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corporation formed under section 11407 and former Title 20, section | | 2237, of the state agency designated as administrator of federal | | guaranteed student loan programs pursuant to chapter 417, | | subchapter I or of any entity that has a contract to provide a | | significant level of administrative services to the authority, to a | | nonprofit corporation formed under section 11407 and former Title | | 20, section 2237 or to the state agency designated as administrator | | of federal guaranteed student loan programs pursuant to chapter | | 417, subchapter I. |
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| | | Sec. 14. 20-A MRSA §11417, sub-§1, ¶H, as enacted by PL 1987, c. 807, | | §3, is amended to read: |
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| | | H. In accordance with the limitations and restrictions of | | this chapter, cause any of its powers or duties to be | | carried out by one or more nonprofit corporations organized | | and operated under Title 13-B.__This paragraph is repealed | | on March 15, 2001; |
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| | | Sec. 15. 20-A MRSA §11417, sub-§4, as enacted by PL 1987, c. 807, §3, | | is amended to read: |
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| | | 4. Administration. In carrying out its powers under this | | chapter, the authority shall, whenever determined desirable by | | the authority, contract with the secondary market or other | | persons or entities for necessary clerical and administrative | | services. The contracts must be awarded by a competitive bidding | | process subject to approval by a vote of a majority of the | | members of the authority. |
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| | | Sec. 16. 20-A MRSA §11417, sub-§§5 to 7 are enacted to read: |
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| | | 5.__Loan origination.__The powers of the authority set forth | | in subsection 1, paragraph B and in subsection 2 are limited as | | set forth in this subsection.__The authority is authorized to | | originate supplemental loans. |
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| | | 6.__Business plan.__Within 90 days after the effective date of | | this subsection and thereafter within the period set forth in | | Title 5, section 8060, subsection 2, the authority shall prepare | | and distribute to persons who request it a statement of the | | authority's goals and objectives for the calendar year and a | | regulatory agenda in accordance with Title 5, section 8060. |
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| | | 7.__Operating contracts.__The authority shall adopt rules, | | after notice and hearing in accordance with Title 5, section | | 8053, providing that loan servicing and other substantial | | operating contracts may not be entered into without prior public | | notice and opportunity for interested persons to make proposals.__ | | In adopting rules, the members of the authority shall, to the |
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