LD 399
pg. 1
LD 399 Title Page An Act To Recruit and Retain College Graduates through Loan Repayment Page 2 of 3
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LR 477
Item 1

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

 
Sec. 1. 20-A MRSA c. 428-B is enacted to read:

 
CHAPTER 428-B

 
FUTURE FOR YOUTH IN MAINE LOAN

 
REPAYMENT PROGRAM

 
§12531.__Definitions

 
As used in this chapter, unless the context otherwise
indicates, the following terms have the following meanings.

 
1.__Authority.__"Authority" means the Finance Authority of
Maine.

 
2.__Eligible employment position.__"Eligible employment
position" means a full-time position within the State as the
founder or employee of a technology-based business developed
within the Applied Technology Development Center System, as
established in Title 5, section 15321, or a full-time position
within a labor shortage area at the time of hire.

 
3.__Labor shortage area.__"Labor shortage area" means an
occupation or industry in the State identified by the Department
of Labor, in consultation with the Department of Economic and
Community Development, as facing a shortage of qualified workers.

 
§12532.__Future for Youth in Maine Loan Repayment Program

 
1.__Establishment; administration.__There is established the
Future for Youth in Maine Loan Repayment Program, referred to in
this chapter as "the program."__The program is established to
recruit and retain college graduates in the State to start new
technology-based businesses and to work in labor shortage areas.__
The authority shall administer the program.

 
2.__Eligibility requirements.__Eligibility requirements must
be established by rule of the authority and, at a minimum, must
include:

 
A.__That the applicant has received a bachelor's degree or
graduate degree within 2 years of the date of application;

 
B.__That the applicant has outstanding education loans; and

 
C.__That the applicant is willing to accept and maintain
employment in an eligible employment position.


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