and interest payments as necessary.
B. Loan terms shall not exceed five (5)
				years, although interim payments may be based on amortizations of up to twenty
				(20) years in the case of loans primarily secured by real estate, up to ten
				(10) years in the case of loans primarily secured by machinery and equipment
				and up to seven (7) years for other loans.
C. All loans shall accrue interest at Wall
				Street prime plus 2% fixed on the date of the Commitment. Exceptions may be
				made by the Authority in cases where the borrower demonstrates a need for a
				lower rate of interest and such lower rate of interest is justified by the
				magnitude of the public benefit to be derived from the project. The authority
				may require payments in addition to or in place of interest, which may include
				royalties or additional payments based on sales, net cash flow or other
				financial measures and rights to equity in the business. Such additional
				payments may be required in situations where the risk of providing the
				financing is such that additional payments are reasonably required to provide a
				return appropriate to the authority's risk.
D. Additional requirements and covenants of
				each loan may be established, provided that each borrower shall at a minimum be
				required to maintain and repair collateral, maintain adequate insurance
				covering public liability, hazard, and flood insurance if the borrower is
				located in a flood plain, and comply with all applicable federal, State and
				local laws, regulations, ordinances and orders. Each borrower shall also be
				required to maintain such environmental liability insurance as may be required
				by the chief executive officer.
E.
				The borrower shall pay a loan origination fee equal to 1% of the loan amount at
				closing and shall be responsible for the authority's attorneys fees (whether of
				the authority's legal division or outside Counsel) and all out of pocket costs
				and expenses of underwriting, closing, administering and collecting the loan.
				The authority shall also be entitled to collect from the fund, a loan
				underwriting fee of 1% of the requested loan amount for every loan application
				received whether or not the loan is approved or made, plus any reasonable
				out-of-pocket underwriting costs not paid by the borrower. The authority shall
				also be entitled to collect from the fund an annual loan administration fee in
				an amount equal to 2% of the outstanding principal balance of the loan
				remaining due on each anniversary date of each loan. At the authority's
				election, the loan administration fee may be calculated and collected on a
				monthly or quarterly basis.-
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-8 - Appeal to the Members

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the chief
				  executive officer, the applicant shall have the right to appeal the decision of
				  the chief executive officer to the members, provided that such appeal shall not
				  affect processing of other applications received prior to the notice of appeal.
				  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 20 days after the date the chief
				  executive officer mails the notice of rejection to the applicant. The appeal
				  shall be heard at a meeting of the members. 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 rejection. The decision of the chief
				  executive officer shall be final unless the members determine that the
				  rejection 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. If the chief executive
				  officer's decision is upheld on appeal or in the event no appeal is timely
				  taken by an applicant on the denial of a loan application, the applicant shall
				  not be entitled to submit another application which is not materially and
				  substantially different than the denied application, as determined by the chief
				  executive officer, for a period of six (6) months from the date of the denied
				  application.
-
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 311 - ECONOMIC RECOVERY PROGRAM › Section 457-311-9 - Waiver of Rule

Current through 2024-29, July 17, 2024
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 the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-2 - Program Implementation and Assistance Provided

Current through 2024-29, July 17, 2024
The program shall be administered by and is delegated to the
				  chief executive officer. The Authority may provide financial assistance in the
				  form of a direct loan in the amount of up to 75% of the total project cost as
				  set forth in the application, up to $250,000, to an eligible Borrower on such
				  terms and conditions as the chief executive officer may require or approve.
				  Assistance under this program may be combined, to the extent possible, with
				  assistance under other Authority programs.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-3 - Applicant Eligibility

