Maine Revised Statutes Title 20-A Sec. 11452 – Chapter additional and supplemental
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1. In general. This chapter provides a complete, additional and alternative method for carrying out the functions authorized and is supplemental and additional to, and the limitations imposed by this chapter do not limit or otherwise affect powers or rights conferred by other laws. The issuance of bonds and refunding bonds under this chapter need not comply with the requirements of any other law applicable to the issuance of bonds.
[PL 1991, c. 603, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 20-A Sec. 11452
- Authority: means the Finance Authority of Maine established in Title 10, section 961 and its successors or assigns. See Maine Revised Statutes Title 20-A Sec. 11442
- Authority loans: means loans by the authority to institutions of higher education, students or other persons for the purpose of funding, financing or acquiring education loans. See Maine Revised Statutes Title 20-A Sec. 11442
- Bonds: includes bonds, notes, refunding bonds, commercial paper, pass-through instruments or any other evidences of obligations of the authority issued under this chapter. See Maine Revised Statutes Title 20-A Sec. 11442
- Contract: A legal written agreement that becomes binding when signed.
- institution of higher education: means any public or private nonprofit educational institution within the State, any public or private nonprofit educational institution outside of the State attended by residents of the State, any proprietary educational institution within the State for which loan guarantee services are readily and conveniently available to the authority or any proprietary educational institution outside of the State attended by residents of the State and for which loan guarantee services are readily and conveniently available to the authority, that:
2. Institutions of higher education. Notwithstanding any other provision of law or charter, institutions of higher education may borrow money from the authority, make education loans and take all other actions necessary or convenient to consummate the transactions contemplated under this chapter. The authority may establish, contract for, charge and collect any amount or rate of interest or compensation with respect to authority loans. Participating institutions of higher education may contract for, charge and collect any amount or rate of interest or compensation with respect to education loans. Neither the authority nor any institution of higher education participating in a loan program under this chapter may be subject to any licensing provisions relating to financial institutions or any credit regulations of the State.
[PL 1991, c. 603, §6 (NEW).]
SECTION HISTORY
PL 1991, c. 603, §6 (NEW).