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USA Statutes : maine
Title : Title 20-A. EDUCATION
Chapter : Chapter 417-F. HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER. PL 2003, c. 455, @2 (new))
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Title 20-A - §11491. Purpose; program established
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11491. Purpose; program established
The Legislature finds and declares that the provision of a higher education for all residents of this State and for nonresidents
attending institutions of higher education within this State who desire a higher education and are properly qualified is important
to the welfare and security of this State and consequently is an important public purpose. Many qualified students are deterred
by financial considerations from completing their education, with a consequent irreparable loss to the State of talents vital
to the welfare of the State and its citizens. Accordingly, there is established the Higher Education Loan Purchase Program
to provide greater access to federal loan program loans at a lower cost, enabling all residents of this State as well as nonresidents
attending an institution of higher education in this State to attend the institutions of higher education of their choice.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11492. Definitions
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11492. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
[2003, c. 455, §2 (new).]
1. Authority. "Authority" means the Finance Authority of Maine established in Title 10, section 961 and its successors or assigns.
[2003, c. 455, §2 (new).]
2. Bonds. "Bonds" includes bonds, notes, commercial paper, pass-through instruments or any other evidences of indebtedness the authority
issues under this chapter.
[2003, c. 455, §2 (new).]
3. Borrower. "Borrower" means a person who is obligated as a borrower to make payment of an eligible loan.
[2003, c. 455, §2 (new).]
4. Eligible lender. "Eligible lender" means the authority and the Federal Government and any financial institution, credit union or institution
of higher education that is an eligible lender under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat.
1219, Title IV, as amended, or under the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484,
90 Stat. 2243, as amended, as applicable or, in each case, any successor provision, that is approved by the authority for
participation in the program.
[2003, c. 455, §2 (new).]
5. Eligible loan or loan. "Eligible loan" or "loan" means a loan originated under the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat.
1219, Title IV, as amended, or under the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484,
90 Stat. 2243, as amended, in each case along with any successor provision, by an eligible lender to a borrower, or under
any student loan program administered by the authority.
[2003, c. 455, §2 (new).]
6. Finance. "Finance" means the acquisition or refinancing of eligible loans, including through loans to eligible lenders; however,
except as otherwise provided in section 11493, subsection 2, the authority is not authorized hereby to originate loans, other
than consolidation loans funding the payment of eligible loans to borrowers of eligible loans financed by the authority, through
a financial institution acting in the capacity of a trustee on behalf of the authority.
[2003, c. 455, §2 (new).]
7. Program. "Program" means the Higher Education Loan Purchase Program established by this chapter.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11493. Higher Education Loan Purchase Program
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11493. Higher Education Loan Purchase Program
1. Program. The authority is authorized to carry out the program by issuing bonds for the purpose of financing eligible loans and may
use any net earnings on those bonds to administer the program, to pay or further secure the bonds and to make eligible loans,
except as otherwise provided in subsection 2.
[2003, c. 455, §2 (new).]
2. Authorization. The authority is not authorized to originate loans other than consolidation loans, except that, if the authority finds that
there is a significant impediment to providing students the benefits of an allocation of tax-exempt bond cap without originating
loans, it may adopt rules pursuant to subsection 3 to allow the authority to originate other loans.
[2003, c. 455, §2 (new).]
3. Rules. The authority shall adopt rules to implement and administer the program. All rules adopted pursuant to this subsection
are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11494. Records confidential
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11494. Records confidential
1. Confidential information. Records containing any information acquired by the authority or a member, employee or agent of the authority from borrowers
whose loans are financed by the authority are confidential for purposes of Title 1, section 402, subsection 3, paragraph A.
[2003, c. 455, §2 (new).]
2. Wrongful disclosure prohibited. A member, employee, agent, other representative of the authority or other person may not knowingly divulge or disclose records
declared confidential by this section, except that the authority may, in its discretion, make or authorize any disclosure
of information of the following types:
A. Impersonal, statistical or general information;
[2003, c. 455, §2 (new).]
B. Information to an eligible lender or credit reporting service;
[2003, c. 455, §2 (new).]
C. Information necessary to comply with the federal Higher Education Act of 1965, Public Law 89-329, 79 Stat. 1219, Title IV,
as amended, or the federal Health Professions Educational Assistance Act of 1976, Public Law 94-484, 90 Stat. 2243, as amended,
in each case along with any successor provision, or any administrative requirement under either of those Acts or of any other
federal or state law or rule or with any agreement pertaining to financial assistance;
[2003, c. 455, §2 (new).]
