Maine Revised Statutes Title 30-A Sec. 4942 – Elderly Homeowner Equity Loan Guarantee Fund
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1. Creation. The Elderly Homeowner Equity Loan Guarantee Fund is established under the jurisdiction of the Maine State Housing Authority. As used in this section, the term “fund” means the Elderly Homeowner Equity Loan Guarantee Fund.
[PL 1989, c. 581, §18 (NEW).]
Terms Used In Maine Revised Statutes Title 30-A Sec. 4942
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Bonds: means any bonds, notes, interim certificates, debentures or other obligations issued by an authority under this chapter. See Maine Revised Statutes Title 30-A Sec. 4702
- Contract: A legal written agreement that becomes binding when signed.
- Elderly: means a person or family as defined in the United States Housing Act of 1937, Public Law 75-412, 50 Stat. See Maine Revised Statutes Title 30-A Sec. 4702
- Financial institution: means any bank or trust company, savings bank, savings and loan association, industrial bank, national banking association, federal savings and loan association, mortgage banker, credit union or other such institution authorized to do business in the State, or a government agency which customarily provides service or otherwise aids in the financing of mortgage loans. See Maine Revised Statutes Title 30-A Sec. 4702
- housing authority: means any of the public corporations created or authorized to be created by this chapter. See Maine Revised Statutes Title 30-A Sec. 4702
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: means :
A. See Maine Revised Statutes Title 30-A Sec. 4702Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. residence: refer to an individual's place of domicile. See Maine Revised Statutes Title 30-A Sec. 2001
2. Sources of fund. Sources of the fund shall include:
A. All money appropriated for inclusion in the fund; [PL 1989, c. 581, §18 (NEW).]
B. Subject to any pledge, contract or other obligation, any money that the Maine State Housing Authority receives in repayment of advances from the fund; [PL 1989, c. 581, §18 (NEW).]
C. Subject to any pledge, contract or other obligation, all interest, dividends and pecuniary gains from investment of money of the fund; and [PL 1989, c. 581, §18 (NEW).]
D. Any other money available to the state authority and directed by the Maine State Housing Authority to be paid into the fund. [PL 1989, c. 581, §18 (NEW).]
[PL 1989, c. 581, §18 (NEW).]
3. Application of fund. Funds may be applied in the following manner.
A. Money in the fund may be used by the Maine State Housing Authority to insure, guarantee, purchase or make disbursements on reverse annuity mortgage loans, home equity loans or other similar types of loans made to low-income elderly residents of the State either directly through the Maine State Housing Authority or a financial institution or indirectly through property or other tax deferral granted to a low-income elderly homeowner by a state, county, municipality or other taxing authority. Loans shall be secured by a mortgage on the residence, subject to any encumbrances, including, without limitation, prior mortgage loans, that are acceptable to the Maine State Housing Authority or any other security as determined by the Maine State Housing Authority. [PL 1989, c. 581, §18 (NEW).]
B. Money in the fund may be pledged or transferred and deposited as security for and applied in payment of principal of, interest on or redemption premiums on bonds of the Maine State Housing Authority issued to carry out the purposes of this section. [PL 1989, c. 581, §18 (NEW).]
C. Interest, dividends and pecuniary gains from investment of money of the fund may be used by the Maine State Housing Authority to pay for the administrative expenses of the fund and its operation. [PL 1989, c. 581, §18 (NEW).]
[PL 1989, c. 581, §18 (NEW).]
4. Accounts within the fund. The Maine State Housing Authority may divide the fund into separate accounts determined necessary or convenient to accomplish the purposes of this section.
[PL 1989, c. 581, §18 (NEW).]
5. Revolving fund. The fund shall be a nonlapsing, revolving fund. The Maine State Housing Authority shall continuously apply all money in the fund to carry out this section.
[PL 1989, c. 581, §18 (NEW).]
SECTION HISTORY
PL 1989, c. 581, §18 (NEW).