§12521. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2003, c. 710, §2 (NEW).] 1. Authority. “Authority” means the Finance Authority of Maine. [PL 2003, c. 710, §2 (NEW).] 2. Chief executive officer. “Chief executive officer” means the Chief Executive Officer of […]
§12522. Maine Engineers Recruitment and Retention Program The Maine Engineers Recruitment and Retention Program is established to provide assistance to eligible employers seeking to recruit engineers for full-time employment in this State by providing financial assistance to eligible individuals who fill such positions. [PL 2003, c. 710, §2 (NEW).] SECTION HISTORY PL 2003, c. […]
§12523. Maine Engineers Recruitment and Retention Advisory Committee established (REPEALED) SECTION HISTORY PL 2003, c. 710, §2 (NEW). PL 2009, c. 369, Pt. A, §30 (RP).
§12524. Loan repayment agreement application Beginning July 1, 2007, an eligible employer seeking to fill an eligible employment position with an eligible individual who has outstanding student loans from financial institutions may apply on behalf of that individual to obtain one or more program loan repayment agreements under section 12526. Applications must be submitted to […]
§12525. Maximum loan repayment; participation The maximum program loan repayment amount available to each eligible individual, excluding the employer’s match under section 12526, is $2,500 per year, for a maximum of 4 years. No more than 10 program loan repayment agreements may be awarded in any year. The authority may not award more than 40% […]
§12526. Eligibility requirements 1. Program loan repayment agreement. A program loan repayment agreement may be given only to an individual who is employed in this State in an eligible employment position and who has met other eligibility criteria established by rules of the authority. [PL 2003, c. 710, §2 (NEW).] 2. Matching funds. An […]
§12527. Payment provisions The authority shall enter into a program loan repayment agreement with an eligible individual on terms and conditions that are acceptable to the authority and that at a minimum must require the eligible individual and the eligible individual’s employer to certify annually, before payment of any installment by the authority under the […]
§12528. Nonlapsing revolving fund 1. Creation of fund. The Maine Engineers Recruitment and Retention Program Fund, referred to in this section as “the fund,” is created as a nonlapsing, interest-earning, revolving fund to carry out the purposes of this chapter. The fund must be deposited with, maintained and administered by the authority. Any unexpended balance […]
§12529. Rules The authority shall adopt rules to implement this chapter. Rules adopted by the authority pursuant to this chapter are routine technical rules pursuant to Title 5, chapter 375, subchapter 2‑A. [PL 2003, c. 710, §2 (NEW).] SECTION HISTORY PL 2003, c. 710, §2 (NEW).
