§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 issued under this section may not exceed $250,000 in fiscal year 2003-04 and $250,000 in fiscal year 2004-05 7% of the value of program gross notes receivable.

4. Repeal. This section is repealed June 30, 2005.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill amends the Kim Wallace Adaptive Equipment Loan Program in the following ways.

1. It authorizes a state agency other than the Finance Authority of Maine to administer the program fund.

2. It authorizes the program board to employ individuals as needed.

3. It clarifies how loans are approved or ratified by the board and provides that the board exercises the powers of a lender or creditor upon entering loan agreements.

4. It continues the transportation assistance program that would otherwise cease on June 30, 2005.