Current through 2024-29, July 17, 2024
To be eligible for financial assistance under the program, a
				  Borrower must demonstrate each of the following:
A. The project to be financed must to the
				maximum extent possible use labor of low-income persons, farm families, and
				displaced farm families needing additional income to supplement their farming
				operations. The Borrower must provide a certification with the application of
				the percentage of its workforce which satisfies this criterion.
B. The project must be located within a rural
				area of the State.
C. The proposal
				is innovative in providing services and or products to the public.
D. The Borrower is creditworthy and
				reasonably likely to repay the loan.
E. The Borrower is a for-profit or nonprofit
				commercial entity (including sole proprietorships), other than a charitable or
				educational institution, church, organization affiliated with or sponsored by a
				church, or a fraternal organization.
F. The Borrower has obtained funds from other
				sources of capital, including equity and debt, for at least 25% of the project
				contemplated.
G. That the funds
				will not be used to purchase goods or services or render assistance in excess
				of what is needed to accomplish the Borrower's purpose, as determined by the
				Authority.
H. That the funds will
				not be used for distribution or payment to the owner, partners, shareholders,
				or beneficiaries of the Borrower or members of their families when such persons
				will retain any portion of their equity in the Borrower.
I. That the funds will not be used to provide
				assistance to government employees or military personnel.
J. That the funds will not be used to provide
				assistance to principals or employees of the Authority who are directors,
				officers or have major ownership (20 percent or more) in the Borrower or an
				entity related to the Borrower.
K.
				The Borrower, if an individual, is a citizen of the United States or one or
				more citizens of the United States own at least 51 % of the Borrower.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-4 - Project Eligibility

Current through 2024-29, July 17, 2024
A. Program funds
				may be used only for the following purposes:
(1) Business acquisitions, construction,
				conversion, enlargement, repair, modernization or development cost.
(2) The purchase and development of land,
				easements, rights-of-way, building, facilities, leases or materials.
(3) The purchase of equipment, leasehold
				improvements, machinery or supplies.
(4) Pollution control and
				abatement.
(5) Transportation
				services.
(6) Startup operating
				costs and working capital.
(7)
				Interest (including interest in interim financing) during the period before the
				facility becomes income producing, but not to exceed three (3) years.
(8) Feasibility studies.
(9) Authorized fees.
(10) Aquaculture, including conservation,
				development and utilization of water for aquaculture.
(11) Commercial nurseries primarily engaged
				in the production of ornamental plants and trees and other nursery products
				such as bulbs, florists' greens, flowers, shrubbery, flower and vegetable
				seeds, sod, the growing of vegetables from seed to the transplant
				stage.
(12) Forestry, which
				includes establishments primarily engaged in the operation of timber tracts,
				tree farms, forest nurseries, and related activities such as
				reforestation.
(13) Livestock and
				poultry processing.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-5 - Application Procedure and Content

Current through 2024-29, July 17, 2024
A. Each Borrower
				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 this rule. An application shall contain,
				at a minimum, such general information identifying and describing the Borrower,
				the proposed project, and the proposed financing of the project as specified in
				the application form, Form FmHA 1940 - 20, Request for Environmental
				Information and such other information as requested by the chief executive
				officer.
B. The chief executive
				officer will review each application for completeness and eligibility.
				Applications which are not substantially complete may be deemed not received
				until completed. The chief executive officer shall determine when an
				application is received, which determination shall be final.
C. Upon approval, the chief executive officer
				shall submit the application and all supporting material requested to the FmHA.
				The Authority may issue a commitment of loan funds to a Borrower conditioned on
				receipt of an affirmative decision to proceed with the loan by the FmHA. No
				loan funds may be disbursed without the affirmative decision of the
				FmHA.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-6 - Criteria and Considerations

Current through 2024-29, July 17, 2024
A. No application
				will be approved unless the chief executive officer determines that the
				Borrower is eligible, including a determination that the loan proceeds will be
				put to an appropriate use.
B. No
				application will be approved unless the chief executive officer determines that
				the application is complete and that information sufficient to make an informed
				decision on the application has been received.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-8 - Loan Priority

Current through 2024-29, July 17, 2024
In the event the demand for loans exceeds the funds available
				  in the loan fund, the Authority shall consider the following in determining the
				  distribution of the loan fund.
A. The
				percentage of the workforce and number of workers who are members of families
				with income below the poverty line.
B. The number of jobs likely to be retained
				or created in the event the loan is made.
C. The likelihood of the long-term success of
				the Borrower if assistance is awarded.
D. The availability of other sources of
				assistance to supplement a loan under this program and other sources of
				assistance from the State.
The authority may determine in the discretion of the chief
				  executive officer that a reasonable and prudent amount shall be retained in the
				  fund, despite any application which may be pending.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-9 - Appeal to the Members

