8.__Reports.__A corporation shall report at least semiannually to the authority on the projects the corporation funds and the administration of the program.__The report must include a description of each borrower, the amount, type and terms of assistance each borrower received and other information the authority requires.__The report must contain an accounting of the loan portfolio and any loans that are in default, as well as an accounting of the corporation's administrative and technical assistance expenses incurred and charged to the program.

9.__Audit.__The authority shall periodically review each corporation's participation in the program and may, in its discretion, require an independent audit at the expense of the corporation.__If the authority determines that a corporation has used funds for ineligible purposes, the corporation shall repay those funds to the authority for deposit into the fund.__The authority may not disburse additional funds to a corporation until the corporation has repaid the misapplied funds and has fully complied with its obligations under the contract with the authority.

10.__Written procedures.__The authority shall adopt rules governing the program.__Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.

Sec. 2. 20-A MRSA §12502, as amended by PL 1995, c. 117, Pt. E, §5 and affected by §13, is further amended to read:

§12502. Teachers for Maine Program

There is established the Teachers for Maine Program to provide financial assistance to college students, graduating high school seniors and students pursuing postbaccalaureate teacher certification or child development associate certification or an associate's degree in child development who demonstrate an interest in pursuing a career in teaching in this State for postsecondary education and to teachers for advanced degree or continued study. The program recognizes outstanding graduating high school seniors, college students and students pursuing postbaccalaureate teacher certification or child development associate certification or an associate's degree in child development. The chief executive officer shall administer the program and shall establish by rule the rates of interest or fees to be charged.