reglab/statecodes huggingface dataset:
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 606 - THE PAUL DOUGLAS TEACHER SCHOLARSHIP PROGRAM (FORMERLY CONGRESSIONAL TEACHER SCHOLARSHIP PROGRAM) › Section 457-606-8 - Repayment Provisions

Current through 2024-29, July 17, 2024
A. Each recipient
				must sign an Agreement with the authority which will detail repayment
				obligations.
B. Repayment
				obligations either through return service or cash payments must be completed
				within a ten year period after completing the postsecondary education program
				for which the loans were awarded.
C. Each recipient may utilize a return
				service/forgiveness option by teaching full-time for a period of two years for
				each year for which the loan was received, providing such teaching is in a
				public or private nonprofit preschool, elementary school or secondary school in
				any state or private nonprofit education program in any state. The requirement
				to teach two years for each year of scholarship assistance is reduced by
				one-half in the case of individuals who teach full-time in a teacher shortage
				area as designated by the United States Secretary of Education.
D. A recipient shall not be considered to be
				in violation of the provisions of the repayment Agreement with the authority if
				the recipient:
1. Returns to a full-time
				course of study related to the field of teaching at an eligible
				institution
2. Is serving not in
				excess of three years as a member of the armed forces of the United
				States;
3. Is temporarily totally
				disabled for a period of time not to exceed three years as established by a
				sworn affidavit of a qualified physician;
4. Is unable to secure employment for a
				period not to exceed twelve months by reason of the care required by a spouse
				who is disabled;
5. Is seeking and
				unable to find full-time employment for a single period not to exceed twelve
				months;
6. Is seeking and unable to
				find full-time employment as a teacher in a public or private nonprofit
				preschool, elementary or secondary school or a public or private non-profit
				education program for a single period not to exceed 27 months.
During the time a recipient qualifies for any of these
				  exceptions, the recipient is not required to make scholarship repayments and
				  interest does not accrue.
A recipient seeking an exception under items 1 through 6 must
				  notify the authority in writing when the above conditions are applicable and
				  provide supporting documentation satisfactory to the authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 607 - ACCESS TO MEDICAL EDUCATION AND HEALTH PROFESSIONS LOAN PROGRAMS › Section 457-607-II - ACCESS TO MEDICAL EDUCATION PROGRAM

Current through 2024-29, July 17, 2024
A.
Contracts with Institutions
1.
				Prior to January 1, 2010, the Authority may enter into a contract with one or
				more institutions to secure positions for students of allopathic or osteopathic
				medicine. Prior to January 1, 2011, the Authority may enter into a contract
				with an institution to secure positions for students of veterinary
				medicine.
2. Each contract shall
				require contract students at the institution to complete clinical education in
				rural areas and health professional shortage areas of the State or, with
				respect to students of veterinary medicine, to complete clinical education in
				an area of the State with insufficient veterinary services relating to large
				animals, all upon such terms and conditions as may be agreed. Each contract
				shall further require the institution to provide the Authority annually a list
				of the clinical education completed in the preceding year by each contract
				student attending that institution.
3. Each contract may require the institution
				to improve opportunities for clinical education in rural areas, health
				professional shortage areas and areas of the State with insufficient veterinary
				services relating to large animals.
4. Each contract may require the institution
				to allow the Authority or a representative of the Authority to participate in
				the admission of applicants to the Access to Medical Education
				Program.
5. Each contract may
				require the institution to assist the Authority in determining the financial
				need of applicants participating in the Health Professions Loan
				Program.
6. Each contract will
				provide that payments will be made for each student for a maximum of four
				years.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 607 - ACCESS TO MEDICAL EDUCATION AND HEALTH PROFESSIONS LOAN PROGRAMS › Section 457-607-III - HEALTH PROFESSIONS LOAN PROGRAM

