LD 1267
pg. 3
Page 2 of 4 PUBLIC Law Chapter 191 Page 4 of 4
Download Chapter Text
LR 1629
Item 1

 
1. Demonstration of purpose of loan. The board may enter
into loan agreements with any qualifying borrower, who 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

 
B. The applicant has the ability to repay the loan.

 
Sec. 6. 10 MRSA §376, sub-§3, as enacted by PL 2003, c. 99, §2, is
amended to read:

 
3. Transportation assistance. For the purpose set forth in
section 377, subject to the limitations set forth in that
section. This subsection is repealed June 30, 2005.

 
Sec. 7. 10 MRSA §377, as enacted by PL 2003, c. 99, §3, is amended
to read:

 
§377. Loans for transportation assistance program

 
The board may award loans for the purpose of assisting persons
with disabilities to purchase used vehicles necessary to obtain
or retain employment or employment training, subject to the
following limitations.

 
1. Qualifications of borrower. A loan may be made under this
section only to a qualifying borrower who meets the other
requirements of this chapter and who demonstrates a need for a
vehicle as part of an individualized plan toward employment
developed with a state or community-based organization that
provides employment services to persons with disabilities and
that is approved by the board.

 
2. Limitation on loan amount. Loans made under this section
may not exceed $7,000 per qualifying borrower.

 
3. Aggregate amount of loans. The maximum aggregate amount
of loans made issued under this section may not exceed $250,000


Page 2 of 4 Top of Page Page 4 of 4
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer