CHAPTER 97
H.P. 705 - L.D. 969
An Act to Authorize the Issuance of a Credit Card to Benefit the Scholarships for Maine Fund
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1013, sub-§2, as repealed and replaced by PL 1989, c. 698, §10, is repealed and the following enacted in its place:
2. Teachers for Maine Program. The Teachers for Maine Program, as established in Title 20-A, chapter 428;
Sec. 2. 10 MRSA §1013, sub-§10, as amended by PL 1995, c. 462, Pt. A, §17, is further amended to read:
10. Student financial assistance counseling and outreach program. The student financial assistance counseling and outreach program, as established in Title 20-A, chapter 430-B; and
Sec. 3. 10 MRSA §1013, sub-§13, as amended by PL 1991, c. 824, Pt. C, §1, is further amended to read:
13. Higher Education Loan Program. The Higher Education Loan Program, as established in Title 20-A, chapter 417-C.;
Sec. 4. 10 MRSA §1013, sub-§§14 and 15 are enacted to read:
14. University of Maine System Scholarship Fund. The University of Maine Scholarship Fund, as established in Title 20-A, chapter 419-B; and
15. Scholarships for Maine Fund. The Scholarships for Maine Fund, as established in Title 20-A, chapter 419-C.
Sec. 5. 20-A MRSA c. 419-C is enacted to read:
CHAPTER 419-C
SCHOLARSHIPS FOR MAINE FUND
§11651. Scholarships for Maine Fund
The Scholarships for Maine Fund is created and established as a nonlapsing fund under the jurisdiction and control of the Finance Authority of Maine. All revenues credited to this fund must be distributed as scholarships based on need for residents of the State who are enrolled in an accredited postsecondary education program of at least one year. The Finance Authority of Maine shall award scholarships and adopt rules for determining eligibility, terms and conditions of grants. Rules adopted pursuant to this section are routine technical rules pursuant to Title 5, chapter 375, subchapter II-A. Interest earned on amounts in the fund may be used for the costs of administering the grants.
§11652. Finance Authority of Maine sponsored credit card
1. Finance Authority of Maine sponsored credit card. The Finance Authority of Maine may enter into an agreement with a financial institution, as defined in Title 9-B, section 131, subsection 17-A or a credit union, as defined in Title 9-B, section 131, subsection 12-A, or other credit card issuer to issue a credit card for the benefit of the Scholarships for Maine Fund.
2. Agreement. If the Finance Authority of Maine enters into an agreement with a financial institution, credit union or other credit card issuer in accordance with subsection 1, the Finance Authority of Maine shall negotiate the most favorable agreement for the Finance Authority of Maine, considering such factors as:
A. The rate of the fee by a credit card issuer;
B. The ability of a financial institution, credit union or other credit card issuer to market the card successfully; and
C. Customer service offered by the financial institution, credit union or other credit card issuer.
3. Distribution of proceeds. Funds received by the Finance Authority of Maine under the agreement with the financial institution, credit union or other credit card issuer must be deposited into the Scholarships for Maine Fund.
See title page for effective date.
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