Current through 2024-29, July 17, 2024
A.
Eligibility
. To receive a loan an applicant must:
1. Be a Maine resident.
2. Provide all financial aid information
				requested by the Authority prior to any deadline established by the Authority
				and evidence financial need for a loan.
3. Be admitted to a program of allopathic,
				osteopathic, optometric, veterinary medicine or dentistry at an institution of
				medical education that has been accredited by the appropriate accreditation
				agency.
4. Loans may not be used as
				a substitute for:
a. Subsidized Federal
				Stafford loans;
b. Federal Perkins
				loans;
c. Financial aid from funds
				of an institution;
d. Any other
				financial aid available from the loan applicant's undergraduate college or
				university or any professional medical associations;
e. Loans made pursuant to Title VII of the
Federal Public Health Service Act
, excluding Health Education
				Assistance Loans;
f.
				Notwithstanding the foregoing, a financial aid officer from an institution may
				request that loans from the Authority pursuant to this Rule substitute for any
				of the financial aid listed if such substitution will be in the best interests
				of the applicant. Such requests may be granted in the discretion of the chief
				executive officer. The chief executive officer's decision on such request shall
				be final.
5. Have
				obtained a first Program loan prior to January 1, 2011. The loans described
				herein shall not be available to students occupying positions at schools of
				allopathic and osteopathic medicine after the 2012-2013 academic year or to any
				other students after the 2013-2014 academic year.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 607 - ACCESS TO MEDICAL EDUCATION AND HEALTH PROFESSIONS LOAN PROGRAMS › Section 457-607-IV - PROVISIONS AFFECTING STUDENTS WHO COMMENCE PROFESSIONAL EDUCATION ON OR AFTER JULY 1, 1981 AND PRIOR TO JANUARY 1, 1993

Current through 2024-29, July 17, 2024
A.
General Provisions
1. The
				contract student shall sign a written Agreement, and Promissory Note and
				Disclosure Statement through which the student agrees to conditions for
				repayment of indebtedness as a participant in the Postgraduate Health
				Professions Program.
2. The
				contract student upon completion of professional education or upon withdrawal
				from school for whatever reason shall enter the repayment period.
3. Any contract student commencing
				professional education on or after July 1, 1981 shall repay the State the
				tuition differential for each year of attendance as a contract student if the
				student's obligation has not been fulfilled under the forgiveness
				provisions.
4. Each student, except
				those who withdrew from professional education or no longer reside in Maine,
				shall return an annual report to the Authority no later than the date set forth
				by the Authority.
5. The student
				will report any change of address when such occurs to the Authority.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 607 - ACCESS TO MEDICAL EDUCATION AND HEALTH PROFESSIONS LOAN PROGRAMS › Section 457-607-V - PROVISIONS AFFECTING STUDENTS WHO COMMENCE PROFESSIONAL EDUCATION ON OR AFTER SEPTEMBER°1977 AND PRIOR TO JULY 1, 1981

Current through 2024-29, July 17, 2024
A.
Annual
				Report
. Contract students, except those who withdrew from professional
				education or no longer reside in Maine, shall indicate on the annual report
				their status commencing with graduation from the institution and annually
				throughout the remaining years of professional training and repayment
				period.
B.
Repayment
1. Any students commencing their professional
				education on or after September 1977, but prior to July 1, 1981 shall repay the
				State an amount of money equal to the capitation payments expended by the State
				in purchasing the student's space if the student's obligation has not been
				fulfilled under the forgiveness provision.
2. The amount of money due the State shall
				include interest at 6% on a simple annual basis for students covered under P.L.
				1977, chap. 703, with the interest assessed starting on the date which marks
				the beginning of the repayment period. The amount due shall be paid in not more
				than ten (10) annual equal installments. For students covered under P.L. 1975,
				chap. 769, the amount shall be repaid in twenty (20) annual equal installments
				without interest. A student may request a monthly or quarterly payment
				schedule.
3. The first payment will
				be due three months following the date determined as marking the beginning of
				the repayment period.
4. Contract
				students who practice either within or outside the State of Maine for less than
				a full calendar year will have their repayment computed on a monthly
				basis.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 607 - ACCESS TO MEDICAL EDUCATION AND HEALTH PROFESSIONS LOAN PROGRAMS › Section 457-607-VI

Current through 2024-29, July 17, 2024
In the event that an application for a loan or request for
				  deferment or extension 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. An appeal of the denial of an application shall not affect the
				  processing or priority of other applications. Notice of the appeal, together
				  with a statement of the reasons why the decision of the chief executive officer
				  should be reversed or modified must be given to the chief executive officer in
				  writing within 20 days after the date the chief executive officer mailed the
				  notice of denial 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 denial. The decision of the chief executive officer shall be final
				  unless the members determine that the denial 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 607 - ACCESS TO MEDICAL EDUCATION AND HEALTH PROFESSIONS LOAN PROGRAMS › Section 457-607-VII