Current through 2024-29, July 17, 2024
In the event that an application is rejected by the chief
				  executive officer, the applicant shall have the right to appeal the decision of
				  the chief executive officer to the members, provided that such appeal shall not
				  affect processing of other applications received prior to the notice of appeal.
				  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 20 days after the date the chief
				  executive officer mails the notice of rejection to the applicant. The appeal
				  shall be heard at a meeting of the members. 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 rejection.
The decision of the chief executive officer shall be final
				  unless the members determine that the rejection 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. Priority of any application with respect to which the chief
				  executive officer's rejection has been overturned or modified shall be
				  determined as of the date and time of receipt of the notice of appeal.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 312 - INTERMEDIARY RELENDING PROGRAM › Section 457-312-10 - Waiver of Rule

Current through 2024-29, July 17, 2024
The chief executive officer may waive any requirement of this
				  rule, except to the extent that the requirement is mandated by the Act or the
				  FmHA Instruction, in cases where the deviation from the rule is insubstantial
				  and is not contrary to the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-2 - Program Implementation and Assistance Provided

Current through 2024-29, July 17, 2024
The program shall be administered by and is delegated to the
				  Chief Executive Officer. The Authority may provide financial assistance in the
				  form of a disbursement from the fund in an amount up to $3,500,000 to an
				  eligible applicant, which may in turn, provide financial assistance to eligible
				  borrowers in an amount up to $350,000 in the form of a loan, in accordance with
				  the Act and this rule. The Authority may also provide financial assistance in
				  the form of direct loans to borrowers for quality childcare
				  projects.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-3 - Advisory Committees/Boards

Current through 2024-29, July 17, 2024
The Chief Executive Officer may establish advisory committees
				  or boards to assist applicants in developing loan or equity-like debt
				  underwriting and administrative capacity and portfolio monitoring and servicing
				  capabilities.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-5 - Applicant Eligibility (for other than direct loans to borrowers)

Current through 2024-29, July 17, 2024
In order to approve an application, the Chief Executive
				  Officer must determine that the applicant, either independently or with the
				  assistance of an advisory board or committee or by contract with appropriate
				  agencies, organizations or individuals:
A. for disbursements not to be used for
				quality child care projects, is capable of providing financial assistance to
				businesses in order to create and protect jobs;
B. is able to prudently and effectively
				administer a direct loan fund;
C.
				is able to coordinate with other business assistance, employment training and
				social assistance programs;
D. for
				disbursements not to be used for quality child care projects, has a strategy
				for the creation and retention of jobs and, if applicable, a strategy for real
				estate development including commercial, mixed-use real estate and community
				facilities;
E. for disbursements
				not to be used for quality child care projects, has an effective small business
				marketing and technical assistance plan;
F. has enough expert assistance available to
				it to underwrite, document and service and collect loans and assist its
				clients; and
G. can provide funds
				from other sources in the amounts required pursuant to Section 8(B).
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-6 - Disbursements From the Fund (other than direct loans to borrowers)

Current through 2024-29, July 17, 2024
A. Upon a determination of eligibility to
				receive a disbursement from the fund, the Chief Executive Officer shall
				determine an amount to be disbursed to an applicant that achieves the widest
				possible geographic range of distribution of funds, as well as the least
				possible duplication of disbursement of funds in any one region. The Chief
				Executive Officer shall take into account the following criteria:
(1) The size of the region or regions served
				by the applicant and the demand for loan funds within such region or
				regions;
(2) The relative demand
				for funds from other eligible applicants;
(3) Whether the applicant serves statewide or
				a geographic area or segment of potential borrowers not served by others;
				and
(4) The number of types of
				eligible projects referred to in Section 9(A) of this rule within the
				applicant's area.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-7 - Contracts; Fees and Expenses

Current through 2024-29, July 17, 2024
An applicant must enter into a contract with the Authority
				  regarding the funds to be disbursed. At a minimum, the contract must
				  specify:
A. That each applicant shall
				establish its own revolving loan fund with the monies it receives from the
				Authority. An applicant may make loans from its own fund within the parameters
				of this rule.
B. A loan payment
				default rate that will be acceptable to the Authority during the term of the
				contract. To the extent the applicant's actual default rate exceeds that set
				forth in the contract, the Authority
(1) may
				require that all loans which the applicant proposes to make thereafter be
				approved by the Authority, until the applicant brings its loan payment default
				rate into compliance with the contract, and
(2) may require that the applicant pay to the
				Authority an amount equal to the difference between the acceptable default rate
				set forth in the contract and the actual default rate. A loan payment default
				shall be defined as any payment that is ninety (90) days or more past
				due.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-8 - Loan Terms and Conditions

