N.H. Admin. Code § Env-Dw 1106.05 - Accrual of Interest Charges; Administrative Fee
(a)
Interest on any loan funds disbursed to the recipient shall begin to accrue on
the date of each disbursement of such funds by the state.
(b) The applicant shall pay interest charges
incurred on disbursed funds in accordance with one of the following, at the
election of the applicant:
(1) Semi-annually,
prior to the commencement of the loan repayment;
(2) At the time of the first repayment;
or
(3) By adding the charges to the
outstanding principal balance.
(c) Interest charges during loan repayment
shall be fixed over the loan repayment period.
(d) Pursuant to
RSA
486:14, I(b), the department shall set aside
as an administrative fee a sum equal to 2% of all loan principal balances
outstanding each year. For any principal for which the interest rate is less
than 2%, the administrative fee shall equal the interest
rate.
Notes
(See Revision Note at chapter heading for Env-Dw 1100) #8702, eff 8-24-06
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