Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 101 - LOAN INSURANCE PROGRAM
Section 457-101-10 - Insurance Claim Options

Universal Citation: 94 ME Code Rules ยง 457-101-10

Current through 2024-13, March 27, 2024

Pursuant to the loan insurance agreement, the Authority will require the lender to notify the Authority of any default by the borrower. After passage of a period of time specified in the agreement and upon performance of such obligations by the lender as the Authority may by agreement require, the Authority may require that it have the following options with respect to payment of the loan insurance:

A. Cure one or more defaults up to a stated limit;

B. Purchase the loan on the terms specified in the contract;

C. Pay the remaining balance of the Authority's insurance liability;

D. Authorize the lender to liquidate the collateral for the loan and at the conclusion of the liquidation pay off any deficiency of the lender on terms specified in the agreement; and

E. Such other options as the agreement may provide.

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