This text of Maine § 20-A §10982 (Family development account program) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
The university shall administer the family development account program to allow eligible persons to establish savings accounts to be used for education, job training, purchase or repair of a home, purchase or repair of a vehicle for access to work or education, capitalization of a small business, health care costs over $500 not covered by private or public insurance or other basic necessity. The program is designed to encourage savings as a means of investing in the future and investing in the people, institutions and businesses of the State.
1.Soliciting proposals.
The university shall, on a schedule established by the university, solicit proposals from community development organizations seeking to administer family development accounts on a nonprofit basis. The university may not limit
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The university shall administer the family development account program to allow eligible persons to establish savings accounts to be used for education, job training, purchase or repair of a home, purchase or repair of a vehicle for access to work or education, capitalization of a small business, health care costs over $500 not covered by private or public insurance or other basic necessity. The program is designed to encourage savings as a means of investing in the future and investing in the people, institutions and businesses of the State.
1.
Soliciting proposals.
The university shall, on a schedule established by the university, solicit proposals from community development organizations seeking to administer family development accounts on a nonprofit basis. The university may not limit the number of community development organizations participating based solely upon geographic region. The proposals must include:
2.
Reviewing proposals.
In reviewing the proposal of a community development organization, the university shall establish criteria to use that must include the following factors:
3.
Administrative costs.
No more than 15% of the family development account reserve fund may be used for administrative costs of the program.
4.
Establishment of accounts.
A financial institution approved by the university may establish family development accounts pursuant to this chapter. The financial institution shall certify to the university in the manner required by the university that accounts have been established pursuant to the provisions of this chapter and that deposits have been made on behalf of account holders. A financial institution establishing a family development account shall:
5.
Appeals.
Any dispute between the account holder and the community development organization may be appealed to the university. Any adverse decision of the university may be appealed to the Superior Court pursuant to Title 5, chapter 375, subchapter 7.
6.
Rules; stakeholders.
The university may adopt rules to implement and administer the provisions of this chapter. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A. In administering the program and periodically assessing its effectiveness, the university may consult with stakeholders from the community, including but not limited to program participants, community development organizations and financial institutions, as well as organizations representing the interests of low-income persons in the State.