Maine LD 672: An Act To Improve Access to Capital

LD 672 (subjects: FINANCE AUTHORITY , PROGRAMS )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=672&PID=1456&snum=127


Sponsors | Actions | Bill Text & Amendments | Patterns of Support


Sponsors

Principal Sponsor: Rep. Erin Herbig of Belfast: (D – District 97) — e-mail | Facebook

8 Cosponsors:

Actions

Chamber

Action
3/3/2015 House Committee on Labor, Commerce, Research and Economic Development suggested and ordered printed.
The Bill was REFERRED to the Committee on LABOR, COMMERCE, RESEARCH AND ECONOMIC DEVELOPMENT.
Sent for concurrence. ORDERED SENT FORTHWITH.
3/5/2015 Senate On motion by Senator Volk of Cumberland, REFERRED to the Committee on Labor, Commerce, Research and Economic Development, in concurrence.
4/9/2015 House CONSENT CALENDAR – FIRST DAY
4/14/2015 House Committee on Bills in the Second Reading Reports no further verbal amendments necessary Representative McLEAN of Gorham, Chair, House of Representatives Report Accepted.
CONSENT CALENDAR – SECOND DAY.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (H-58).
Sent for concurrence. ORDERED SENT FORTHWITH.
4/16/2015 Senate Report READ and ACCEPTED , in concurrence.
READ ONCE
Committee Amendment “A” (H-58) READ and ADOPTED , in concurrence.
ASSIGNED FOR SECOND READING NEXT LEGISLATIVE DAY.
4/21/2015 Senate COMMITTEE ON BILLS IN THE SECOND READING REPORTS NO FURTHER VERBAL AMENDMENTS NECESSARY, Senator Saviello, Senate Chair. REPORT ACCEPTED.
READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment “A” (H-58), in concurrence.
Ordered sent down forthwith.
4/23/2015 House PASSED TO BE ENACTED.
Sent for concurrence. ORDERED SENT FORTHWITH.
4/28/2015 Senate PASSED TO BE ENACTED, in concurrence.

Bill Text & Amendments

Important Note: The bill text below presents L.D. 672 as originally introduced. L.D. 672 was changed by the legislature through amendment. To understand the impact of this legislation in proper context, be sure to read adopted amendment text, available here: C-A (H-58) .

An Act To Improve Access to Capital

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 10 MRSA 1026-A, sub- 1, as amended by PL 2009, c. 124, 3, is further amended to read:

1. Insurance. The authority may make commitments and agreements to insure loan payments. Any loan insurance must be subject to the following:

A. Loan insurance may not exceed:

(1) One hundred percent of the principal amount of the loan made to any borrower including related entities for any of the following types of loans or projects:

(a) Loans to veterans and wartime veterans, except that the authority may not at any time have, in the aggregate amount of the principal and interest outstanding, loan insurance obligations pursuant to this division exceeding $5,000,000;

(b) Underground and aboveground oil storage facility projects and projects to install equipment related to the improvement of air quality pursuant to requirements for gasoline service station vapor control and petroleum liquids transfer vapor recovery, except that the authority may not at any time have, in the aggregate amount of the principal and interest outstanding, loan insurance obligations pursuant to this division exceeding $5,000,000;

(c) Clean fuel vehicle projects and sustainable biofuel vehicle projects, except that the authority may not at any time have, in the aggregate amount of the principal and interest outstanding, loan insurance obligations pursuant to this division exceeding $5,000,000;

(d) Waste oil disposal site clean-up projects, except that the authority may not at any time have, in the aggregate amount of the principal and interest outstanding, loan insurance obligations pursuant to this division exceeding $1,000,000; or

(e) The Plymouth waste oil remedial study, except that the authority may not at any time have, in the aggregate amount of the principal and interest outstanding, loan insurance obligations pursuant to this division exceeding $1,000,000; and

(2) Ninety percent of the principal amount of the loan made to any borrower, including related entities for any other manufacturing enterprise, industrial enterprise, recreational enterprise, fishing enterprise, agricultural enterprise, natural resource enterprise or any other eligible business enterprise;

B. The loan must be serviced as required by the authority;
D. The authority must determine that there is a reasonable prospect that the loan will be repaid;
E. The loan must be in compliance with the credit policy of the authority;
F. Loan insurance payments may not exceed the lesser of:

(1) Principal, outstanding accrued interest and collection costs approved by the authority; and

(2) The original insured amount; and

G. Terms other than those specified in paragraphs A to F as may be required by law or by rule of the authority.

The authority may provide insurance for related entities of up to $7,000,000 $10,000,000.

Notwithstanding any provision to the contrary in this chapter, the authority may provide special loan insurance benefits to veterans and wartime veterans determined by rule of the authority developed in consultation with the Department of Defense, Veterans and Emergency Management, Bureau of Maine Veterans’ Services.

For all loan insurance liability in excess of $1,000,000 and in other instances when the authority determines it is appropriate, the authority shall obtain a written assessment from the Department of Environmental Protection of the environmental conditions known by the department to exist at a project location so that the authority fully considers environmental risks when making its decisions. Environmental conditions posing risks that must be considered include, but are not limited to, licensing obligations, existing or historic regulatory noncompliance and site clean-up responsibilities.

Sec. 2. Funds deposited. Funds appropriated or allocated pursuant to this Act must be deposited in the Finance Authority of Maine Loan Insurance Reserve Fund set forth pursuant to the Maine Revised Statutes, Title 10, section 1023-C.

Sec. 3. Contingent effective date. This Act takes effect only upon the receipt by the Finance Authority of Maine Loan Insurance Reserve Fund of an appropriation, allocation or other funding source in the amount of at least $37,000,000.

SUMMARY

This bill, which takes effect only upon the receipt by the Finance Authority of Maine Loan Insurance Reserve Fund of an appropriation, general obligation bond funding or other funding in the amount of at least $37,000,000, increases the maximum loan insurance amount available through the Finance Authority of Maine from $7,000,000 to $10,000,000.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 672 was last updated on 2016-05-12.
The Open Maine Politics website is in a beta release and results should not be taken as definitive. Please visit the official website of the Maine State Legislature for entirely verifiable information.

Be the first to comment on "Maine LD 672: An Act To Improve Access to Capital"

Leave a comment

Democracy thrives on participation; please share your thoughts!
Your email address will not be published. Required fields are marked *

Your email address will not be published.


*