Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 205 - EDUCATION LOANS THROUGH LENDERS PROGRAM
Section 457-205-2 - Application
Universal Citation: 94 ME Code Rules ยง 457-205-2
Current through 2024-13, March 27, 2024
A. The authority may establish a deadline for applications to use the proceeds of each issuance of tax exempt bonds.
B. Each application under this program will include the following:
1
The name of the eligible financial institution or, for an application submitted
by a group of financial institutions, the name of each financial institution,
the name of the financial institution primarily responsible for the application
and a contact person at each financial institution in the group.
2 A request for an amount of funds to be used
to make education loans to borrowers.
3 A description of the applicant's recent
history in making education loans, including its volume of loans originated in
the two most recent years, its student loan servicing capabilities for its
existing education loans and education loans it proposes to originate with
program funds.
4 The applicant's
current financial statement in the form requested by the authority in the
application or request for applications.
5 A statement by the eligible financial
institution explaining how it will use the bond proceeds to benefit the
inhabitants of the State. The statement should include information on any
benefits passed on to borrowers as a result of using the proceeds of tax exempt
bonds to fund education loans, including:
(a)
Discounts in interest rate and any terms or conditions of obtaining such a
discount;
(b) Targeting of loans to
individuals who live in areas where there has not historically been sufficient
access to education loans;
(c)
Targeting of loans to low income individuals or others, who have not
historically had sufficient access to education loans;
(d) Outreach services the lender will provide
to borrowers;
(e) Any other benefit
the applicant will provide to Maine residents.
(f) A breakdown of the purposes and amounts
for which the proceeds of the bond issue will be expended.
(g) A statement from the eligible financial
institution that education loans will only be made to a borrower who is:
(i) A resident of the State; or
(ii) A student attending an institution of
higher education in the State; or
(iii) A borrower who previously obtained an
education loan from the eligible financial institution, while a resident of the
State or while attending an institution of higher education located in the
State.
C. Such other information as the Authority may reasonably require, including without limitation, information required for purposes of complying with requirements of the Internal Revenue Code or the purchasers of the tax exempt bonds issued by the authority.
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