Ala. Admin. Code r. 610-X-12-.05 - Failure To Satisfy Conditions Of Loan Repayment Program
(1) In the event that the participant
defaults on or otherwise fails to honor the loan repayment agreement with the
Board for any reason, the individual shall be liable for immediate repayment of
the total principal loan amount plus interest and penalties, as specified in
Code of Ala. 1975, §
34-21-98.
(a) For loans issued prior to November 15,
2023, penalties shall be assessed according to the terms of the loan agreement
and the penalties set forth in Act 2016-353 of the Acts of Alabama.
(b) For loans issued on or after November 15,
2023, penalties shall be assessed according to the terms of the loan agreement
and the penalties set forth in Act 2023-317 of the Acts of Alabama.
(2) The Board may excuse repayment
of a loan, in whole or part, upon the death of a participant, or upon the
participant's becoming disabled to the extent that he or she is no longer able
to engage in the practice of nursing, or upon some other extreme hardship not
the fault of the participant.
Notes
Author: The Alabama Board of Nursing
Statutory Authority: Code of Ala. 1975, § 34-21-98.
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