Utah Admin. Code R434-45-8 - Loan Repayment Contract Breach, Repayment and Penalties
(1) If a recipient fails to complete the
service obligation, the recipient shall:
(a)
pay a penalty twice the total amount of the award, on a prorated basis,
according to a schedule established by the loan repayment contract;
(b) pay 12% annum interest on the unpaid
penalty; and
(c) pay all costs and
expenses incurred, including attorney fees, in collection of penalty.
(2) If a recipient is in breach of
contract, the recipient shall begin to repay within 30 days of
breach.
(3) If a recipient does not
begin to repay within 30 days, the Department may submit for immediate
collection of the total amount of the penalty.
(4) A recipient shall repay the penalty in no
less than one year of breach of contract.
(5) A recipient shall make quarterly
payments, no less than one-fourth of the total amount of the penalty.
(6) The total amount of the penalty shall be
determined from the end of the month in which breach of contract was
made.
(7) Recovered funds and
damages collected under this section shall be deposited as dedicated credits to
be used to carry out the act.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.