N.H. Admin. Code § Env-Wq 507.04 - Accrual of Interest Charges; Administrative Fee
(a)
Interest on any loan funds disbursed to a loan recipient shall begin to accrue
as of the date of each disbursement of such funds by the state.
(b) The loan recipient shall pay interest
charges incurred on disbursed loan 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) Prior to
the commencement of loan repayment;
(3) At the time of the first repayment;
or
(4) By adding the charges to the
outstanding principal balance.
(c) Interest charges during loan repayment
shall be fixed over the loan repayment period.
(d) As required by
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.
Notes
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