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ME LD1208
Bill
AI Summary
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Increases the statutory cap on the Finance Authority of Maine's reserve fund balance from $50,000,000 to $65,000,000
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State Controller may transfer up to $1,000,000 per year from the General Fund's unappropriated surplus to the Loan Insurance Reserve at the close of each fiscal year
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Transfers to the Loan Insurance Reserve occur after other required transfers under section 1507 are completed
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Reserve fund balance includes amounts held in the Finance Authority of Maine Mortgage Insurance Fund that are not committed or encumbered for other purposes
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Signed into law as Public Law Chapter 475 on July 1, 2025
Legislative Description
An Act to Amend the Statutory Balance Limit on the Finance Authority of Maine's Loan Insurance Reserves for General Fund Transfers
Administration
Last Action
PASSED TO BE ENACTED in concurrence.
6/25/2025