APPROVED CHAPTER
JULY 26, 2023 422
BY GOVERNOR PUBLIC LAW
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-THREE
_____
S.P. 38 - L.D. 46
An Act to Amend the Statutory Balance Limit on the Finance Authority of
Maine's Loan Insurance Reserves
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §1511, as amended by PL 2011, c. 657, Pt. F, §1, is further amended
to read:
§1511. Loan Insurance Reserve
The State Controller may, at the close of each fiscal year, as the next priority after the
transfers authorized pursuant to section 1507, transfer from the Unappropriated Surplus of
the General Fund to the Loan Insurance Reserve amounts as may be available from time to
time, up to an amount of $1,000,000 per year after the transfers have been made pursuant
to section 1507. The balance of this reserve must be paid to the Finance Authority of Maine
if such payment does not cause the balance in the reserve fund maintained by the authority,
when added to amounts held in the Finance Authority of Maine Mortgage Insurance Fund
that are not committed or encumbered for another purpose, to exceed $40,000,000
$50,000,000. Any balance in the Loan Insurance Reserve is appropriated for this purpose.
Page 1 - 131LR0106(03)


Statutes affected:
Bill Text LD 46, SP 38: 5.1511
Bill Text ACTPUB , Chapter 422: 5.1511