Okla. Admin. Code § 540:40-1-6

Current through Vol. 42, No. 3, October 15, 2024

Section 540:40-1-6 - Repayment of scholarship loans

(a) Each recipient shall repay the loan to the state and to the community by practicing medicine full time in the community in Oklahoma providing matching funds, one month for each month the loan was received, with no credit being granted for practicing less than twelve (12) months. The period shall begin on the date the recipient begins to practice medicine in the community.

(b) Repayment of the total amount of the loan, plus principal, interest, litigation charges, and liquidated damages, up to 100% of principal as assessed by the Health Care Workforce Training Commission, upon failure of the recipient to fulfill his/her contractual obligations, shall be made to the Commission. This loan repayment will be shared with the participating community in accordance with the percentage and total amounts contributed by the state and by the community to the matching fund program and in accordance with the provisions of the contract requirements delineated by the Health Care Workforce Training Commission.

(c) Monies received by the Commission in repayment of scholarships granted from appropriated funds shall be deposited with the State Treasurer who shall place the same to the credit of the Commission in a depository fund. All monies so collected and deposited in the State Treasury as aforesaid shall constitute a continuing fund, shall not be subject to fiscal limitations, and the unexpended balance shall at all times be available for expenditures for the purpose and in the manner and form provided by this act. All funds and property, and income therefrom, received by the Commission through the acceptance of gifts, grants, bequests or devise shall be held by the Commission in trust, and may be sold, transferred, invested and reinvested by the Commission in accordance with the provisions of the Oklahoma Trust Act, and all such funds and property, and income therefrom, shall be used by the Commission in fulfilling and accomplishing the conditions and purposes of the program.

Okla. Admin. Code § 540:40-1-6

Added at 15 Ok Reg 1782, eff 5-11-98

Amended by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023