Current through 2024-29, July 17, 2024
An applicant, and in the case of eligible quality child care
				  projects, the Authority, may make a loan to an eligible borrower from program
				  funds under the following terms and conditions:
A. Loans may not exceed $350,000 to a
				borrower (including an affiliated entity) for an eligible project, provided,
				however, for projects other than quality child care projects, approval of the
				Authority is required for loans of $150,000 or more, except that those
				applicants which have received a disbursement from the specially designated
				fund set forth in Section 6(C) must comply with the limitations set forth
				therein.
B. Loans of less than
				$50,000 and loans for quality child care projects may be for the total amount
				of new funds being provided to a borrower. Loans of $50,000 or more for
				borrowers other than quality child care projects may not exceed one-half (1/2)
				of the net new funds being provided to a borrower.
C. Each applicant shall establish interest
				rates, amortization schedules and repayment terms for each borrower except that
				loans for quality child care projects must bear a rate of interest not greater
				than 5%, and loans for other eligible projects may not bear a rate of interest
				greater than the prime rate of interest plus seven percent (7%). Direct loans
				from the Authority for quality child care projects shall be subject to a 1%
				commitment fee payable to the Authority at the time the commitment is accepted,
				and shall bear interest at a rate of 5%. No loan may be for a term longer than
				twenty (20) years.
D. When
				necessary, an applicant may provide for flexible repayment terms and may
				require additional payments tied to the borrower's financial success.
E. An applicant shall require collateral for
				loans but may subordinate to loans from other lenders.
F. Such other terms and conditions as may be
				determined by an applicant and approved by the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-9 - Eligible Projects

Current through 2024-29, July 17, 2024
A. In order for a
				project or borrower to be eligible for financial assistance under the program,
				the project or borrower must meet the criteria of subsections 2, 3, and 4,
				below, and must meet the criteria of either subsection 1 or subsection 5,
				below, as follows:
(1) The borrower has
				one-hundred (100) or fewer employees or annual sales of $10,000,000 or less and
				it consists of or involves at least one of the following:
(a) Manufacturing technologies, such as value
				added wood products, specialty fabricated metal and electronic products,
				precision manufacturing and use of composites or advanced materials;
(b) Technologies, such as advanced
				information systems, advanced telecommunications, energy and environmental
				products and services;
(c)
				Value-added natural resource enterprises and biological and natural resources
				technologies, such as aquaculture, marine technology, agriculture, forestry
				products and biotechnology;
(d) A
				business converting from defense dependencies;
(e) A business significantly engaged in
				export of goods or services to locations outside the State;
(f) A business that dedicates significant
				resources to research and development activities;
(g) Other businesses with fifteen (15) or
				fewer employees; and
(h) A quality
				child care project.
(i) A business
				significantly engaged in commercial and/or mixed-use real estate and/or
				community facilities real estate development; and
(j) A business significantly engaged in
				serving tourists, such as in the area of outdoor recreation, culture and
				heritage and hospitality.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-10 - Reports

Current through 2024-29, July 17, 2024
An applicant shall report semiannually to the Authority on
				  the projects being funded and the administration of the program. The report
				  must include a description of each project, the amount, type and terms of
				  assistance the project received, the number of jobs that were created or
				  retained and other information the Authority requires. The report must contain
				  an accounting of the loan portfolio and any loans that are past due, as well as
				  an accounting of the applicant's operating costs incurred and charged to the
				  program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-11 - Audit

Current through 2024-29, July 17, 2024
The Authority shall review annually each applicant's
				  participation in the program and may, in its discretion, require an independent
				  audit at the expense of the applicant. If the Authority determines that an
				  applicant has used funds for ineligible purposes, the applicant shall repay
				  those funds to the Authority for deposit into the fund. The Authority may not
				  disburse additional funds to an applicant until it has repaid the misapplied
				  funds and has fully complied with its obligations under the contract with the
				  Authority. In addition to other fees the Authority is authorized to charge the
				  fund hereunder, the Authority shall be entitle to charge the fund for
				  reasonable costs incurred by the Authority for the performance of the audits
				  described in this Section
				  11.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-12 - Appeal to the Members