D. Information, the disclosure of which the authority determines is necessary or convenient to the sale or transfer of its
bonds or loans;
[2003, c. 455, §2 (new).]
E. Information necessary to ensure collection of any obligation in which the authority has or may have an interest;
[2003, c. 455, §2 (new).]
F. In any litigation or proceeding in which the authority has appeared, any information obtained from records declared confidential
by this section; and
[2003, c. 455, §2 (new).]
G. Information required pursuant to a subpoena, request for production of documents, warrant or other order by competent authority,
provided that any such order appears to have first been served on the person to whom confidential information sought pertains
or belongs and provided that any such order appears on its face or otherwise to have been issued or made upon lawful authority.
[2003, c. 455, §2 (new).]
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11495. Bonds
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11495. Bonds
1. Issuance; purpose; payment; authorization; interim receipts or certificates. The authority may issue bonds for the purposes of this chapter, including, except as otherwise provided by section 11493,
subsection 2, financing eligible loans, which may include consolidation loans funding the payment of eligible loans to borrowers
of eligible loans financed by the authority, financing loans to eligible lenders to fund the origination of eligible loans
and acquiring existing portfolios of eligible loans from eligible lenders. The bonds of each issue must be authorized by
the authority and be payable only from such sources specified in the agreement with bondholders, which may include, without
limitation, payments on or with respect to eligible loans from any source, including sale proceeds; reserves established by
the authority for the bonds; payments pursuant to agreements with financial institutions, credit unions, educational institutions
or any governmental entity; payments pursuant to interest rate exchange agreements; investment earnings from funds or accounts
maintained pursuant to a trust agreement or other document; proceeds of refunding bonds; and other fees, charges or revenues
of the authority.
Bonds issued by the authority for the purposes of this chapter, the resolution authorizing the issuance of such bonds or any
trust agreement securing such bonds may include such provisions, which must be part of the contract with the holders of the
bonds of such issue and with any 3rd-party credit or liquidity provider or counterparties to interest rate exchange agreements,
as the authority considers necessary or convenient to the security or issuance of the bonds, including without limitation:
A. Specifying the terms of bonds, including the basis upon which interest accrues on those bonds, which may be fixed, variable,
auction-based or adjustable; the date from which interest begins to accrue; the time and manner of principal payment upon
scheduled maturity or redemption; the denominations and form, which may include coupon, registered, coupon and registered
or book entry; and such privileges as to conversion and for the replacement of mutilated, lost or destroyed bonds as the authority
may establish;
[2003, c. 455, §2 (new).]
B. Providing that bonds be payable in lawful money of the United States at a designated place or be payable in another form
of currency if the authority so designates and be considered to be negotiable instruments issued under the laws of the State
within the meaning and for all purposes of Title 11, Article 3-A, whether or not of the form or character to so qualify under
the terms of Title 11, Article 3-A, subject only to the applicable provisions of any trust agreement;
[2003, c. 455, §2 (new).]
C. Providing that bonds be executed by the manual or facsimile signatures of the officers or designees of the authority;
[2003, c. 455, §2 (new).]
D. Providing that bonds be sold in the manner and upon the terms determined by the authority at public or private sale, with
or without public bidding;
[2003, c. 455, §2 (new).]
E. Pledging or assigning revenues, contractual rights and other assets to secure the bonds;
[2003, c. 455, §2 (new).]
F. Establishing loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts and
sinking funds and other accounts and their regulation, investment and disposition;
[2003, c. 455, §2 (new).]
G. Providing for the issuance of additional bonds and refunding bonds;
[2003, c. 455, §2 (new).]
H. Defining the acts or omissions that constitute a default in the duties of the authority or its obligations to bondholders
and providing the rights or remedies of such bondholders in the event of a default;
[2003, c. 455, §2 (new).]
I. Providing for guarantees, letters of credit, lines of credit, insurance policies, surety bonds, purchase agreements or similar
instruments or other security for the benefit of the bondholders;
[2003, c. 455, §2 (new).]
J. Providing for interest rate or exchange agreements; and
[2003, c. 455, §2 (new).]
K. Any other matter relating to the bonds that the authority determines appropriate.
[2003, c. 455, §2 (new).]
[2003, c. 455, §2 (new).]
