| | | 1. Demonstration of purpose of loan. The board may enter | into loan agreements with any qualifying borrower, who | | exercise all powers of a lender or creditor.__Loan security may | | include the acquisition, use, management, improvement or | | disposition of any interest in, or type of, real or personal | | property, including grant, purchase, sale, borrow, loan, lease, | | foreclosure, mortgage, assignment or other lawful means, with or | | without public bidding and also including the assessment of fees, | | the forgiveness of indebtedness, the receipt of reimbursements | | for expenses incurred in carrying out its purposes and the | | expenditure or investment of its funds.__The borrower must | | demonstrate that: |
|
| | | A. The loan will assist one or more persons with | | disabilities to improve their independence or become more | | productive members of the community; and |
|
| | | B. The applicant has the ability to repay the loan. |
|
| | | Sec. 6. 10 MRSA §376, sub-§3, as enacted by PL 2003, c. 99, §2, is | | amended to read: |
|
| | | 3. Transportation assistance. For the purpose set forth in | section 377, subject to the limitations set forth in that | sectionThis subsection is repealed June 30, 2005. |
|
| | | Sec. 7. 10 MRSA §377, as enacted by PL 2003, c. 99, §3, is amended | | to read: |
|
| | | §377. Loans for transportation assistance program |
|
| | | The board may award loans for the purpose of assisting persons | | with disabilities to purchase used vehicles necessary to obtain | | or retain employment or employment training, subject to the | | following limitations. |
|
| | | 1. Qualifications of borrower. A loan may be made under this | | section only to a qualifying borrower who meets the other | | requirements of this chapter and who demonstrates a need for a | | vehicle as part of an individualized plan toward employment | | developed with a state or community-based organization that | | provides employment services to persons with disabilities and | | that is approved by the board. |
|
| | | 2. Limitation on loan amount. Loans made under this section | may not exceed $7,000 per qualifying borrower. |
|
| | | 3. Aggregate amount of loans. The maximum aggregate amount | of loans made$250,000 |
|
|
