Maine § 20-A §11417 Supplemental powers and functions

Maine Statutes

§ 20-A §11417 — Supplemental powers and functions

Maine·Title 20-A EDUCATION·Part 5 POST-SECONDARY EDUCATION·Ch. 417-A MAINE EDUCATIONAL LOAN PROGRAM

1.General. In addition to the powers given to the authority under Title 10, section 969‑A, for the purposes of carrying out the purposes of this chapter, the authority may, subject to any limitation of this chapter:

2.Programs. Without limiting the generality of this chapter, the authority is authorized to carry out one or more programs making financial and other assistance available to borrowers, institutions, or both, to finance costs of attendance. The authority is further authorized to issue its bonds, lend the proceeds of the bonds and exercise any other power set forth in this chapter for these purposes.

3.Policies. The members of the authority have the power and duty to establish and revise, from time to time, rules pertaining to participation in the program, issuing bonds and bo

Free access — add to your briefcase to read the full text and ask questions with AI

1.
General.
In addition to the powers given to the authority under Title 10, section 969‑A, for the purposes of carrying out the purposes of this chapter, the authority may, subject to any limitation of this chapter:
2.
Programs.
Without limiting the generality of this chapter, the authority is authorized to carry out one or more programs making financial and other assistance available to borrowers, institutions, or both, to finance costs of attendance. The authority is further authorized to issue its bonds, lend the proceeds of the bonds and exercise any other power set forth in this chapter for these purposes.
3.
Policies.
The members of the authority have the power and duty to establish and revise, from time to time, rules pertaining to participation in the program, issuing bonds and borrowing money by the authority for the program, a process for allocation and carry-forward of that portion of the state ceiling on issuance of tax-exempt bonds allocated to the authority for the program pursuant to Title 10, chapter 9 and servicing and collection of loans made pursuant to the program. In addition, the members of the authority may, by resolution of the members, determine that the authority may borrow money for the program in accordance with any such resolution. The authority, by rule, may delegate certain powers to its chief executive officer, and in such cases, the chief executive officer shall carry out such powers and duties in accordance with this chapter and the rules of the authority.
4.
Administration.
5.
Loan origination.
The powers of the authority set forth in subsection 1, paragraph B and in subsection 2 are limited as set forth in this subsection. The authority is authorized to originate supplemental loans.
6.
Business plan.
7.
Operating contracts.
In carrying out its powers under this chapter, the authority may enter into loan origination, servicing and other substantial operating contracts, in compliance with its procurement policies and any applicable authority rule.

Maine § 20-A §11417 (Supplemental powers and functions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1987, c. 807, §3 (NEW). PL 1989, c. 502, §A60 (AMD). PL 1999, c. 728, §§14-16 (AMD). PL 2015, c. 170, §16 (AMD). PL 2015, c. 170, §30 (AFF). RR 2021, c. 2, Pt. A, §47 (COR).