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.