Sec. 1. 10 MRSA c. 110, sub-c. 12 is enacted to read:

SUBCHAPTER 12

NURSING EDUCATION

§1100-Z.__Nursing education loan repayment program

1.__Nursing education loan repayment program.__The nursing education loan repayment program is established for the purpose of increasing the number of nursing faculty in nursing education programs in the State.

2.__Criteria.__For an applicant to participate in the nursing education loan repayment program established under subsection 1, the applicant must:

A.__Be a nurse;

B.__Complete a master's or doctoral degree in nursing;

C.__Possess an outstanding education loan relating to the master's or doctoral nursing degree; and

D.__Sign a statement of intent in a form acceptable to the authority to work as nursing faculty in a nursing education program in the State for a minimum of 3 years after acceptance into the nursing education loan repayment program.

3.__Nursing education loan repayment fund.__There is established the nursing education loan repayment fund within the authority to carry out the purposes of the nursing education loan repayment program established under subsection 1.__Eligible investment earnings credited to the assets of the nursing education loan repayment fund become part of the assets of that fund. Any balance remaining in the nursing education loan repayment fund at the end of any fiscal year does not lapse but must be carried forward for the next fiscal year.

4.__Administration.__The nursing education loan repayment program and the nursing education loan repayment fund are administered by the authority.__The authority shall repay the loan of an applicant who meets the criteria in subsection 2 in the amount of up to $4,500 for a master's degree and up to $6,000 for a doctoral degree.__The authority may adopt rules to carry out the purposes of this subchapter.__Rules adopted pursuant to the subsection are major substantive rules pursuant to Title 5, chapter 375, subchapter 2-A.