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94-434 - Maine Educational Loan Authority
2001-2002 Regulatory Agenda

UMBRELLA-UNIT NUMBER: 94-434
AGENCY NAME: Maine Educational Loan Authority

CONTACT PERSON: Shirley M. Erickson, Executive Director, Maine Educational Loan Authority, One City Center, 11th floor, Portland, Maine 04101. Tel: (207) 791-3625 or (207) 255-6043.

EMERGENCY RULES ADOPTED SINCE LAST REGULATORY AGENDA: None.

EXPECTED 2001- 2002 RULE-MAKING ACTIVITY:

Chapter 3, Rules for Competitive Bidding.
STATUTORY AUTHORITY: 20-A M.R.S.A. 11417(7); 5 M.R.S.A. 1825-A through 1825-I.
PURPOSE: To provide rules and guidelines for MELA entering into contracts relative to loan servicing and other substantial operating services. To adopt rules necessary to implement legislative changes.
ANTICIPATED SCHEDULE: Approval for Rulemaking by MELA Board: September 2001; Public Hearing: October 24, 2001; Adoption Date: December 2001.
AFFECTED PARTIES: All businesses and individuals who may provide loan servicing and other substantial operating services under contract with the Authority.
CONSENSUS-BASED RULE DEVELOPMENT: The Authority does not intend to employ consensus-based rule development.

Chapter 1, Maine Loan Program
STATUTORY AUTHORITY: 20-A M.R.S.A. 11417(1)(N), 10 M.R.S.A. 363.
PURPOSE: To amend the finance charges and repayment terms of supplemental education loans to participants in the Maine Loan Program.
ANTICIPATED SCHEDULE: Approval for Rulemaking by MELA Board: January 2002; Public Hearing: February 2002; Adoption Date: April 2002.
AFFECTED PARTIES: Maine residents entering institutions of higher education or are currently enrolled in an approved educational program, college or university and non-resident students who are currently enrolled in an approved educational program, college or university in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: The Authority does not intend to employ consensus-based rule development.

Chapter 1, Maine Medical Loan Program
STATUTORY AUTHORITY: 20-A M.R.S.A. 11417(1)(N), 10 M.R.S.A. 363.
PURPOSE: To amend the finance charges and repayment terms as well as the terms under which participants in the Maine Medical Loan Program may qualify for reduced interest rates; to establish a disclosure policy regarding such terms to comply with the Joint Rule of the Bureau of Banking and the Office of Consumer Credit Regulation on Student Loan Disclosures.
ANTICIPATED SCHEDULE: Approval for Rulemaking by MELA Board: January 2002; Public Hearing: February 2002; Adoption Date: April 2002.
AFFECTED PARTIES: Maine residents entering post-graduate studies in medical professions and students who are currently enrolled in an approved medical college or university in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: The Authority does not intend to employ consensus-based rule development.

 


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