Maine § 1100-KK. - Loan guarantee
Full text of Maine Maine Revised Statutes § 1100-KK. — Loan guarantee, with citation guidance and answers to common questions.
§ 1100-KK.. Loan guarantee
1. Claims. No sooner than the 180th day following the end of the grace period and no later than the 300th day following the end of the grace period, an eligible financial institution that has made a good faith effort to collect the outstanding principal of a loan issued pursuant to section 1100‑JJ and has been unsuccessful may make a claim to the authority for recovery of an amount equal to the outstanding principal of that loan.
An eligible financial institution shall demonstrate to the satisfaction of the authority that the eligible financial institution has made a good faith effort to collect the outstanding principal from the eligible affected employee in accordance with the eligible financial institution's loan servicing and collection policies and has been unsuccessful.
2. Loan guarantee payment. The authority, upon receipt of a properly documented claim submitted by an eligible financial institution pursuant to subsection 1, shall submit the claim immediately to the Treasurer of State for payment. The Treasurer of State immediately shall pay to the authority from the Government Shutdown Loan Guarantee Program Fund, established in Title 5, section 160, any claims submitted by the authority pursuant to the program. The authority shall distribute the loan guarantee payment to the eligible financial institution.
3. Effect of payment of claim. After payment of a loan guarantee payment to an eligible financial institution pursuant to subsection 2:
A. The loan must be assigned by the eligible financial institution to the authority on behalf of the State; and [PL 2025, c. 494, §2 (NEW).]
B. The duty of the authority to continue collection efforts on the loan pursuant to section 1100‑LL, subsection 4 applies. [PL 2025, c. 494, §2 (NEW).]
Frequently Asked Questions About Maine § 1100-KK.
What does Maine Revised Statutes § 1100-KK. cover?
Section 1100-KK. ("Loan guarantee") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1100-KK.?
A common citation format is "Maine Revised Statutes § 1100-KK." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1100-KK. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.