Current through 2024-29, July 17, 2024
A. In the event
				that an applicant's application is rejected by the Chief Executive Officer, the
				applicant 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 20
				days after the date the Chief Executive Officer mails the notice of rejection
				to the applicant. The appeal shall be heard at a meeting of the members. 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 rejection. The
				decision of the Chief Executive Officer shall be final unless the members
				determine that the rejection 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.
B. In the event that a
				borrower's application that is reviewed by the Authority in accordance with
				this rule is rejected by the Chief Executive Officer, the Chief Executive
				Officer's determination shall be final and there shall be no further right of
				appeal to the members.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-13 - Waiver of Rule

Current through 2024-29, July 17, 2024
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 the deviation from the rule is insubstantial and is not contrary to the
				  purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 314 - REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM › Section 457-314-14 - Effective Date

Current through 2024-29, July 17, 2024
This rule as amended by Amendment 7 does not take
				  effect unless and until the Authority receives additional funding of at least
				  $1 million from the State pursuant to bonds issued pursuant to Public Law 2013,
				  Chapter 596, or by state appropriation after January 1, 2015.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-1 - Definitions

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.
				  §961
et seq
. (the
				  "Act"), shall have the following meanings in this rule:
A. "Account holder" means a person (or, in
				the case of joint account holders, persons) whose family income is below 200%
				of the nonfarm income official poverty line as defined by the federal Office of
				Management and Budget and revised annually in accordance with the United States
				Omnibus Budget Reconciliation Act of 1981, Section 673, subsection
				2 codified at
				42
				U.S.C. §
										9902(2),
				§
									673(2)
				of the Omnibus Budget Reconciliation Act of 1981, as annually amended, who owns
				a family development account and who, after opening the account, meets the
				criteria of Section
				8.
B. "Applicant" means a community development
				organization which has submitted an application to administer family
				development accounts.
C.
				"Authority" means the Finance Authority of Maine.
D. "Chief Executive Officer" means the
				Authority's Chief Executive Officer or any person acting under the delegated
				authority and supervision of the Chief Executive Officer.
E. "Committee" means the advisory committee
				on family development accounts.
F.
				"Community development organization" or "CDO" means a charitable organization,
				a community action agency or a nonprofit organization under the Internal
				Revenue Code, Section 501(c)(3) approved by the Authority to administer a
				family development account program.
G. "Contract" means a contract between the
				Authority and any applicant setting forth the terms of the applicant's
				participation as an administrator of family development accounts.
H. "Eligible uses" means a use permitted
				under Section
				9 of this rule.
I. "Family development account" or "account"
				means a financial instrument established pursuant to this rule.
J. "Family development account reserve fund"
				means the fund created by an approved community development organization for
				the purpose of funding the administrative costs of the program and providing
				matching funds for deposit in family development accounts.
K. "Financial Institution" means a credit
				union or financial institution authorized to do business in the State of Maine
				under Title 9-B and that meets standards established by the
				Authority.
L. "Members" means the
				members of the Board of Directors of the Finance Authority of Maine.
M. "Program" means the Family Development
				Account Program as described in and governed by the Act and this
				rule.
N. "State" means the State of
				Maine.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-3 - Advisory Committee on Family Development Accounts

Current through 2024-29, July 17, 2024
A. The committee shall meet at least two
				times annually.
B. The committee
				shall elect a chair and a vice chair from among its members. The chair shall be
				responsible for the conduct of each meeting. The vice chair shall be
				responsible for the conduct of a meeting in the absence of the chair.
C. A quorum of at least half of the incumbent
				committee members must be present to conduct the business of the
				committee.
D. The committee shall
				provide an evaluation of the use of and success of family development accounts
				and shall provide recommendations with respect to changes in law, rule or
				policy to enhance the ability of account holders to improve their economic
				security.
E. The committee will
				provide a report to the joint standing committee of the Legislature having
				jurisdiction over business and economic development matters by March 1st of
				each year, beginning in 1999.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-5 - Applicant Eligibility and Assessment

Current through 2024-29, July 17, 2024
In order to approve an application, the Chief Executive
				  Officer must determine that the applicant:
A. Is a community development
				organization.
B. Is able to
				administer a family development account program prudently and
				effectively.
C. Is able to
				coordinate with other employment training, educational and social assistance
				programs.
D. Has an effective
				marketing plan.
E. Has enough
				expert assistance available to it to provide financial management education to
				all account holders.
F. Has the
				capacity to provide or raise funds from other sources to provide matching
				funds.
G. Evidences the ability to
				provide adequate security, which may be in the form of a bond.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-6 - Participating Financial Institutions

