Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/16-47-224.htm |
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Depth: | 0 singles |
Size: | 1,922 bytes |
Modified: | 2016-10-25 12:17:54 |
Categories: | -None- |
Title: | 16-47-224 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 16-47-224 Liability upon default, etc.; penalties. (a) If a participant defaults on or otherwise fails to honor a loan-repayment contract with the board, the individual shall be liable for immediate repayment of the total principal loan amount plus interest at the rate of 8 percent accruing from the date of default or other failure to honor the contract. In addition, the participant shall pay an additional penalty as specified: (1) For default or other failure to honor a contract before graduation with a master's degree in physician assistant studies, a penalty equal to 30 percent of the total principal amount of the loan or loans received by the participant. (2) For default or other failure to honor a contract after graduation with a master's degree in physician assistant studies but prior to completion of the repayment obligation set forth in Section 16-47-222, a penalty equal to 100 percent of the total principal amount of all loans received by the participant from the program. (b) The failure of a participant to honor his or her contract with the board or to pay the amount he or she is liable for under this section shall constitute a ground for the revocation of his or her license to work as a physician's assistant in Alabama. (c) The board may excuse repayment of a loan, in whole or in part, upon the death of a participant, or upon the participant becoming disabled to the extent that he or she is no longer able to work as a physician's assistant, or upon some other extreme hardship not the fault of the participant. (Act 2016-318, ยง5.) |