Bill > LD1208

This bill amends the existing law regarding the Finance Authority of Maine's (FAME) Loan Insurance Reserve by increasing the maximum balance limit from $50 million to $65 million. Currently, the State Controller can transfer up to $1,000,000 per year from the General Fund's unappropriated surplus to the Loan Insurance Reserve after completing certain other mandatory transfers. The transferred balance can be paid to FAME, but only if the total balance in the reserve fund and the FAME Mortgage Insurance Fund (when combining uncommitted and unencumbered amounts) does not exceed the specified limit. By raising the balance limit to $65 million, the bill allows FAME to maintain a larger financial cushion for loan insurance purposes, potentially providing more flexibility and capacity for supporting loans and economic development in Maine.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1208&snum=132