Maine § 1023-C. - Loan Insurance Reserve Fund
Full text of Maine Maine Revised Statutes § 1023-C. — Loan Insurance Reserve Fund, with citation guidance and answers to common questions.
§ 1023-C.. Loan Insurance Reserve Fund
1. Creation. There is created and established under the jurisdiction and control of the authority the Loan Insurance Reserve Fund.
2. Sources of fund. There shall be paid into the Loan Insurance Reserve Fund:
A. All money appropriated for inclusion in the fund; [PL 1985, c. 714, §12 (NEW).]
B. Subject to any pledge, contract or other obligation, any money which the authority receives in repayment of advances from the fund; [PL 1985, c. 714, §12 (NEW).]
C. Subject to any pledge, contract or other obligation, all interest, dividends or other pecuniary gains from investment of money of the fund; [PL 1985, c. 714, §12 (NEW).]
D. After the sum of $300,000 is transferred into the General Fund by the State Controller, the balance available in the Guarantee Reserve Fund shall be transferred to the fund by the State Controller in accordance with the following:
(2) The sum to be transferred from the Guarantee Reserve Fund to the Loan Insurance Reserve Fund shall be reduced by the amount of any transfers of money to the authority pursuant to section 1024 on or before the transfer provided for by this paragraph. [PL 1985, c. 714, §12 (NEW).]
E. Any other money available to the authority and directed by the authority to be paid into the fund. [PL 1985, c. 714, §12 (NEW).]
3. Application of fund. Money in the Loan Insurance Reserve Fund may be applied to carry out any power of the authority, including, without limitation, to pledge or transfer and deposit money in the fund as security for and to apply money in the fund in payment of principal of, interest on or redemption premiums on revenue obligation securities of the authority. Money in the fund not needed currently to meet the obligations of the authority as provided for in this chapter may be invested in such manner as may be permitted by law.
4. Accounts within fund. The authority may divide the Loan Insurance Reserve Fund into such separate accounts as it determines are necessary or convenient for carrying out the purposes of this chapter.
5. Revolving fund. The Loan Insurance Reserve Fund shall be a nonlapsing, revolving fund. All money in the fund shall be continuously applied by the authority to carry out this chapter.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 1023-C.
What does Maine Revised Statutes § 1023-C. cover?
Section 1023-C. ("Loan Insurance Reserve Fund") 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 § 1023-C.?
A common citation format is "Maine Revised Statutes § 1023-C." (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 § 1023-C. 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.