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 608 - TUITION WAIVER PROGRAM › Section 457-608-2 - Eligibility

Current through 2024-29, July 17, 2024
A. Initial Eligibility
All the following requirements must be met by the applicant
				  to be eligible for a tuition waiver.
1. The person must be: (a) a natural or
				legally adopted child of a firefighter, emergency medical services person or
				law enforcement officer, and be less than 21 years old at the time of the death
				of the parent firefighter, emergency medical services person or law enforcement
				officer, or (b) legally married to a firefighter, emergency medical services
				person or law enforcement officer at the time of the firefighter's, emergency
				medical service person's or law enforcement officer's death, or (c) a foster
				child at the time such person graduates from high school or successfully
				completes a general educational development examination or its equivalent under
				20-A M.R.S.A. §257;
2. The
				person must be a Maine resident;
3.
				The person must be a high school graduate or can demonstrate equivalent
				instruction; and
4. The person must
				have been accepted for admission to a state postsecondary educational
				institution.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 608 - TUITION WAIVER PROGRAM › Section 457-608-3 - Application Process

Current through 2024-29, July 17, 2024
A. Form
A person desiring to obtain a tuition waiver shall make
				  application to the authority on a form provided by the authority.
B. Determination of Eligibility
The authority shall determine the applicants' eligibility
				  utilizing requirements as established in Section 2(A) and by taking all steps
				  necessary to determine that the requirements are met. In addition, the
				  following information shall be provided by the applicant to the authority in
				  order to assist the authority in the determination of eligibility.
(1) Copy of birth certificate, marriage
				certificate or other legal documents showing that the applicant is either a
				natural or legally adopted child of the deceased less than 21 years of age at
				the time of death, or a spouse at the time of death together with a copy of
				death certificate of the firefighter, emergency medical services person or law
				enforcement officer; or
(2) a
				letter from the Maine Department of Health and Human Services indicating that
				the applicant was a foster child, as defined in this rule, at the time he or
				she graduated from high school or completed a general educational development
				exam or its equivalent together with a copy of such applicant's federal
				financial aid forms with evidence of proper filing of same.
(3) Notarized statement from a local
				government official in the community where the applicant currently resides
				attesting to the fact that the applicant is a Maine resident, and in the case
				of applicant seeking a waiver under Section 1(B)(1), a notarized statement from
				local government official of the community in which the deceased parent
				firefighter or law enforcement officer was employed at the time of death
				attesting to the fact that the deceased parent firefighter or law enforcement
				officer was (a) employed by the community as a firefighter or law enforcement
				officer at the time of death, (b) was engaged in the performance of the duties
				of a firefighter or law enforcement officer at the time of death and (c) was
				killed or received injuries resulting in death in the performance of such
				duty.
(4) Copy of the applicant's
				high school transcript demonstrating that the applicant has graduated from high
				school or other documentation demonstrating that the applicant has achieved an
				equivalent level of instruction.
(5) Copy of letter from the admissions
				officer at the state postsecondary educational institution the applicant has
				chosen to attend indicating that the applicant has been accepted for
				enrollment.
Note: Although an applicant may be accepted at several
				  different institutions, the required letter must come only from the institution
				  to which the applicant has chosen to attend.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 608 - TUITION WAIVER PROGRAM › Section 457-608-4 - Reporting

Current through 2024-29, July 17, 2024
A. The postsecondary educational institution,
				in which the recipient is enrolled, shall report annually to the authority on
				forms provided by the authority the granting of the tuition waiver and the
				amount of funds the waiver represents.
B. The postsecondary educational institution
				in which the recipient is enrolled shall report to the authority when it is
				determined that the recipient has left the institution or has been dismissed
				from the institution for failure to meet academic standards.
C. The authority shall maintain all initial
				and renewal applications and related documentation necessary for the
				administration of the tuition waiver program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-2 - APPLICATION DEADLINES

