Sec. 1. 20-A MRSA c. 428-B is enacted to read:

CHAPTER 428-B

MAINE GRADUATE RETENTION LOAN PROGRAM

§12541.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Authority.__"Authority" means the Finance Authority of Maine.

2.__Eligible employment position.__"Eligible employment position" means a full-time position within the State as an employee of a qualified business.

3.__Eligible student.__"Eligible student" means a resident of the State enrolled in or accepted for enrollment in a postsecondary educational institution.

4.__Participant.__"Participant" means an eligible student who has applied to and been accepted by the program.

5.__Postsecondary educational institution.__"Postsecondary educational institution" includes public and private postsecondary educational institutions and postgraduate institutions.

6.__Program.__"Program" means the Maine Graduate Retention Loan Program established pursuant to section 12542.

7.__Qualified business.__"Qualified business" means a business that is located in the State.

§12542.__Maine Graduate Retention Loan Program

1.__Establishment; administration.__The Maine Graduate Retention Loan Program is established to provide loans of 75% of tuition and board to certain eligible students enrolled in postsecondary educational institutions who agree to accept and maintain full-time employment in the State after graduation. The authority shall administer the program.

2.__Eligibility requirements.__The authority shall establish eligibility requirements for participation in the program by rule.