§11458. Program established There is established the Higher Education Loan and Loan Insurance Program, administered by the Finance Authority of Maine, to carry out the purposes of this chapter. [PL 2013, c. 34, §4 (AMD).] SECTION HISTORY PL 1991, c. 824, §A35 (NEW). PL 2013, c. 34, §4 (AMD).
§11459. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 824, Pt. A, §35 (NEW).] 1. Authority. “Authority” means the Finance Authority of Maine. [PL 1991, c. 824, Pt. A, §35 (NEW).] 1-A. Consolidation loan. “Consolidation loan” means a loan under […]
§11460. Eligibility Loans made or insured under this chapter must be either student loans or consolidation loans. Loans made or insured under this chapter are available only to or for the benefit of a resident of the State or an individual attending an institution of higher education in the State who: [PL 2015, c. […]
§11461. Higher Education Loan and Loan Insurance Program Fund 1. Establishment. The Higher Education Loan and Loan Insurance Program Fund is established to be used by the authority as a nonlapsing, revolving fund for carrying out this chapter. In its discretion, the authority may combine this fund with other funds of the authority for accounting […]
§11462. Loans to minors Notwithstanding any other law, if the borrower on a loan made or 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. [PL 1991, c. 824, Pt. A, §35 (NEW).] SECTION […]
§11463. Insure student loan payments The authority may make commitments and agreements to insure student loan payments. [PL 2013, c. 34, §7 (NEW).] 1. Loan serviced. A loan insured by the authority must be serviced as required by the authority. [PL 2013, c. 34, §7 (NEW).] 2. Compliance. A loan insured by the […]