Current through 2024-29, July 17, 2024
A. All applications
				for loans shall be made on forms provided by the Authority.
B. The deadline for filing initial
				applications is May 1 annually.
C.
				The deadline for filing renewal applications is May 1 annually. For renewal
				applications, if a student does not have a GPA of 2.5, or an equivalent
				thereof, on the date of the application deadline, the student may request
				reconsideration of the application by submitting spring academic term grades no
				later than June 30.
D. No
				application will be considered unless it is complete at the time of
				deadline.
E. The student must have
				filed the FAFSA by May 1 annually.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-3 - LOAN TERMS

Current through 2024-29, July 17, 2024
A. Loans in an
				amount to be determined annually by the Authority based on available funds, but
				in no event less than $2,000 per academic year to eligible students pursuing
				post baccalaureate certification and $3,000 per academic year to eligible
				undergraduate students. Full time undergraduate students may not receive loans
				for more than 8 semesters, and full time and part time students pursuing post
				baccalaureate certification may not receive loans for more than 4 full time
				equivalent semesters. Individuals who have received an Educators (or Teachers)
				for Maine Program loan as an undergraduate student may also receive a loan for
				post-baccalaureate certification. In no event may an individual receive loan
				funds that result in making that individual's total financial aid award greater
				than the cost of attendance.
B.
				Loans first made prior to July 1, 2011 and any renewals thereof shall accrue
				interest at a fixed rate set on the date of the approval of the loan, which
				rate shall be equal to the rate of interest in effect on such date for Federal
				Stafford Loan Program loans bearing interest at a variable rate, plus
				three-fourths of one percent (.75%) per annum. Loans first made beginning July
				1, 2011 and any renewals thereof shall accrue interest at a fixed rate of five
				percent (5%) per annum. Interest shall begin to accrue 30 days prior to the
				date repayment is scheduled to commence in accordance with Section
				7 of this rule, without regard to any
				deferment that may be granted unless the deferment states in writing that
				interest shall not accrue during this deferment period. In the event a loan is
				canceled on account of return service, the cancellation shall include interest
				accrued on the loan amount.
C.
				Loans shall be for one academic year and are generally disbursed on the basis
				of a two semester academic year.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-4 - LOANS TO UNDERGRADUATE STUDENTS

Current through 2024-29, July 17, 2024
A. Initial Loan
				Eligibility
(1) The student must be currently
				enrolled or accepted for enrollment in a course of study leading to a
				certification as a teacher or speech pathologist or to attainment of child care
				provider qualifications in an institution of higher education.
(2) The student must be a graduate of a Maine
				high school, or the equivalent thereof, and a resident of Maine or a graduate
				of other than a Maine high school or the equivalent and a resident of Maine at
				least one year for other than educational purposes.
(3) The student must have a minimum 3.0 grade
				point average on a 4.0 grade point system or the equivalent thereof as
				determined in the discretion of the chief executive officer.
(4) The student must sign an agreement that
				details conditions to be met for receipt of a loan.
(5) [Reserved]
(6) [Reserved]
(7) The student must have filed the FAFSA by
				May 1 of the year of initial application.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-5 - LOANS TO STUDENTS PURSUING POST-BACCALAUREATE CERTIFICATION

Current through 2024-29, July 17, 2024
A. Initial Loan Eligibility
(1) The student must be a Maine
				resident.
(2) The student must be
				enrolled in or have applied for enrollment in a post-baccalaureate course of
				study leading to initial certification as a teacher or speech pathologist or to
				attainment of child care provider qualifications.
(3) The student's most recent cumulative
				grade point average must be at least 3.0.
(4) The student must sign an agreement that
				details the conditions to be met for receipt of a loan.
(5) [Reserved]
(6) [Reserved]
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-6 - LOAN DISBURSEMENT

Current through 2024-29, July 17, 2024
A. Funds will be
				paid to each postsecondary institution for all disbursements to be received by
				loan recipients who are indicated as duly enrolled by the institution prior to
				the start of each academic term in accordance with the Authority's current
				notification process. Disbursements to the institution will occur within 60
				days following receipt of evidence that recipients are duly enrolled.
B. Loans shall be disbursed in the amounts
				requested by the institution although the amount requested shall not be less
				than $3000 per academic year for undergraduate students and $2,000 (or a
				proportionate amount thereof if attendance is less than full time) per year for
				post-baccalaureate students and shall be disbursed equally on an academic term
				basis.
C. The Authority may request
				supporting evidence of actual direct and indirect educational expenses,
				including, but not limited to, tuition, transportation, room and board, books
				and supplies.
D. If a recipient of
				a loan withdraws from an institution and is entitled to a refund of tuition,
				fees or other charges, the institution shall pay directly to the Authority from
				that refund a sum which represents the portion of the loan for the portion of
				the academic year that the recipient did not complete.
E. Loans may be originated using a master
				promissory note that allows all Educators for Maine loans provided over a
				period of up to seven years to be originated on a single promissory
				note.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-7 - REPAYMENT AND RETURN SERVICE

