Ala. Admin. Code r. 610-X-12-.05

Current through Register Vol. 43, No. 1, October 31, 2024

Section 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.

Ala. Admin. Code r. 610-X-12-.05

Adopted by Alabama Administrative Monthly Volume XXXIV, Issue No. 10, July 29, 2016, eff. 9/8/2016.

Amended by Alabama Administrative Monthly Volume XLI, Issue No. 12, September 29, 2023, eff. 11/13/2023.

Author: The Alabama Board of Nursing

Statutory Authority:Code of Ala. 1975, § 34-21-98.