Maine Revised Statutes Title 10 Sec. 375 – Loans
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1. Demonstration of purpose of loan. The board may enter into loan agreements with any qualifying borrower and exercise all powers of a lender or creditor. Loan security may include the acquisition, use, management, improvement or disposition of any interest in, or type of, real or personal property, including grant, purchase, sale, borrow, loan, lease, foreclosure, mortgage, assignment or other lawful means, with or without public bidding and also including the assessment of fees, the forgiveness of indebtedness, the receipt of reimbursements for expenses incurred in carrying out its purposes and the expenditure or investment of its funds. The borrower must demonstrate that:
A. The loan will assist one or more persons with disabilities to improve their independence or become more productive members of the community; and [PL 1987, c. 817, §2 (NEW).]
B. The applicant has the ability to repay the loan. [PL 1987, c. 817, §2 (NEW).]
[PL 2005, c. 191, §5 (AMD).]
Terms Used In Maine Revised Statutes Title 10 Sec. 375
- Board: means the Kim Wallace Adaptive Equipment Loan Program Fund Board. See Maine Revised Statutes Title 10 Sec. 371
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Qualifying borrower: means any individual, for-profit or nonprofit corporation or partnership which demonstrates that the loan will assist one or more persons with disabilities to improve their independence or become more productive members of the community. See Maine Revised Statutes Title 10 Sec. 371
2. Loan limit. Any necessary loan limitation shall be determined by the board.
[PL 1987, c. 817, §2 (NEW).]
3. Terms. All loans must be repaid within such terms and at such interest rates as the board may determine to be appropriate in accordance with guidelines established by rulemaking pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375.
[PL 1987, c. 817, §2 (NEW).]
4. Distribution.
[PL 1997, c. 489, §3 (RP).]
SECTION HISTORY
PL 1987, c. 817, §2 (NEW). PL 1989, c. 191, §2 (AMD). PL 1997, c. 489, §3 (AMD). PL 2005, c. 191, §5 (AMD).