Current through 2024-29, July 17, 2024
A. Loan recipients
				begin repayment six months after graduation or completion of certification
				coursework.
B. A loan recipient may
				have the total amount of the loan canceled as follows:
(i) by completing one year of return service
				in a public school, publicly supported secondary school, special education
				facility, as defined in 20-A MRSA §7001-(6) or private school approved for
				tuition purposes in the state or in a state operated school, for each year the
				individual received a loan;
(ii) by
				completing one year of return service in the public schools or private schools
				approved for tuition purposes in the state or in a state operated school if
				such service is performed in an underserved subject area or underserved
				geographic area, for every two years or less that the individual received a
				loan;
(iii) for individuals who
				attained child care provider qualifications and who received a first program
				loan after January 1, 2000, by completing one year of return service by working
				in a child care facility for each year the individual received a loan;
				or
(iv) by completing one year of
				return service as a Jobs for Maine's Graduates specialist for each year the
				individual received a loan.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-8 - SELECTION CRITERIA

Current through 2024-29, July 17, 2024
Student recipients of loans are determined utilizing the
				  following selection criteria:
A.
				Academic standing based on an analysis of the high school or college
				transcript.
B. Response to essay
				question.
C. In addition, the
				Authority may from time to time require and consider other relevant
				information, including but not limited to academic awards and honors.
D. Preference within each applicable
				allocation is given to those enrolled in a program that has been determined to
				be an underserved subject area.
E.
				Preference within the allocation for students pursuing post-baccalaureate
				certification shall be given to students who did not receive an Educators (or
				Teachers) for Maine Program loan as an undergraduate student.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-9 - SELECTION PROCESS

Current through 2024-29, July 17, 2024
A. The Selection
				Committee will review application materials submitted in light of identified
				criteria.
B. The Selection
				Committee shall be approved by the chief executive officer and shall be
				composed of at least 5 representatives from the education
				communities.
C. Each application
				and accompanying materials shall be read by at least two Selection Committee
				members.
D. Following reading by
				the Selection Committee, applications will be rank ordered.
E. The Selection Committee will recommend to
				the chief executive officer the names of applicants who should be considered to
				receive Educators for Maine loans.
F. [Reserved]
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-10 - LOAN FUND ALLOCATION

Current through 2024-29, July 17, 2024
Funds available to new recipients in any given year will be
				  allocated proportionally to the numbers of applicants in each of the Graduating
				  High School Senior category; the Undergraduate (other than Graduating High
				  School Senior) category; and students pursuing post-baccalaureate certification
				  category.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 610 - RULES FOR THE CONDUCT OF THE EDUCATORS FOR MAINE PROGRAM › Section 457-610-11

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 deviation from the rule is insubstantial and is not contrary to the
				  purpose of the program.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-1 - DEFINITIONS

