LD 1766
pg. 5
Page 4 of 21 An Act To Simplify the Finance Authority of Maine Act Page 6 of 21
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LR 2611
Item 1

 
The authority may issue or cause to be issued certificates or
other instruments evidencing the holder's fractional interest in
a pool of mortgage loans, which interest may be undivided or
limited to one or more specific loans. Whether or not the
certificates or instruments are of such form or character as to
be negotiable instruments under Title 11, article 8 3-A, the
certificates or instruments are negotiable instruments within the
meaning of and for all the purposes of Title 11, article 8 3-A,
subject only to such registration requirements as the authority
may establish.

 
In connection with the exercise of the powers authorized in this
subsection and those powers otherwise granted to the authority,
the authority may create and operate a secondary market and
warehousing facility or facilities for mortgage loans or the
insured portion of mortgage loans that provide liquidity to
lenders making mortgage loans;

 
Sec. 17. 10 MRSA §975-A, sub-§1, ķA, as enacted by PL 1985, c. 344,
§25, is amended to read:

 
A. After filing of a written application or proposal for
financial assistance or property transfer, in form specified
by or acceptable to the authority:

 
(1) Names of recipients of or applicants for financial
assistance, including principals, where applicable;

 
(2) Amounts, types and general terms of financial
assistance provided to those recipients or requested by
those applicants;

 
(3) Descriptions of projects and businesses benefiting or
to benefit from the financial assistance;

 
(4) Names of transferors or transferees, including
principals, of property to or from the authority, the
general terms of transfer and the purposes for which
transferred property will be used;

 
(5) Number of jobs and the amount of tax revenues
projected or resulting in connection with a project;

 
(6) Upon the authority's satisfaction of its mortgage loan
insurance liability, the amount of any mortgage loan
insurance payments with respect to a mortgage loan
insurance contract; and


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