Current through 2024-29, July 17, 2024
A. The Authority
				will enter into contracts with each financial institution which agrees to:
(1) Maintain accounts for and in the name of
				the account holder(s) ;
(2) Permit
				deposits to be made into accounts by the community development organization on
				behalf of the account holder;
(3)
				Credit interest to the account at a rate equal to or higher than the rate
				applicable to comparable accounts within the financial institution;
(4) Permit the account holder to withdraw
				money from an account for an eligible purpose identified in section 9;
				and
(5) Require the account holder
				to allow the financial institution to provide all account information to the
				community development organization.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-7 - Contracts; Fees and Expenses

Current through 2024-29, July 17, 2024
The Authority will enter into a contract with each
				  participating community development organization. The contract will
				  provide:
A. Each participating
				community development organization will provide a report every six months
				identifying:
(1) The number of account
				holders it assists;
(2) The
				aggregate dollar amount in accounts supervised by the CDO, identifying amounts
				contributed by account holders and amounts contributed through matching
				funds;
(3) The sources of matching
				funds received and the amount received from each source. A source may choose to
				maintain anonymity.
(4) The amount
				of matching funds provided to account holders;
(5) The amount available in the CDO's family
				development account reserve fund;
(6) Amounts withdrawn from accounts and the
				use of the funds;
(7) Activities
				undertaken by the CDO to recruit account holders;
(8) Activities undertaken by the CDO to
				recruit matching funds;
(9)
				Services provided to account holders;
(10) A listing of each financial institution
				where family development accounts are deposited, including the number of
				accounts at each and the aggregate dollar amount at each; and
(11) Such other information as the Authority
				may require.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-8 - Continuing Account Holder Eligibility

Current through 2024-29, July 17, 2024
A. An
				individual remains an eligible account holder as long as they meet the criteria
				established in Section 1.A.
B. The
				eligibility of each account holder will be evaluated no less than
				annually.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-9 - Eligible Uses of Family Development Accounts

Current through 2024-29, July 17, 2024
A.
				The account holder must obtain approval of the community development
				organization administering the account for each withdrawal.
B. Account holders may make withdrawals from
				accounts without penalty for each of the following:
(1) Expenses for education or job training or
				to attend an accredited or approved postsecondary education or training
				institution;
(2) The purchase of a
				home which is or will be used as the account holder's principal residence and
				which home is in compliance with standards set by the CDO approving the
				withdrawal;
(3) The repair of the
				account holder's principal residence;
(4) The purchase or repair of a vehicle used
				for transportation to work or to attend an education or training
				program;
(5) Expenses for an
				emergency that may cause the loss of shelter, employment or other basic
				necessities;
(6) Capital to start a
				small business for any family member who is 18 years of age or older;
				or
(7) Health care costs exceeding
				$500 not covered by public or private insurance.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-10 - Termination of Accounts

Current through 2024-29, July 17, 2024
A. Upon the death
				of an account holder the account must be transferred to the ownership of the
				designated beneficiary, if any. If there is no designated beneficiary, the
				account must be transferred to the estate of the deceased. No matching funds or
				interest earned on matching funds will be transferred to the beneficiary or the
				estate.
B. If an individual becomes
				ineligible to be an account holder, the individual is no longer eligible to
				make contributions to the family development account or to receive matching
				funds. The individual may retain the account and make withdrawals for eligible
				purposes with the certification of the community development organization
				administering the account.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-11 - Tax Consequences

Current through 2024-29, July 17, 2024
Account balances and withdrawals are exempt from taxation
				  pursuant to
				   36
				  M.R.S.A. §803.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-12 - Tax Credit Certificates

Current through 2024-29, July 17, 2024
A. To obtain a tax
				credit for a contribution to a Family Development Account Reserve Fund a
				taxpayer must submit to the Authority:
(1) A
				fully completed application.
(2) A
				certification from a CDO which has entered into a contract with the Authority,
				including:
(a) the date the CDO received the
				contribution;
(b) the amount of the
				contribution; and
(c) the name of
				the contributor.
(3) A
				certification from the contributor that the contributor will not claim an
				itemized charitable deduction for the amount of the contribution that qualified
				for the credit.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-13 - Appeal

