CHAPTER 537

H.P. 1288 - L.D. 1766

An Act To Simplify the Finance Authority of Maine Act

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 10 MRSA §962, sub-§1, as amended by PL 1985, c. 344, §5, is further amended to read:

1. Loans. Encourage the making of mortgage loans to finance the planning, development, acquisition, construction, improvement, expansion and placing in operation of industrial, manufacturing, recreational, fishing, agricultural and other business and natural resource enterprises;

Sec. 2. 10 MRSA §962, sub-§4, as amended by PL 1989, c. 559, §1, is further amended to read:

4. Small businesses and veteran-owned small businesses. Encourage the making of mortgage loans to small businesses and veteran-owned small businesses;

Sec. 3. 10 MRSA §963-A, sub-§§6 and 8, as enacted by PL 1985, c. 344, §7, are amended to read:

6. Commitment to issue loan insurance. "Commitment to issue mortgage loan insurance" means a commitment to provide insurance for mortgage loan payments subject to terms specified by the authority.

8. Eligible collateral. "Eligible collateral" means an