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MaineLD 1733132nd Maine Legislature (2025-2026)SenateWALLET

An Act to Provide Reduced Interest Rates for Logging and Fishing Operations

Sponsored By: Richard A. Bennett (Independent)

Became Law

FINANCIAL PRACTICESFINANCIAL PRACTICES - LOANS

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

2% loans, 90% cap for loggers and fishers

Loans under this program carry the federal prime rate, but never above 2%. If your loan is current on the subsection’s effective date, you can ask to refinance to that rate. Loans can cover at most 90% of a project’s total cost. For projects over $200,000, you must show at least 5% private funds; cooperatives can meet this as a group.

New state loans for loggers and fishers

Maine’s Finance Authority runs a new loan program for logging and fishing businesses. Eligible businesses include independent logging contractors and commercial fishers and aquaculturists. Loans help existing enterprises buy new or used harvesting equipment or refinance eligible equipment debt. When a loan is made, the Authority can pledge the fund to secure insured term loans and pay principal or interest on them. Money comes from gifts, grants, donations, loans, and any state funds, and repayments return to the fund.

Program rules and small admin costs

The Finance Authority can adopt routine technical rules to run the loan program. It may use up to 3% of the fund balance each year for administration. The law provides base allocations of $500 in FY 2025-26 and $500 in FY 2026-27 to let the program spend if it receives money.

Sponsors & Cosponsors

Sponsor

  • Richard A. Bennett

    Independent • Senate

Cosponsors

  • Amanda Collamore

    Republican • House

  • Billy Bob Faulkingham

    Republican • House

  • Craig V. Hickman

    Democratic • Senate

  • Laurie Osher

    Democratic • House

  • Lucien Daigle

    Republican • House

  • Morgan Rielly

    Democratic • House

  • Nathan Wadsworth

    Republican • House

  • Susan Bernard

    Republican • Senate

  • William Pluecker

    Independent • House

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. ACTPUB Chapter 413

    5/1/2026

  2. PASSED TO BE ENACTED, in concurrence.

    6/10/2025Senate

  3. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    6/9/2025House

  4. CONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-294).In concurrence. ORDERED SENT FORTHWITH.

    6/9/2025House

  5. Report READ and ACCEPTED.READ ONCE.Committee Amendment "A" (S-294) READ and ADOPTED.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (S-294).Ordered sent down forthwith for concurrence.

    6/5/2025Senate

  6. The Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT.In concurrence. ORDERED SENT FORTHWITH.

    4/22/2025House

  7. Committee on HOUSING AND ECONOMIC DEVELOPMENT suggested and ordered printed REFERENCE to the Committee on HOUSING AND ECONOMIC DEVELOPMENT Ordered sent down forthwith for concurrence

    4/22/2025Senate

Bill Text

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