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USA Statutes : maine
Title : Title 20-A. EDUCATION
Chapter : Chapter 417. FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING. PL 1989, c. 698, @13 (rpr))
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Title 20-A - §11401. General provisions
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 1: LOAN INSURANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11401. General provisions
1. Purpose. The purpose of this subchapter is to allow the authority to continue a student loan insurance program, meeting certain federal
requirements, in order to secure loans to students attending institutions of higher education, including career and technical
education training institutions, and to parents of these students, in accordance with the Constitution of Maine, Article VIII,
Part First, Section 2.
[RR 2003, c. 2, §67 (cor).]
2. Definitions. As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
A. "Authority" means the Finance Authority of Maine.
[1989, c. 698, §13 (new); §76 (aff).]
B. "Chief executive officer" means the Chief Executive Officer of the Finance Authority of Maine.
[1989, c. 698, §13 (new); §76 (aff).]
[1989, c. 698, §13 (new); §76 (aff).]
Section History:
PL 1981,
Ch. 693,
§5,8
(NEW).
PL 1985,
Ch. 797,
§47
(AMD).
PL 1989,
Ch. 698,
§13
(RPR).
PL 1991,
Ch. 716,
§7
(AMD).
RR 2003,
Ch. 2,
§67
(COR).
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 - §11402. Loan programs administered
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 1: LOAN INSURANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11402. Loan programs administered
In accordance with the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV, Part B, as
amended, the Finance Authority of Maine shall administer the Robert T. Stafford Loan Program, the Parent Loans to Undergraduate
Students Program and the Supplemental Loans for Students Program. To this end, the faith and credit of the State is pledged
consistent with the terms and limitations of the Constitution of Maine, Article VIII, Part First, Section 2.
[1989, c. 698, §13 (rpr); §76 (aff).]
Section History:
PL 1981,
Ch. 693,
§5,8
(NEW).
PL 1989,
Ch. 698,
§13
(RPR).
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 - §11403. Student Loan Insurance Fund
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 1: LOAN INSURANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11403. Student Loan Insurance Fund
1. Establishment. There is established the Student Loan Insurance Fund, to be used by the authority as a nonlapsing, revolving fund for carrying
out this subchapter.
[1989, c. 698, §13 (rpr); §76 (aff).]
2. Fund; charges and credits. Charges and credits are as follows.
A. All expenses of the authority for its operations under this subchapter, including interest and principal payments required
by loan defaults, may be charged to the fund.
[1989, c. 698, §13 (rpr). §76 (aff).]
B. All amounts received by the authority under this subchapter must be credited to the fund.
[1989, c. 698, §13 (rpr); §76 (aff).]
[1989, c. 698, §13 (rpr); §76 (aff).]
3. Excess money. Money in the fund not needed currently to meet the obligations of the authority as an insurer is deposited with the authority
to the credit of the fund, or may be invested as provided by law.
[1989, c. 698, §13 (rpr); §76 (aff).]
Section History:
PL 1981,
Ch. 693,
§5,8
(NEW).
PL 1989,
Ch. 698,
§13
(RPR).
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 - §11404. Additions to Student Loan Insurance Fund
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 1: LOAN INSURANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11404. Additions to Student Loan Insurance Fund
1. Request of authority. The authority may, in writing, request the Governor to provide additional funds to add to the Student Loan Insurance Fund
to meet its obligations.
[1989, c. 698, §13 (rpr); §76 (aff).]
2. Transfer of funds. The Governor shall transfer to the fund sufficient money for the requested purpose from the State Contingent Account or
from the proceeds of bonds issued as provided in this section.
[1989, c. 698, §13 (rpr); §76 (aff).]
3. Bonds. Bonds must be issued as follows.
A. The Governor shall order the Treasurer of State to issue bonds in the amount requested, but not exceeding in the aggregate
outstanding at any one time the amount set forth in the Constitution of Maine, Article VIII, Part First, Section 2.
[1989, c. 698, §13 (rpr); §76 (aff).]
B. Bonds mature serially or run for such periods as the Governor may determine, but not for a term of more than 20 years.
[1989, c. 698, §13 (rpr); §76 (aff).]
C. The Governor shall determine the rates of interest and the terms and conditions of the bonds.
[1989, c. 698, §13 (rpr); §76 (aff).]
