Sec. 1. 36 MRSA c. 914-A is enacted to read:

CHAPTER 914-A

GRADUATE RETENTION PROGRAM

§6601.__Program established; short title

There is established the Graduate Retention Program, referred to in this chapter as "the program."__This chapter is known and may be cited as "the Graduate Retention Act."

§6602.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Degree.__"Degree" means a degree issued by a postsecondary educational institution, including an educational, academic, literary or professional, degree. "Degree" also includes an associate, baccalaureate, master's or doctoral degree.

2.__Education costs.__"Education costs" means costs directly attributable to attendance at a postsecondary educational institution, including tuition, room and board, textbooks and fees.

3.__Education loan.__"Education loan" means a loan or extension of credit used to pay education costs.__For purposes of this subsection, "loan or extension of credit" includes all direct or indirect advances of funds to a person that are made on the basis of any obligation of that person to repay the funds or that are repayable from specific property pledged by or on behalf of the person.__"Loan or extension of credit" may include, to the extent specified by the bureau, any liability of a financial institution to advance funds to or on behalf of a person pursuant to a contractual commitment.

4.__Eligible employment position.__"Eligible employment position" means a full-time position within the State as an employee of a qualified business.__For the purposes of this subsection, "employee" has the same meaning as in Title 26, section 591 and "full-time" means at least 40 hours per week.

5.__Eligible graduate.__"Eligible graduate" means a person who meets all of the requirements of section 6604.