Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 320 - BETR REIMBURSEMENT LOAN PROGRAM
Section 457-320-1 - Definitions

A. "Authority" means the Finance Authority of Maine.

B. "BETR" means the business equipment tax reimbursement program established under the Maine Revised Statutes, Title 36, chapter 915.

C. "Bureau" means the Department of Administrative and Financial Services, Bureau of Revenue Services.

D. "Chief Executive Officer" means the Authority's Chief Executive Officer or a person acting under the direction of the Chief Executive Officer.

E. "Fund" means the BETR Reimbursement Loan Fund established by PL 2001, ch. 714, Section QQ-1.

F. "Eligible borrower" means a Maine business that meets the criteria specified in Section 3 of this Rule and includes a prospective borrower where the context requires.

G. "Loan" means any payment disbursed from the BETR Reimbursement Loan Fund.

H. "Loan Commitment" means a letter from the Chief Executive Officer or designee to an applicant agreeing to make a loan subject to terms, conditions and requirements stated therein.

I. "Members" means the members of the Finance Authority of Maine.

J. "Predetermined to be eligible" means that the business had filed a complete application for reimbursement with the bureau under BETR, and the bureau has determined that the business meets the criteria for eligibility and the amount of the reimbursement to which the business is entitled.

K. "Program" means BETR Reimbursement Loan Program.

L. "Substantial hardship" means a materially negative impact on their business operations.

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