Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 101 - LOAN INSURANCE PROGRAM
Section 457-101-8 - Commitment or Rejection

Universal Citation: 94 ME Code Rules ยง 457-101-8

Current through 2024-38, September 18, 2024

A. Upon approval of an application by the Authority, a loan insurance Authorization will be issued setting forth the terms and conditions upon which the loan will be insured.

B. No Authorization shall be valid unless properly approved as set forth herein, and unless set forth in writing and executed by the chief executive officer. An Authorization shall be effective for a stated period. An Authorization may be extended in the manner stated therein.

C. No insurance shall become effective until the applicant has signed the Authorization, has paid to the Authority the commitment fee, if any, and initial insurance premium specified in this rule (which shall indicate the applicant's acceptance of the loan insurance authorization) the Lender has signed a Loan Insurance Agreement that remains in full force and effect, and until the Lender has complied with all preconditions set forth in the Authorization and the Loan Insurance Agreement.

D. If, upon examination of the application and supporting information the Authority rejects such application, the Lender and the Borrower shall be so informed.

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