Current through 2024-29, July 17, 2024
A. In the event that a community development
				organization's application is rejected by the Chief Executive Officer, the
				applicant 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 20
				days after the date the Chief Executive Officer mails the notice of rejection
				to the applicant. The appeal shall be heard at a meeting of the members. 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 rejection. The
				decision of the Chief Executive Officer shall be final unless the members
				determine that the rejection 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.
B. In the event that
				there is a dispute between an account holder and the community development
				organization, it may be appealed to the Chief Executive Officer of the
				Authority. The Chief Executive Officer's determination shall be final. Notice
				of the appeal, together with a statement of the reasons why the decision should
				be reversed or modified, shall be given to the Chief Executive Officer, in
				writing within 30 days after the date of the decision. The adversary shall have
				30 days to respond. The Chief Executive Officer may make a decision based on
				the materials presented or may set a hearing time and date. If the Chief
				Executive Officer determines to hold a hearing the appellant must be present to
				support the appeal. The appeal shall be based on the record before the Chief
				Executive Officer. The decision of the Chief Executive Officer shall be final
				agency action appealable to the Superior Court.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-14 - Waiver of Rule

Current through 2024-29, July 17, 2024
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 the deviation from the rule is insubstantial and is not contrary to
				  the purposes of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-15 - Conflict of Interest

Current through 2024-29, July 17, 2024
No member of the Committee may vote on any matter in which
				  the member or any organization the member works for has a conflict of interest
				  or which may be perceived as a conflict of interest.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-1 - 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 M.R.S.A.
				Section961 and following (the "Act"), shall
				have the meaning 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 that
				meets the eligibility requirements set forth in Section
				3 of this rule, and includes a
				prospective borrower where the context requires. If the borrower is a holding
				company or is a subsidiary or affiliate of or is related to an entity with 50%
				or more common ownership, "borrower" shall include the parent, affiliated or
				related entity when determining eligibility, including the net worth and debt
				service coverage of the borrower.
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. "Clean fuel" means all
				products or energy sources used to propel motor vehicles, as defined in Title
				29-A, Section 101, other than conventional gasoline, diesel or reformulated
				gasoline, that, when compared to conventional gasoline, diesel or reformulated
				gasoline, results in lower emissions of oxides of nitrogen, volatile organic
				compounds, carbon monoxide or particulates or any combination of these. "Clean
				fuel" includes, but is not limited to, compressed natural gas; liquefied
				natural gas; liquefied petroleum gas; hydrogen; hythane, which is a combination
				of compressed natural gas and hydrogen; dynamic flywheels; solar energy;
				alcohol fuels containing not less than 85% alcohol by volume; and
				electricity.
4. "Clean fuel
				vehicle" means a vehicle that may be propelled by a clean fuel or a fuel-cell
				electric vehicle that uses any fuel.
5. "Clean fuel vehicle project" or "Project"
				means the acquisition or lease of clean fuel vehicles, the acquisition of clean
				fuel vehicle delivery systems and other clean fuel vehicle components, the
				conversion of vehicle fuel systems to the sue of clean fuels and the
				acquisition of capital equipment necessary to establish clean fuel vehicle
				support and maintenance facilities.
6. "Members" means the members of the Finance
				Authority of Maine.
7. "Principals"
				means one or more natural persons who own or control 20% or more of the
				borrower.
8. "Program" means the
				Clean Fuel Vehicle Program governed by the Act and this rule.
9. "State" means the State of
				Maine.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-2 - Program Implementation and Assistance Provided

Current through 2024-29, July 17, 2024
The program shall be administered by and is delegated to the
				  Chief Executive Officer. The Authority may provide financial assistance in the
				  form of a direct loan in the amount actually necessary to complete the project
				  up to $50,000 to an eligible borrower. Assistance under this program may be
				  combined, to the extent possible, with assistance under other Authority
				  programs.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 316 - CLEAN FUEL VEHICLE PROGRAM › Section 457-316-3 - Eligibility

Current through 2024-29, July 17, 2024
A. To be eligible for financial assistance
				under the program a borrower must demonstrate each of the following:
1. The project is technologically
				feasible.
2. The project will
				contribute to a reduction of or more efficient use of fossil fuels.
3. A reasonable likelihood that the borrower
				will be able to repay the loan.
4.
				A reasonable likelihood that the borrower will not be able to obtain the funds
				necessary to undertake all or any part of the project from any other source,
				including an insured loan pursuant to 10 MRSA §1026-A.