| | | 1.__Criteria.__The commissioner may adopt rules to implement | | the program, which must include, but are not limited to, the | | following loan criteria. |
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| | | A.__A person is not eligible for a loan from the fund unless | | that person receives assistance from the TANF program. |
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| | | B.__No loan may be made in an amount in excess of $10,000 to | | any single applicant, nor at an interest rate that is equal | | to or greater than a comparable private market loan.__The | | commissioner may establish by rule interest rates on loans | | from the program. |
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| | | C.__Loans may not be insured or guaranteed by the State, but | | a community action agency may require collateral in the form | | of security for the loan and may, in appropriate cases, take | | a mortgage on real estate. |
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| | | D.__The commissioner must allocate funds under section 3835 | | to participating community action agencies on the basis of a | | formula that takes into consideration both the populations | | served by the agencies and the economic conditions of the | | regions, as evidenced by unemployment statistics and per | | capita income. |
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| | | E.__A person may not use a loan from the fund to purchase a | | used vehicle unless that vehicle displays a valid inspection | | sticker pursuant to Title 29-A, chapter 15, subchapter I and | | the person purchases the vehicle from a dealer who offers a | | warrantee on that vehicle.__The commissioner shall by rule | | establish the minimum standards for a warrantee. |
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| | | F.__A person may not use a loan from the fund to pay for | | repair or maintenance of a vehicle unless the repair or | | maintenance is conducted at a facility certified by the | | commissioner as a facility with adequately trained mechanics | | and appropriate repair and maintenance equipment.__The | | commissioner shall establish by rule the certification | | standards for facilities and the repair and maintenance | | procedures to which a loan may be applied. |
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| | | §3834.__Administrative costs; community action agencies |
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| | | A community action agency must be reimbursed for its | | administrative costs associated with implementing the program.__ | | The commissioner shall establish by rule a fee on each loan | | issued by a community action agency to cover the agency's | | administrative costs. |
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| | | §3835.__Drive ME Wheels-to-work Revolving Loan Fund |
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