Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 311 - ECONOMIC RECOVERY PROGRAM
Section 457-311-1 - Definitions

Universal Citation: 94 ME Code Rules ยง 457-311-1

Current through 2024-38, September 18, 2024

A. Reference to Act Definitions. Certain terms used in this rule, which are defined in the Finance Authority of Maine Act, 10 M.R.S.A. Section961 and following (the Act), shall have the meanings set forth in the Act, unless clearly specified otherwise or unless the context clearly indicates otherwise.

B. Defined Terms

(1) "Borrower" means a person or entity which meets the eligibility requirements set forth in section 3 of this rule, and includes a prospective borrower where the context requires. A borrower includes an individual or entity which is the recipient or beneficiary of a loan and also includes any related entity having 50% or greater common ownership or beneficial interest with the borrower or any individual or entity having a 50% or greater ownership or beneficial interest in the borrower.

(2) "Chief executive officer" means the Authority's chief executive officer or a person acting under the supervisory control of the chief executive officer.
(2-A) "Fund" means the economic recovery program fund established under 10 M.R.S.A. §1023-I.

(2-B) "Loan" means any program funds disbursed to a borrower, regardless of its payment terms and structure.

(3) "Loan commitment" means a letter from the chief executive officer to a borrower agreeing to make a loan to a borrower on the terms and conditions and subject to the requirements stated therein.

(4) "Members" means the members of the Authority appointed pursuant to the Act.

(5) "Program" means the Economic Recovery Program governed by this rule and the Act.

(6) "State" means the State of Maine.

(7) "Wall street prime" means the highest rate of interest as published in the Wall Street Journal>.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.