2. Credit not pledged. Bonds issued under this chapter do not constitute or create any debt or liability on behalf of the State, of any political
subdivision of the State or the authority, a loan of the credit of the State or a pledge of the faith and credit of the State,
of any political subdivision of the State or the authority, but are payable solely from the funds provided for the payment
of those bonds. All the bonds issued under this chapter must contain a statement to the effect that the State, any political
subdivision of the State or the authority is not obligated to pay the bonds or the interest on the bonds, except from funds
provided for the payment of those bonds pursuant to one or more agreements, and that neither the faith and credit nor the
taxing power of the State or of any political subdivision of the State is pledged to the payment of the principal of, premium,
if any, or the interest on such bonds. The issuance of bonds under this chapter does not directly or indirectly or contingently
obligate the State or any political subdivision of the State to levy or to pledge any form of taxation whatever or to make
any appropriation for the bonds' payment.
[2003, c. 455, §2 (new).]
3. Liability of members. A member or employee of the authority or any person executing the bonds may not be held liable personally on the bonds or
subject to any personal liability by reason of the issuance of the bonds.
[2003, c. 455, §2 (new).]
4. Interest rate exchange agreements. In connection with, or incidental to, the issuance or carrying of bonds issued under this chapter or carrying of any investment,
the authority may enter into agreements with financial institutions or credit unions that the authority determines to be necessary
or appropriate to place the obligation or investment of the authority, in whole or in part, on the interest rate, cash flow
or other basis as determined by the authority.
[2003, c. 455, §2 (new).]
5. Purchasing, refunding or refinancing by authority. The authority may purchase its bonds out of any available funds and may hold, pledge, cancel or resell the bonds subject
to and in accordance with agreements with bondholders. The authority may refund or refinance any of its bonds.
[2003, c. 455, §2 (new).]
6. Conclusive authorization. All bonds of the authority are conclusively presumed to be fully authorized and issued under the laws of the State, and
any person or governmental unit is estopped from questioning their authorization, sale, issuance, execution or delivery by
the authority.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11496. Trust agreement; pledge of security
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11496. Trust agreement; pledge of security
1. Trust agreement. Any bonds issued under this chapter may be secured by a trust agreement by and between any or all of the following: the
authority, a financial institution, a credit union and a corporate trustee or trustees, which may be any trust company or
bank having the powers of a trust company within or without the State.
[2003, c. 455, §2 (new).]
2. Pledge of security. This subsection governs a pledge of security pursuant to this chapter.
A. All money received by the authority or received on behalf of the authority by any eligible lender, servicer, trustee, custodian
or collection agent, pursuant to any resolution, trust agreement or any other agreement authorized by this chapter and pledged
pursuant to a resolution, trust agreement or other agreement for the benefit of the bondholders, whether as proceeds from
the sale of bonds or as revenues, is deemed to be trust funds to be held and applied solely as provided in such resolution,
trust agreement or other agreement. Subject to the provisions of any such resolution, trust agreement or other agreement,
any such money may be invested in such investments and investment agreements as may be approved by resolution of the authority.
Any eligible lender, servicer, custodian or collection agent with which such money is deposited is deemed to be holding such
money in trust for the benefit of the authority or the bondholders, as specified in the applicable resolution, trust agreement
or other agreement and shall apply such money solely for the purposes of this chapter, subject to such restrictions as this
chapter, the applicable resolution, trust agreement or other agreement may provide.
[2003, c. 455, §2 (new).]
B. Any pledge made by the authority of income, revenues or other property is valid and binding from the time the pledge is
made. The income, revenue or other property so pledged and received after being pledged by the authority, or received on
behalf of the authority by any eligible lender, servicer, trustee, custodian or collection agent, pursuant to any resolution,
trust agreement or other agreement that is authorized by this chapter and pledged pursuant to a resolution, trust agreement
or other agreement for the benefit of the bondholders, is immediately subject to the lien of such pledge without any physical
delivery thereof or further act, and the lien of any such pledge is valid and binding as against all parties having claims
of any kind in tort, contract or otherwise against the authority, or such other recipient on behalf of the authority, irrespective
of whether such parties have notice of that lien. Notwithstanding any other provision of law, neither possession nor the
filing of any financing or continuation statement is necessary with respect to any such income, revenues or other property
to establish or evidence the lien of any such pledge, including the creation, perfection, priority or enforcement of such
lien, with respect thereto. A resolution authorizing bonds, a trust agreement or other agreement described in this section
or any other instrument by which such a pledge is created does not need to be recorded.
[2003, c. 455, §2 (new).]