Current through 2024-29, July 17, 2024
The following terms, some of which are defined in the
Finance Authority of Maine Act
,
				  10 MRSA
				  §961
et seq
. (the
				  "Act") shall have the following meanings in this rule. All terms that are
				  defined in federal requirements shall have the same meanings herein as in the
				  federal requirements.
A.
Account
. "Account" means a repository of all contributions
				identified by a formal record of transactions, in respect to a particular
				participant and beneficiary, as applicable, established for purposes of the
				program.
B.
Advisory
				Committee
. "Advisory committee" means the advisory committee on
				education savings, formerly known as the advisory committee on college
				savings.
C.
Authority
.
				"Authority" means the Finance Authority of Maine, which serves as administrator
				of the program.
D.
Beneficiary
. "Beneficiary" means any person who: is designated by
				an application or participation agreement or subsequent change directed by the
				participant and accepted by the program to benefit from payments for qualified
				higher education expenses or who, as part of a scholarship program operated by
				a state or local governmental entity or a 501(c)(3),is the individual receiving
				such interest as a scholarship.
E.
[Repealed effective March 2, 2003]
F.
[Repealed effective February 12,
				2018]
G.
Chief
				Executive Officer
. "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.
H.
Contributions
.
				"Contributions" means amounts deposited to an account.
I.
Early Termination Event
.
				"Early termination event" means any of the following if documented as required
				by the Authority:
1) the death of the
				beneficiary;
2) the disability of
				the beneficiary within the meaning of Section 72(m)(7) of the
Internal
				Revenue Code
;
3) a
				qualified roll over to another qualified tuition program or a qualified ABLE
				program to the extent permitted under federal requirements;
4) an award of an eligible scholarship, to
				the extent of the amount thereof;
5) a claim of an American Opportunity tax
				credit or a Lifetime Learning tax credit to the extent allowable in conformance
				with federal requirements; or
6)
				attendance of the beneficiary at the United States Military Academy, the United
				States Naval Academy, the United States Air Force Academy, the United States
				Coast Guard Academy, or the United States Merchant Marine Academy, to the
				extent that the amount of the payment or distribution does not exceed the costs
				of such advanced education, as defined by Title 10
United States
				Code
§ 2005(e)(3), as in effect on the date of enactment of
				Section 530(d)(4)(B) (iv) of the
Internal Revenue Code, attributable to
				such attendance
.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-3 - ADVISORY COMMITTEE ON EDUCATION SAVINGS

Current through 2024-29, July 17, 2024
A.
				The chair of the advisory committee is appointed annually by the chair of the
				Authority's board of directors. The chair shall be responsible for the conduct
				of each meeting.
B. The advisory
				committee shall elect a vice chair from among its members. The vice chair shall
				be responsible for the conduct of a meeting in the absence of the
				chair.
C. A quorum of four members
				must be present to conduct the business of the advisory committee.
D. The advisory committee shall provide
				advice to the Authority, pursuant to the Program Act, on the operation of the
				program and investment of the program fund and, in addition, on such other
				matters as the chief executive officer may request. In order to carry out the
				Program Act, the chief executive officer shall provide to the advisory
				committee, prior to implementation, proposals for selection of investment
				managers and consultants and other elements of fund investment and program
				operation, and shall report to the advisory committee from time to time
				concerning such matters.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-4 - OPENING AN ACCOUNT

Current through 2024-29, July 17, 2024
A. Each applicant
				shall submit an application to the Authority or any agent or contractor
				designated by the chief executive officer on such forms and with such
				attachments as the chief executive officer may require.
B. The application shall contain the
				following:
1) The name of the proposed
				beneficiary, unless the account participant is a state or local governmental
				entity (or agency or instrumentality thereof) or a 501(c)(3). Beneficiaries may
				be changed to any eligible individual, as permitted by federal requirements
				then in effect, upon the receipt of a request of the participant in the form
				designated by the Authority and accepted by the program;
2) Any minimum investment required by the
				chief executive officer to open an account;
3) The birth date of the beneficiary, unless
				the account is owned by a state or local governmental entity or a
				501(c)(3);
4) For individuals, the
				social security number or valid taxpayer identification number of the
				participant and the beneficiary. Distributions from accounts that lack a valid
				social security number or taxpayer identification number may be subject to
				penalties or the withholding of taxes at the time of distribution;
				and
5) Such other information as
				the Authority may require including such factual representations as the
				Authority may reasonably require to evidence compliance with the participation
				agreement, the program description and federal requirements, which
				representations shall be deemed, if false, to constitute unsworn falsification
				within the meaning of
				17-A MRSA
				§453.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-5 - PARTICIPATION AGREEMENTS

