Loans — Maine Code § 375.
Maine Code § 375. — Loans. Reproduced from the official Maine Revised Statutes, with a citation summary, verification link, and related provisions.
§ 375.. Loans
1. Demonstration of purpose of loan. The board may enter into loan agreements with any qualifying borrower and exercise all powers of a lender or creditor. Loan security may include the acquisition, use, management, improvement or disposition of any interest in, or type of, real or personal property, including grant, purchase, sale, borrow, loan, lease, foreclosure, mortgage, assignment or other lawful means, with or without public bidding and also including the assessment of fees, the forgiveness of indebtedness, the receipt of reimbursements for expenses incurred in carrying out its purposes and the expenditure or investment of its funds. The borrower must demonstrate that:
A. The loan will assist one or more persons with disabilities to improve their independence or become more productive members of the community; and [PL 1987, c. 817, §2 (NEW).]
B. The applicant has the ability to repay the loan. [PL 1987, c. 817, §2 (NEW).]
2. Loan limit. Any necessary loan limitation shall be determined by the board.
3. Terms. All loans must be repaid within such terms and at such interest rates as the board may determine to be appropriate in accordance with guidelines established by rulemaking pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375.
4. Distribution.
Source: official Maine text · Last verified 2026-08-27
At a glance
- Citation: Maine Revised Statutes § 375.
- Jurisdiction: Maine
- Code: Maine Revised Statutes
- Subject: Loans
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Maine Revised Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Maine attorney.
Common questions
What is the source of Maine Revised Statutes § 375.?
The text above is transcribed from the Maine Revised Statutes, the codified statutes of Maine. The official publisher link appears under "Verify the text" on this page.
What subject does Maine Revised Statutes § 375. address?
It addresses "Loans". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Maine Revised Statutes § 375. still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Maine source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Maine law to your facts requires a licensed Maine attorney who can review the specifics.