Sec. 1. 10 MRSA §1013, sub-§16, as amended by PL 2001, c. 417, §12, is further amended to read:

16. Maine College Savings Program. The Maine College Savings Program, as established in Title 20-A, chapter 417-E; and

Sec. 2. 10 MRSA §1013, sub-§17, as enacted by PL 2001, c. 417, §13, is amended to read:

17. Maine Dental Education Loan Program. The Maine Dental Education Loan Program as established in Title 20-A, chapter 426.; and

Sec. 3. 10 MRSA §1013, sub-§18 is enacted to read:

18.__Maine Merit Scholarship Program.__The Maine Merit Scholarship Program as established in Title 20-A, section 11681.

Sec. 4. 20-A MRSA c. 419-E is enacted to read:

CHAPTER 419-E

MAINE MERIT SCHOLARSHIP PROGRAM

§11681.__Maine Merit Scholarship Program

The Maine Merit Scholarship Program is created and established as a nonlapsing fund under the jurisdiction and control of the Finance Authority of Maine, referred to in this section as "the authority."__All revenue credited to this fund must be distributed as merit-based scholarships for students who have been admitted to the University of Maine System or the Maine Community College System.__The scholarships are for the full or partial costs of tuition after subtracting any financial aid and other awards or grants affecting tuition costs.__The scholarships may be awarded only to those students who are residents of the State and attend Maine high schools at the time of application.__ The scholarships may be awarded only to those students whose annual family income is less than $70,000 and who graduate in the top 10% of their classes.__A recipient of a scholarship under this section must maintain a 3.0 grade point average while attending university to remain in the program.__The authority shall adjust eligibility requirements to control expenditures or increase participation in the program.__The authority shall adopt routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.