1. Contracts. The Maine State Housing Authority may:
A. Establish housing mortgage insurance contracts; [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
B. Charge and collect premiums; [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
C. Make appropriate payments; and [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
D. Do all other things necessary and proper to administer a state housing mortgage insurance program. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]

[PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]

Terms Used In Maine Revised Statutes Title 30-A Sec. 4934

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Housing: includes , but is not limited to, any "project" or "housing project" as defined in section 4702, subsection 14. See Maine Revised Statutes Title 30-A Sec. 4933
  • housing authority: means any of the public corporations created or authorized to be created by this chapter. See Maine Revised Statutes Title 30-A Sec. 4702
  • Housing Mortgage Insurance Fund: means the fund established under section 4934?A by the Maine State Housing Authority for the purpose of providing insurance for the payment of mortgage loans for housing in the State. See Maine Revised Statutes Title 30-A Sec. 4933
  • Housing Mortgage Insurance Program: means any program of providing insurance for the payment of mortgage loans for housing in the State established by the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 4933
  • Indian Housing Authority: means any housing authority created by the Maine Indian Housing law. See Maine Revised Statutes Title 30-A Sec. 4933
  • Indian Housing Mortgage Insurance Committee: means a committee consisting of:
A. See Maine Revised Statutes Title 30-A Sec. 4933
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage: means :
    • A. See Maine Revised Statutes Title 30-A Sec. 4702
  • Person: means an individual, corporation, partnership, firm, organization or other legal entity. See Maine Revised Statutes Title 30-A Sec. 2001
    • 1-A. Application. The Housing Mortgage Insurance Program may be made available to persons who have not financed housing through a program of the Maine State Housing Authority.

    [PL 1989, c. 48, §§8, 31 (NEW).]

    2. Procedure. When providing mortgage insurance on Indian housing, the Maine State Housing Authority shall develop the various contracts and other aspects of the program in cooperation with the Indian Housing Authority and shall deal with insurance purchases exclusively through the agency of the Indian Housing Authority or a person acceptable to the Indian Housing Authority.

    [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]

    3. Limitation. Notwithstanding this section, the Maine State Housing Authority shall not make any contract or commitment of mortgage insurance on housing on the Indian reservations without the approval of a majority of the Indian Housing Mortgage Insurance Committee.

    [PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD); PL 1989, c. 581, §14 (AMD).]

    4. Surplus revenues. Any revenues in excess of the money required to insure housing mortgages under this subchapter shall first be used to repay any loans from the General Fund. After repayment to the General Fund, any surplus money may be allocated to the Housing Opportunities for Maine Program.

    [PL 1989, c. 48, §§9, 31 (NEW).]

    5. Pledging of assets. Any obligations incurred under the Housing Mortgage Insurance Program shall be payable only from the Housing Mortgage Insurance Fund and shall create no lien or claim on behalf of any beneficiary nor on behalf of the fund against any other fund or funds of the Maine State Housing Authority.

    [PL 1989, c. 581, §15 (NEW).]

    6. Exemption. Any mortgage insurance program operated under this subchapter is exempt from all requirements imposed under the Maine Insurance Code.

    [PL 1989, c. 581, §15 (NEW).]

    SECTION HISTORY

    PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 48, §§8,9,31 (AMD). PL 1989, c. 104, §§C8,10 (AMD). PL 1989, c. 581, §§14,15 (AMD).
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