§11652. Finance Authority of Maine sponsored credit card
1. Finance Authority of Maine sponsored credit card. The Finance Authority of Maine may enter into an agreement with a financial institution, as defined in Title 9‑B, section 131, subsection 17‑A or a credit union, as defined in Title 9‑B, section 131, subsection 12‑A, or other credit card issuer to issue a credit card for the benefit of the Scholarships for Maine Fund.
[PL 1997, c. 97, §5 (NEW).]
2. Agreement. If the Finance Authority of Maine enters into an agreement with a financial institution, credit union or other credit card issuer in accordance with subsection 1, the Finance Authority of Maine shall negotiate the most favorable agreement for the Finance Authority of Maine, considering such factors as:
A. The rate of the fee by a credit card issuer; [PL 1997, c. 97, §5 (NEW).]
B. The ability of a financial institution, credit union or other credit card issuer to market the card successfully; and [PL 1997, c. 97, §5 (NEW).]
C. Customer service offered by the financial institution, credit union or other credit card issuer. [PL 1997, c. 97, §5 (NEW).]
[PL 1997, c. 97, §5 (NEW).]
3. Distribution of proceeds. Funds received by the Finance Authority of Maine under the agreement with the financial institution, credit union or other credit card issuer must be deposited into the Scholarships for Maine Fund.
[PL 1997, c. 97, §5 (NEW).]
SECTION HISTORY
PL 1997, c. 97, §5 (NEW).