Current through 2024-29, July 17, 2024
A. The Authority
				will enter into a participation agreement with all participants.
B. The participation agreement may include
				the following:
1) The name and address of the
				participant and the beneficiary;
2)
[Repealed effective January 14, 2006]
3)
[Repealed effective January 14,
				2006]
4)
[Repealed
				effective December 3, 2001]
5) Any obligations of the Authority, the
				participant and the beneficiary;
6)
				A summary of the fees and penalties that may be assessed against the account,
				the participant or the beneficiary;
7) The manner in which funds may be withdrawn
				and by which the ownership rights of the account may be transferred;
8) Provisions for periodic reporting of the
				status of participant accounts;
9)
				Such other information as the Authority may determine to be necessary or
				appropriate, including such factual representations as the Authority may
				reasonably require to evidence compliance with the participation agreement, the
				program description, and federal requirements, which representations shall be
				deemed, if false, to constitute unsworn falsification within the meaning of
				 17-A MRSA
				§453.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-6 - LIMITATIONS ON CONTRIBUTIONS

Current through 2024-29, July 17, 2024
A. No participant
				or beneficiary may directly or indirectly direct the investment of any
				contributions or of any other amounts held by the program. A member of the
				advisory committee will not be deemed to be directly or indirectly directing
				the investment of any account on which the member is the participant. At the
				time a participant opens an account, a participant may choose among any account
				investment options offered by the Authority and may alter such choices in
				accordance with federal requirements, as permitted by the Authority.
B. A participant may contribute to an account
				by making cash contributions, which may be in the form of electronic funds
				transfer or employer payroll deduction.
C. Contributions may be made at any time
				subject to any minimum and maximum contribution requirements.
D. Total contributions to an account may not
				exceed the amount projected to be necessary to pay qualified higher education
				expenses of the beneficiary to attend:
(i)
				five years of undergraduate enrollment based on the average tuition and fees
				and room and board for four year private nonprofit colleges and universities in
				New England, as published by the College Board, or, if the College Board does
				not publish such data, by any other similar organization selected by the chief
				executive officer, provided, that in no event shall such amount exceed five
				times the actual amount then necessary to pay qualified higher education
				expenses of the beneficiary if enrolled as an undergraduate student in the most
				expensive program at a high cost private university in New England selected by
				the chief executive officer; and
(ii) two times the actual amount then
				necessary to pay qualified higher education expenses of the beneficiary if
				enrolled as a graduate student in the most expensive program at a high cost
				private university in New England selected by the chief executive officer. The
				Authority may announce a lower maximum contribution amount. A contribution to
				an account will be prohibited if the contribution would cause the total of all
				account balances maintained on behalf of a beneficiary to exceed the total
				amount necessary to pay qualified higher education expenses, limited as
				described in the first sentence of this subsection.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-7 - OWNERSHIP OF CONTRIBUTIONS AND EARNINGS

Current through 2024-29, July 17, 2024
A. The
				participant shall retain ownership of all contributions made under any
				participation agreement and earnings on those contributions up to the date of
				withdrawal.
B. In the event the
				participation agreement is terminated by the participant prior to payment of
				qualified higher education expenses, the participant shall retain ownership of
				all contributions made under the participation agreement and a right to receive
				earnings (less any applicable taxes and/or penalties, administrative fees and
				investment losses) on all contributions to the program account.
C. An institution of higher education shall
				own payments made to it for qualified higher education expenses at the time
				each is made to the institution except to the extent the institution is
				required to refund such payments in accordance with its refund
				policies.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-8 - WITHDRAWALS

Current through 2024-29, July 17, 2024
A. To withdraw funds the participant must
				request a withdrawal in the format currently approved by the Authority. The
				participant is responsible for the maintenance of records evidencing the use of
				any withdrawal for qualified higher education expenses. The Authority has no
				obligation to maintain records evidencing the use of any withdrawal.
B. Upon receipt of a proper withdrawal
				request, the Authority's designated agent or contractor will make distributions
				to the participant, the beneficiary, the specified institution of higher
				education for the benefit of the beneficiary, or to other distributees as may
				be directed by the participant and determined permissible by the Authority and
				its designated agent or contractor from time to time.
C.
[Repealed effective June 4,
				2002]
D.
[Repealed
				effective June 4, 2002]
E.
[Repealed effective June 5, 2016]
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-10 - ADMINISTRATION AGREEMENTS

Current through 2024-29, July 17, 2024
The Authority may enter agreements with and designate agents
				  for, without limitation, assistance with the implementation, operation,
				  distribution, marketing, investment, and administration of the program,
				  including terms and conditions the chief executive officer determines to be
				  necessary or appropriate.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-12 - WITHDRAWALS FOR PURPOSES OTHER THAN QUALIFIED HIGHER EDUCATION EXPENSES

