LD1208 • 2025

An Act to Amend the Statutory Balance Limit on the Finance Authority of Maine's Loan Insurance Reserves for General Fund Transfers

Housing

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Senator Glenn Curry
Last action: 2025-07-01
Official status: Signed by the Governor
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act to Amend the Statutory Balance Limit on the Finance Authority of Maine's Loan Insurance Reserves for General Fund Transfers

An Act to Amend the Statutory Balance Limit on the Finance Authority of Maine's Loan Insurance Reserves for General Fund Transfers Sponsor: Senator Glenn Curry Reference committee: Housing and Economic Development Governor action: Signed by the Governor

What This Bill Does

An Act to Amend the Statutory Balance Limit on the Finance Authority of Maine's Loan Insurance Reserves for General Fund Transfers Sponsor: Senator Glenn Curry Reference committee: Housing and Economic Development Governor action: Signed by the Governor

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

C-A (S-244)

Adopted by House & Senate

Plain English: Page 1 - 132LR1616(02) COMMITTEE AMENDMENT 1 L.D.

Page 1 - 132LR1616(02) COMMITTEE AMENDMENT 1 L.D.
1208 2 Date: (Filing No.
S- ) 3HOUSING AND ECONOMIC DEVELOPMENT 4 Reproduced and distributed under the direction of the Secretary of the Senate.
5STATE OF MAINE 6SENATE 7132ND LEGISLATURE 8FIRST SPECIAL SESSION 9 COMMITTEE AMENDMENT “ ” to S.P.

Bill History

2025-07-01 Governor
Signed by the Governor
2025-06-25 Senate
On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table PASSED TO BE ENACTED in concurrence.
2025-06-09 House
PASSED TO BE ENACTED . Sent for concurrence. ORDERED SENT FORTHWITH.
2025-06-03 Committee
Reported Out; OTP-AM
2025-04-03 Committee
Work Session Held
2025-04-03 Committee
Voted; OTP-AM
2025-03-20 Committee
Referred to Committee on Housing and Economic Development.

Official Summary Text

An Act to Amend the Statutory Balance Limit on the Finance Authority of Maine's Loan Insurance Reserves for General Fund Transfers
Sponsor:
Senator Glenn Curry
Reference committee:
Housing and Economic Development
Governor action:
Signed by the Governor

Current Bill Text

Read the full stored bill text

Page 1 - 132LR1616(03)
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-FIVE
_____
S.P. 497 - L.D. 1208
An Act to Amend the Statutory Balance Limit on the Finance Authority of
Maine's Loan Insurance Reserves for General Fund Transfers
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §1511, as corrected by RR 2023, c. 2, Pt. A, §12, is 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 $50,000,000
$65,000,000. Any balance in the Loan Insurance Reserve is appropriated for this purpose.
APPROVED
JULY 1, 2025
BY GOVERNOR
CHAPTER
475
PUBLIC LAW