Section 457-205-1 - DefinitionsA. Certain terms used in this rule, which are defined in the Finance Authority of Maine Act or the enabling legislation, shall have the meanings set forth in the Finance Authority of Maine Act or the enabling legislation, respectively, unless clearly specified otherwise or unless the context clearly indicates otherwise.B. "Applicant" means a financial institution eligible to make education loans pursuant to the federal Higher Education Act and regulations promulgated thereunder, that has submitted an application to the authority to distribute program funds for the Authority.C. "Authority" means the Finance Authority of Maine.D. "Borrower" means a parent or student obtaining an education loan.E. "Chief Executive Officer" means the authority's chief executive officer or any person acting under the supervision of the chief executive officer.F. "Education Loan" means a loan made pursuant to the program which is made by the authority or by an eligible financial institution to a student or to a parent of a student, or both, to finance a student's cost of attendance at an institution of higher education, and which may be funded with the proceeds of a qualified student loan bond under the federal Internal Revenue Code and regulations promulgated thereunder.G. "Eligible Financial Institution" or "financial institution" means a financial institution authorized to do business in this state, as defined in Title 9-B, section 131(17-A) of the Maine Revised Statutes Annotated, and for the purposes of this rule, includes a credit union authorized to do business in this state as defined in Title 9-B, section 131(12-A) of the Maine Revised Statutes Annotated.H. "Enabling Legislation" means PL 1999, ch. 443.I. "Finance Authority of Maine Act" means 10 MRSA961 et seq. and 20-A MRSA11441et seq>.J. "Institution of higher education" means any public or private nonprofit educational institution within the State, any public or private nonprofit educational institution outside of the State which is attended by residents of the State, any accredited proprietary educational institution within the State which is eligible to participate in federal student financial assistance programs pursuant to Title IV of the federal Higher Education Act, any accredited proprietary educational institution located outside the State which is attended by residents of the State and which is eligible to participate in federal student financial assistance programs under Title IV of the federal Higher Education Act that provides a program of education beyond the high school level and awards an associate, baccalaureate or advanced degree.K. "Members" means the members of the Board of Directors of the Finance Authority of Maine.L. "Participation Agreement" means an agreement between the Authority and any successful applicant setting forth the terms and conditions of the eligible financial institution's disbursement and servicing of education loans for the authority.M. "Program" means the Education Loans through Lenders Program as described in and governed by the Finance Authority of Maine Act, the enabling legislation and this rule.N. "State" means the State of Maine.94-457 C.M.R. ch. 205, § 1