United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 20-A, § 12925: Default, 2015

If a loan recipient agrees to live and work in the State or work in specified STEM fields, and then stops meeting that condition, the loan interest rate may change under section 12922.

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01

Purpose and legislative effect

“If a loan recipient agrees to live and work in the State or work in specified STEM fields, and then stops meeting that condition, the loan interest rate may change under section 12922.”

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    Enacted 2015 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Default

If a loan recipient agrees to live and work in the State or work in specified STEM fields, and then stops meeting that condition, the loan interest rate may change under section 12922.

Section 12925

04

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Source record from legislature.maine.gov · Enacted 2015 · Source version 1 Oct 2025

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Provision
§ 12925DefaultProvision

If a loan recipient agrees to live and work in the State or work in specified STEM fields, and then stops meeting that condition, the loan interest rate may change under section 12922.

If a recipient of a loan under the program agrees to live and work in the State or be employed in the field of science, computer science, technology, engineering or mathematics and that recipient does not remain living and working in the State or does not remain employed in such a field, the interest rate on the loan held by that recipient is subject to change in accordance with the interest rates set forth in section 12922. A recipient who fails to pay the loan is liable to the authority for an amount equal to the sum of the total amount paid by or on behalf of the authority to or on behalf of the recipient under the agreement under section 12924 plus interest at a rate determined by the authority. Exceptions may be made by the authority for good cause. [PL 2015, c. 435, §1 (NEW).]
Section 12925Verify source

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  • 1 Oct 2025 · currentEnglish

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