94-178-501 Me. Code R. § 7

Current through 2024-51, December 18, 2024

Section 178-501-7 - Loans for Transportation Assistance Program

A.Purpose

The board, or its designee, may award loans for the purpose of assisting persons with disabilities to purchase used vehicles necessary to obtain or retain employment or employment training, subject to the terms and conditions of this Section 7.

B.Eligibility

In order to be eligible for a loan under this Section 7, an applicant must be eligible under other provisions of this rule (other than Section 4(B)) , and must demonstrate that:

1) He or she is receiving vocational services from a State or community-based organization, which organization provides employment services to persons with disabilities; and

2) The organization has certified that the applicant has entered into an individualized plan towards employment developed with such organization to obtain or retain employment or employment training, which plan identifies transportation as a need of the applicant; and

3) The operator of the vehicle has a valid driver's license and the required insurance; and

4) Adequate collateral is being provided for the loan; and

5) He or she is employed, or is actively pursuing completion of an employment training program or is considered "ready for employment" or the equivalent, as determined by the organization, and is reasonably likely to repay the loan.

C.Limitations

Loans under this Section 7 shall not, when added to other loans under the program to the same borrower, exceed the aggregate maximum stated in Section 4(C). In addition, the maximum aggregate amount of all loans issued under this Section 7 shall not at any time exceed 7% of the value of program gross notes receivable.

D.Loan Limit

The amount of a loan under this Section 7 shall not exceed the amount necessary to purchase the vehicle minus $250. The amount necessary to purchase the vehicle may include sales tax and, in the case of a purchase from or through a car dealer, the dealer's associated fees.

E.Application Process

Loan applications under this Section 7 shall be processed in accordance with this rule and as directed by the board. If authorized by the board, the financial services provider may approve an application subject to the borrower obtaining employment with a stated minimum level of wages, and/or subject to borrower identifying a vehicle to be purchased with a value which equals or exceeds the amount of the loan, according to the most recent NADA Official Used Car Guide (New England Edition).

94-178 C.M.R. ch. 501, § 7