D. The bonds are deemed to be a pledge of the full faith and credit of the State.
[1989, c. 698, §13 (rpr); §76 (aff).]
[1989, c. 698, §13 (rpr); §76 (aff).]
Section History:
PL 1981,
Ch. 693,
§5,8
(NEW).
PL 1989,
Ch. 698,
§13
(RPR).
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 - §11405. Powers and duties
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 1: LOAN INSURANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11405. Powers and duties
Under this subchapter, the chief executive officer may:
[1989, c. 698, §13 (rpr); §76 (aff).]
1. Agent. Choose a suitable agent or agents to administer in whole or in part the affairs and activities required by this subchapter
or by applicable federal provisions; and
[1989, c. 698, §13 (rpr); §76 (aff).]
2. Agreements. Enter into agreements with the United States Secretary of Education relating to federal, state and private programs of low-interest
insured loans to students in institutions of higher education, within the federal Higher Education Act of 1965, 20 United
States Code, Chapter 28, Title IV, Part B, as amended.
[1989, c. 698, §13 (rpr); §76 (aff).]
3. Agreements.
[1989, c. 698, §13 (rp); §76 (aff).]
Section History:
PL 1981,
Ch. 693,
§5,8
(NEW).
PL 1989,
Ch. 698,
§13
(RPR).
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 - §11406. Loans to minors
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 1: LOAN INSURANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11406. Loans to minors
Notwithstanding any other law, if the borrower on a loan insured under this program is a minor, an otherwise valid note or
other written agreement executed by the borrower for the purpose of the loan creates a binding obligation.
[1989, c. 698, §13 (rpr); §76 (aff).]
Section History:
PL 1981,
Ch. 693,
§5,8
(NEW).
PL 1983,
Ch. 806,
§83
(AMD).
PL 1989,
Ch. 698,
§13
(RPR).
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 - §11407. Authorization for Governor to request organizations to acquire loan notes
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 1: LOAN INSURANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11407. Authorization for Governor to request organizations to acquire loan notes
To the extent and for the purposes contemplated by the federal Internal Revenue Code of 1954, Section 103(e), as amended,
and successor provisions thereto, including without limitation the federal Internal Revenue Code of 1986, Section 150(d),
as amended, the Governor may on behalf of the State request the organization of one or more nonprofit corporations to operate
exclusively for the purpose of acquiring student loan notes incurred under the federal Higher Education Act of 1965, 20 United
States Code, Chapter 28, Title IV, Part B, as amended. The Governor may request on behalf of the State that one or more state
agencies acquire student loan notes incurred under the federal Higher Education Act of 1965, 20 United States Code, Chapter
28, Title IV, Part B, as amended.
[2003, c. 112, §4 (amd).]
1. Origination of loans. Any entity acquiring student loan notes may not originate federally guaranteed loans. The entity may not discriminate against
any financial institution or credit union authorized to do business in this State or any other entity with respect to the
acquisition of loans. The entity shall adopt policies regarding conflict of interest.
[2003, c. 112, §4 (amd).]
2. Loan guarantee. All education loan notes incurred under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28 that
are acquired with proceeds of tax-exempt bonds using a portion of the state ceiling on private activity bonds must be guaranteed
by the state agency designated as administrator of federal guaranteed student loan programs pursuant to chapter 417, subchapter
1, provided that this requirement does not apply to serial loans of a borrower that are guaranteed by a different guarantee
agency and acquired or financed with tax-exempt bond proceeds prior to the effective date of this paragraph. The state agency
designated as administrator of federal guaranteed student loan programs pursuant to chapter 417, subchapter 1 shall use its
best efforts to provide competitive rates for the guarantee function.
[2003, c. 112, §4 (amd).]
3. Board of directors. The board of directors of a nonprofit corporation formed under this section consists of 7 members. Four members representing
the public with full voting rights must be appointed by the Governor, subject to review and approval by the joint standing
committee of the Legislature having jurisdiction over business and economic development matters and confirmation by the Legislature.
