Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9
Section 457-307-2 - Application Procedures

Universal Citation: 94 ME Code Rules ยง 457-307-2

Current through 2024-38, September 18, 2024

A. An investor and the business, flow-through entity, Private Venture Capital Fund or fund into which the investor proposes to make an investment, shall submit an application which complies with the requirements of this rule on such forms as may be required by the Chief Executive Officer.

B. The Chief Executive Officer shall be responsible for making application forms available and assisting investors, businesses, flow-through entities, Private Venture Capital Funds and funds in preparing applications.

C. No application will be considered complete unless substantially all questions are answered and all supporting information is provided.

D. The application shall include general information identifying and describing the business, flow-through entity, Private Venture Capital Fund or fund, the amount, source and purpose of the investment, and terms and conditions of the investment. The application shall contain such provisions as the Chief Executive Officer may require releasing the Authority from any suits or claims arising out of the investment. In the case of businesses with more than 10 employees, the application shall also include an employment plan on a form provided by the Chief Executive Officer. The business, Private Venture Capital Fund or fund must certify that it is in compliance with all federal and State laws, including securities laws and regulations. The application shall also include such additional information and documentation as the Chief Executive Officer may require.

E. The application of a business shall include a nonrefundable $750 application fee.

F. The application of an investor (including an investor investing through a flow-through entity) shall include a nonrefundable $350 application fee.

G. The application of a fund or Private Venture Capital Fund shall include a non-refundable $650 application fee.

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