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are likely to benefit from the discounts and any other | | disclosures pursuant to guidelines established by the | | Bureau of Financial Institutions and the Office of Consumer | | Credit Regulation for the issuance of education loans that | | would benefit from an allocation of the state ceiling.__The | | Bureau of Financial Institutions and the Office of Consumer | | Credit Regulation shall jointly adopt, to the extent | | allowed by law, rules to carry out the provisions of this | | paragraph by establishing uniform disclosure requirements | | and sanctions for noncompliance.__Rules adopted pursuant to | | this paragraph are routine technical rules, as defined in | | Title 5, chapter 375, subchapter 2-A.__All information | | provided to the appropriate agencies within the Department | | of Professional and Financial Regulation must include the | | source of the information and the basis for any | | projections. |
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| | | B.__All education loans made under the federal Higher | | Education Act of 1965, 20 United States Code, Chapter 28 | | that are purchased with proceeds of tax-exempt bonds using | | a portion of the state ceiling on private activity bonds | | must be guaranteed by the state agency designated as | | administrator of federal guaranteed student loan programs | | pursuant to Title 20-A, chapter 417, subchapter 1; | | however, this requirement does not apply to serial loans | | of a borrower that are guaranteed by a different guarantee | | agency and acquired or financed with tax-exempt bond | | proceeds prior to the effective date of this paragraph.__ | | The state agency designated as administrator of federal | | guaranteed student loan programs pursuant to Title 20-A, | | chapter 417, subchapter 1 shall use its best efforts to | | provide competitive rates for the guarantee function. |
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| | | Sec. 4. 20-A MRSA §11407, as amended by PL 1999, c. 728, §11 and | | affected by §§20 and 21, is further amended to read: |
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| | | §11407. Authorization for Governor to request organizations to |
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| | | To the extent and for the purposes contemplated by the | | federal Internal Revenue Code of 1954, Section 103(e), as | | amended, and successor provisions thereto, including without | | limitation the federal Internal Revenue Code of 1986, Section | | 150(d), as amended, the Governor may on behalf of the State | | request the organization of one or more nonprofit corporations | | to operate exclusively for the purpose of acquiring student | | loan notes incurred under the federal Higher Education Act of | | 1965, 20 United States Code, Chapter 28, Title IV, Part B, as | amended. Notwithstanding the requirements of this section, if | a nonprofit corporation formed under this section does not | comply with the requirements of this section, the | | may request on |
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