Current through 2024-29, July 17, 2024
A. A participant may withdraw funds from the
				account, subject to the penalties or additional tax identified in section
				11. Any investment losses will be
				deducted from the principal amount of contributions. In addition, a fee may be
				levied by the Authority to reasonably compensate the Authority for its costs
				incident to the participant's account.
B.
[Repealed effective July 1,
				1999]
C. Except as
				otherwise specifically provided herein, only the participant for each account
				may close an account or direct a withdrawal.
D. Distributions under this section will not
				be made to anyone other than the participant for each account, unless the
				participant properly directs the Authority's designated agent or contractor to
				provide the distribution to another distributee and such instruction is
				accepted by the agent or contractor.
E.
[Repealed effective June 4,
				2002]
F.
[Repealed
				effective June 4, 2002]
G.
				The Authority may notify the participant of any account in which a balance
				remains:
(i) upon graduation of the
				beneficiary from an institution of higher education;
(ii) upon the completion of any five year
				period, subsequent to the initial qualified withdrawal, during which period no
				withdrawal is made;
(iii) upon the
				completion of the last period of beneficiary usage projected when an account is
				established; or
(iv) upon
				determination by the Authority that no eligible beneficiary exists, of the
				amount of such balance and may request directions from the participant as to
				the application of such balance. If the participant fails to provide such
				direction with respect to all or part of such balance within 75 days, the
				Authority may close the account and disburse all amounts remaining to the
				participant.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-13 - TRANSFER OF OWNERSHIP

Current through 2024-29, July 17, 2024
A. The participant
				may transfer ownership rights of an account to another eligible participant,
				provided the transfer is accomplished without consideration. All requests for
				substitution of a participant must include:
1)
				The account number;
2) The name,
				address, social security number or valid taxpayer identification number, and
				telephone number of the new participant;
3)
[Repealed effective June 4,
				2002]
4) Such evidence of
				verification, including, without limitation, the signature of the participant,
				as may be accepted by the Authority's designated agent or contractor;
				and
5) Such other information as
				the Authority may require.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-14 - TAX CONSEQUENCES

Current through 2024-29, July 17, 2024
Withdrawals from accounts for qualified distributions are
				  exempt from taxation by the State of Maine pursuant to
				  36 MRSA
				  §5122(2)(J). In
				  addition, any portion of a withdrawal used to pay for the qualified higher
				  education expenses of a beneficiary at an institution of higher education and
				  subsequently refunded and recontributed to an account for the beneficiary
				  within 60 days of the refund in accordance with federal requirements is not
				  subject to Maine income tax to the extent not included in federal adjusted
				  gross income in accordance with federal requirements.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-15 - APPEAL

Current through 2024-29, July 17, 2024
In the event that there is a dispute between a participant
				  or beneficiary and the chief executive officer, the decision of the chief
				  executive officer shall be final agency action appealable to the Maine Superior
				  Court.
Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-16 - 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,
				  the Program Act or federal requirements, 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 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-17 - CONFLICT OF INTEREST

Current through 2024-29, July 17, 2024
No member of the advisory 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 612 - MAINE DENTAL EDUCATION LOAN AND LOAN REPAYMENT PROGRAMS › Section 457-612-II - Loan Repayment Program

Current through 2024-29, July 17, 2024
A. Application
				Deadline
Applications for a loan repayment agreement must be received
				  at the Authority on or before the applicable deadline as set by the Authority.
				  In the event that the Authority does not receive any applications prior to such
				  deadline, it may accept applications thereafter and, notwithstanding section
				  II. D., enter into a loan repayment agreement with the first eligible
				  applicant.
B. Eligibility
To be eligible for a loan repayment agreement the applicant
				  must:
1. Be eligible for licensure to
				practice dental medicine in the State of Maine;
2. Have qualifying outstanding education
				loans, including loans for dental education;
3. Have received an offer to practice at a
				dental care facility in an underserved population area, as evidenced by a
				letter of intent or other written offer of employment, or by providing written
				intent to establish a dental care facility in an underserved population area,
				which may be conditioned on obtaining a loan repayment agreement from the
				Authority;
4. [Reserved]
5. Certify that he or she is not currently
				practicing under a contract with the National Health Service Corps.; and
6. [Reserved]