The terms of the initial members must be staggered: 2 members must be appointed to 2-year terms and 2 members must be appointed
to 3-year terms. On the expiration of a term of any member, a successor must be appointed to a 3-year term. A member serves
until a successor is appointed and qualified. A member is eligible for reappointment. If a member is appointed to fill a
vacancy in an unexpired term, that member may serve only for the remainder of that term until a successor is appointed. An
officer, director or employee of a nonprofit corporation formed under this section may not at the same time serve as an officer,
director or employee of the Maine Educational Loan Authority, of the state agency designated as administrator of federal guaranteed
student loan programs pursuant to chapter 417, subchapter 1 or of any entity that has a contract to provide a significant
level of administrative services to a nonprofit corporation formed under this section, to the Maine Educational Loan Authority
or to the state agency designated as administrator of federal guaranteed student loan programs pursuant to chapter 417, subchapter
1.
[2003, c. 112, §4 (amd).]
4. Public meetings and records. Except for records containing specific and identifiable personal information acquired from applicants for or recipients
of financial assistance, the books and records of a nonprofit corporation formed under this section are public records and
the meetings of such a corporation are public proceedings within the meaning of Title 1, chapter 13, subchapter 1.
[2003, c. 112, §4 (amd).]
5. Use of competitive bidding. An entity designated under this section may enter into contracts for loan administration, loan servicing and other substantial
operating contracts related to loan purchase activities through an open competitive bidding process in accordance with this
subsection. The entity shall adopt rules requiring that loan administration or servicing contracts may not be entered into
without prior public notice and opportunity for interested persons to make proposals, and the entity may not adopt the rules
until after providing public notice and opportunity for public comment on the proposed rules. In adopting those rules, the
entity shall consider to the extent possible the rules and procedures with respect to the competitive bidding process set
forth in Title 5, chapter 155, subchapter 1-A. Any loan administration or servicing contract must be approved by the board
after review of the contract and an accompanying fairness opinion prepared by an independent 3rd party.
[2003, c. 112, §4 (amd).]
6. Annual report. An entity designated under this section shall report annually on its activities during the previous fiscal year to the joint
standing committees of the Legislature having jurisdiction over business and economic development matters, appropriations
matters and education matters. The report must include a listing of the current directors and officers; a summary of the
purchases of loans in the secondary market during the previous fiscal year; a listing of the institutions from which loans
were purchased during the previous fiscal year; and a complete financial statement of the entity's operations related to loan
purchases during the previous fiscal year, including a breakdown of income and costs, the administrative and operating costs,
the assets and liabilities, the total excess revenues over expenditures for the previous fiscal year and the total accumulation
of these revenues, the total income derived from investments during the previous fiscal year, the disposition and use of excess
revenues, the proceeds from investments and the geographic distribution and distribution between institutions of higher learning
of its student loans among residents of this State. The report must demonstrate that all revenues, including reserves, that
are acquired with proceeds of tax-exempt bonds using a portion of the state ceiling on private activity bonds are being used
in a manner consistent with the public purpose for which the bonds are issued. The report must include similar information
on all affiliated entities and must be provided annually in writing to the joint standing committees of the Legislature having
jurisdiction over business and economic development matters, appropriations matters and education matters by December 1st.
An entity designated under this section shall also file copies of the entity's Internal Revenue Code forms and returns with
the Attorney General and the joint standing committee of the Legislature having jurisdiction over business and economic development
matters.
[2003, c. 112, §4 (amd).]
Section History:
PL 1983,
Ch. 399,
§2
(NEW).
PL 1989,
Ch. 698,
§13
(RPR).
PL 1989,
Ch. 812,
§3
(AMD).
PL 1999,
Ch. 443,
§5
(AMD).
PL 1999,
Ch. 728,
§11
(AMD).
PL 1999,
Ch. 728,
§20,21
(AFF).
PL 2003,
Ch. 112,
§4
(AMD).
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 - §11410. Authorization
Title 20-A: EDUCATION
Part 5: POST-SECONDARY EDUCATION
Chapter 417: FEDERAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
Subchapter 2: OTHER FEDERAL EDUCATIONAL FINANCIAL ASSISTANCE PROGRAMS (HEADING: PL 1989, c. 698, @13 (rpr))
§11410. Authorization
In accordance with the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV, Part A, Subparts
3 and 6; and Subchapter V, Part D, Subpart 1, as amended, the Finance Authority of Maine shall administer the State Student
Incentive Grant Program the Robert C. Byrd Honors Scholarship Program and the Paul Douglas Teacher Scholarship Program.
[1989, c. 698, §13; §76 (new); §76 (aff).]
Section History:
PL 1989,
Ch. 698,
§13
(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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