Maine § 10 §1100-JJ Eligibility of affected employees; loan terms; process

Maine Statutes

§ 10 §1100-JJ — Eligibility of affected employees; loan terms; process

Maine·Title 10 COMMERCE AND TRADE·Part 2 BUILDING AND DEVELOPMENT·Ch. 110 FINANCE AUTHORITY OF MAINE

1.Determination of eligibility of affected employee. An eligible financial institution may make a loan to an affected employee who meets the following eligibility requirements.

2.Determination of loan amount. The maximum amount of a loan is the lesser of $6,000 and the affected employee's most recent monthly after-tax pay, offset by any unemployment benefits, as determined pursuant to this subsection.

3.Creditworthiness. An eligible financial institution may not use an affected employee's creditworthiness as a factor for the purposes of determining eligibility for a loan under this subchapter.

4.Terms of loan agreement. Notwithstanding any provision of law to the contrary, the following terms apply to a loan issued pursuant to this subchapter.

5.Multiple loans to same eligible affecte

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1.
Determination of eligibility of affected employee.
An eligible financial institution may make a loan to an affected employee who meets the following eligibility requirements.
2.
Determination of loan amount.
The maximum amount of a loan is the lesser of $6,000 and the affected employee's most recent monthly after-tax pay, offset by any unemployment benefits, as determined pursuant to this subsection.
3.
Creditworthiness.
An eligible financial institution may not use an affected employee's creditworthiness as a factor for the purposes of determining eligibility for a loan under this subchapter.
4.
Terms of loan agreement.
Notwithstanding any provision of law to the contrary, the following terms apply to a loan issued pursuant to this subchapter.
5.
Multiple loans to same eligible affected employee during same shutdown.
An eligible affected employee who has received a loan pursuant to this section may apply to the same eligible financial institution for an additional loan for each 30-day period beyond the first that the affected employee remains an eligible affected employee, except that an eligible affected employee may not receive more than 3 loans under the program during a shutdown. An eligible affected employee who applies for an additional loan shall provide the eligible financial institution with updated information as required under subsection 1, including the amount of unemployment compensation benefits the affected employee has been determined eligible to receive or has received during the shutdown. Each additional loan must be made in accordance with this section.
6.
Treatment of deferred interest.
Notwithstanding any provision of Title 36, Part 8 to the contrary, any interest deferred or not charged related to a loan issued pursuant to this section is exempt from all state taxes that may be applicable to such interest amounts as they relate to an affected employee. An eligible financial institution shall disclose to eligible affected employee borrowers in the signed affidavit or loan documents that there may be federal tax consequences to the program loans and that loan information may be shared with the authority.

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