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11497. Loan transactions
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11497. Loan transactions
Except as otherwise provided in section 11493, subsection 2, the authority may finance, sell, service, pledge, invest in,
hold, trade, accept as collateral or otherwise deal in, acquire or transfer, all on such terms and conditions as the authority
may specify, any eligible loan or portfolio of loans or loan pass-through certificate, pledge, including any pledge of loan
revenue, loan participation certificate or other loan-backed or loan-related security. Any such transaction may be conducted
by public or private offering. In connection with the financing or sale of an eligible loan or of a beneficial interest or
participation in an eligible loan or portfolio of eligible loans, or other interest in eligible loans, the authority may enter
into one or more agreements providing for the origination, guarantee, financing, purchase, sale, servicing, custody, control
and administration of such eligible loan or portfolio of eligible loans. Any such agreement may provide that the authority,
any other eligible lender, a financial institution, a credit union or other person may act as trustor, trustee or custodian
under the agreement. Any such agreement may provide that, with respect to loans governed by the agreement, title to such
eligible loans or portfolio of eligible loans or other interest in eligible loans is deemed to have been transferred on terms
and to the extent specified in that agreement and that the effect of a sale of an interest in a loan is the same as a sale
of a loan. The authority may issue or cause to be issued certificates or other instruments evidencing the holder's fractional
interest in a pool of loans, which interest may be undivided or limited to one or more specific loans. Whether or not the
certificates or instruments are of such form or character as to be negotiable instruments under Title 11, Article 3-A, the
certificates or instruments are made negotiable instruments within the meaning of and for all purposes of Title 11, Article
3-A, subject only to such registration requirements as the authority may establish.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11498. Tax exemption
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11498. Tax exemption
Bonds issued under this chapter constitute a proper public purpose and the securities, their transfer and the income from
them, including any profits made on their sale, are at all times exempt from taxation within the State, whether or not those
securities, their transfer or the income from them, including any profits made on their sale, are subject to federal taxation.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11499-A. Taxable bond option
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11499-A. Taxable bond option
With respect to all or any portion of any issue of any bonds or any series of bonds that the authority may issue in accordance
with the limitations and restrictions of this chapter, the authority may covenant, elect and consent that the interest on
the bonds be includable under the federal Internal Revenue Code or any subsequent corresponding internal revenue law of the
United States in the gross income of the holders of the bonds to the same extent and in the same manner that the interest
on bills, bonds, notes or other obligations of the United States is includable in the gross income of the holders under the
federal Internal Revenue Code or any subsequent law. Bonds issued pursuant to this section are not subject to any limitations
or restrictions of any law that may limit the authority's power to issue those bonds. The grant of power in this section
may not be construed as limiting the inherent power of the State or its agencies under any other provision of law to issue
debt, the interest on which is includable in the gross income of the holders under the federal Internal Revenue Code or any
subsequent law.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11499-B. Agreement of the State
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11499-B. Agreement of the State
The State pledges to and agrees with the holders of any bonds issued under this chapter and with those parties who may enter
into any contract with the authority pursuant to this chapter that the State will not limit, alter, restrict or impair the
rights vested by this chapter in the authority until the bonds issued pursuant to this chapter, together with interest, including
interest on any unpaid installment of interest and all costs and expenses in connection with any actions or proceedings by
or on behalf of the bondholders, are fully met and discharged and such contracts are fully performed on the part of the authority.
Nothing in this chapter precludes that limitation or alteration if and when adequate provision is made by law for the protection
of the holders of such bonds and of those parties entering into contracts with the authority. The authority is authorized
to include this pledge and undertaking for the State in those bonds or contracts.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 20-A - §11499. Bonds as legal investments
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417-F: HIGHER EDUCATION LOAN PURCHASE PROGRAM (HEADER: PL 2003, c. 455, @2 (new))
§11499. Bonds as legal investments
Bonds issued by the authority under this chapter are securities in which all public officers and public bodies of the State
and its political subdivisions; insurance companies and associations and other persons carrying on an insurance business;
trust companies, banks, bankers, banking associations, savings banks and savings associations, including savings and loan
associations; financial institutions; credit unions; building and loan associations; investment companies; executors, administrators,
trustees and other fiduciaries; pension, retirement funds and profit-sharing plans; other persons carrying on a banking business;
and all other persons may properly and legally invest funds, including capital in their control or belonging to them. These
bonds are made securities that may properly and legally be deposited with and received by any state, municipal or public officer
or any agency or political subdivision of the State for any purpose for which the deposit of bonds or other obligations of
the State is now or may hereafter be authorized by law.
[2003, c. 455, §2 (new).]
Section History:
PL 2003,
Ch. 455,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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