This chapter being necessary for the welfare of the State and its inhabitants must be liberally construed so as to effect its purposes.

SUMMARY

This bill creates the Higher Education Loan Purchase Program to be administered by the Finance Authority of Maine as a secondary market for higher education loans, as provided in Public Law 2003, chapter 112, allowing the Governor to designate a state agency as a secondary market, and Executive Order 16 FY 02/03, dated May 14, 2003, designating the Finance Authority of Maine as the state secondary market for educational loans.

The bill adds the administration of a secondary market for student loans to the general powers of the authority. The authority is authorized to issue tax exempt bonds to finance certain loans.