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16-47-80
Section 16-47-80 Contractual agreement of recipients; penalties for breach. (a) Each recipient
of a scholarship loan under the provisions of this article shall enter into a contract with
the Board of Dental Scholarship Awards whereby he or she agrees to repay the scholarship loan
in a manner prescribed by the board not inconsistent with any provision of this article. Breach
of contract by the recipient shall make him or her immediately liable for the unpaid balance
of the loan and shall constitute a ground for the revocation of his or her certificate or
license to practice dentistry in the State of Alabama. In the event of death or total and
permanent disability of the recipient to engage in the practice of dentistry, repayment of
the loan may be excused by the board. The Attorney General of Alabama, upon request of the
Board of Dental Scholarship Awards, shall institute proceedings in the name of the state for
the purpose of recovering any amount due the state under the provisions of...
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34-22-64
Section 34-22-64 Contractual agreement of recipients; penalties for breach; institution of
legal proceedings. Each recipient of a scholarship loan under the provisions of this article
shall enter into a contract with the Board of Optometric Scholarship Awards whereby he/she
agrees to repay the scholarship loan in a manner prescribed by the board not inconsistent
with any provisions of this article. Breach of contract by the recipient shall make him/her
immediately liable for the unpaid balance of the loan and shall constitute a ground for the
revocation of his/her certificate or license to practice optometry in the State of Alabama.
In the event of death or total and permanent disability of the recipient to engage in the
practice of optometry, repayment of the loan may be excused by the board. The Attorney General
of Alabama, upon request of the Board of Optometric Scholarship Awards, shall institute proceedings
in the name of the state for the purpose of recovering any amount due the...
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16-47-127
Section 16-47-127 Agreement by recipients to practice in certain areas; immediate liability
upon default; penalty provisions; proceedings for recovery of amount due; death, disability
may excuse repayment. (a) Each recipient of a loan under this division shall enter into an
agreement with the Board of Medical Scholarship Awards whereby the recipient agrees to practice
in an area as defined in Section 16-47-126. In the event of a default or other breach of contract
by the recipient of loans provided under this division, or other termination of contract prior
to the completion of the period of medical education and training, the individual shall be
liable for immediate repayment of the total principal loan amount plus interest at the rate
of eight percent accruing from the date of default or termination and an additional penalty
as specified: (1) For default or termination of a loan for one scholastic year, a penalty
equal to 20 percent of the total principal amount of the loan. (2) For...
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16-47-224
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...
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16-47-78
Section 16-47-78 Types of scholarships; disposition of funds; operation of programs. (a) The
board shall establish four types of scholarships as follows: (1) A number of loans equal to
20 percent of the number of students enrolled in the University of Alabama School of Dentistry,
based on the economic need and scholastic ability of the applicant, in an amount not to exceed
the annual tuition per annum or four times that amount over a four-year period, shall be available
to any bona fide resident of Alabama of good character who has been accepted for matriculation
by the University of Alabama School of Dentistry or any other educational institution accredited
by the Commission on Dental Accreditation of the American Dental Association. This section
shall also apply to graduate students at the discretion of the board. (2) A number of nonrefundable
merit scholarship awards equal in number to five percent of the number of students enrolled
in the University of Alabama School of Dentistry,...
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5-18A-13
Section 5-18A-13 Duties of licensee. (a) A licensee may not knowingly enter into a deferred
presentment transaction with a customer that has outstanding deferred presentment transactions
from any lender at any location that exceeds five hundred dollars ($500) for the term of the
loan. (b) Before a licensee shall present for payment or deposit a check or debit authorization
accepted by the licensee, the check shall be endorsed with the actual name under which the
licensee is doing business. (c) Any agreement for a deferred presentment transaction shall
be in writing and signed by the checking account holder. The customer in a deferred presentment
contract shall have the right to redeem the check or debit authorization from the licensee
before the agreed date of deposit upon payment to the licensee of the amount of the contract.
A licensee shall not defer presentment of any personal check or debit authorization for less
than 10 days nor more than 31 calendar days after the date of the...
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5-5A-22
Section 5-5A-22 Limits of indebtedness. (a) No bank shall make a loan to any one person which,
when combined with all other loans to such person, would cause total loans to that person
to exceed: (1) Ten percent of the capital accounts of the bank, if such loans are not secured,
or (2) Twenty percent of the capital accounts of the bank, if loans in excess of 10 percent
of capital are fully secured. (b) No loans which would exceed the limitation set forth in
subsection (a)(1) shall be made unless duly authorized or approved in advance by the board
of directors of the bank, a committee of the board of directors of the bank, or a loan committee,
with such authorization or approval recorded in minutes of the meeting at which the authority
was given. (c)(1) As used in this section, the term "capital accounts" shall include
capital, surplus, and undivided profits as defined in Section 5-1A-2, together with obligations
of the bank subordinated in priority upon liquidation or dissolution to...
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16-47-79
Section 16-47-79 Repayment of loans. (a) Scholarships extended under subdivisions (1) and (3)
of subsection (a) of Section 16-47-78 shall be repaid following graduation either in cash
as is provided under subsection (b) or under the terms of a contract to serve in a needy area
in Alabama for a term to be specified by the board as provided in subsection (c). Any moneys
received from recipients in repayment of a scholarship loan under subsections (b) and (c)
shall upon receipt thereof be retained by the Board of Scholarship Awards to be used for funding
of future scholarships. The board shall establish a separate fund for these purposes. (b)
Scholarship loans to be repaid under this subsection shall be repaid to the Board of Dental
Scholarship Awards in full at an interest rate of six percent per annum from the date of graduation
from dental school. Payments are to be made annually, the first of which is due one year after
the recipient enters the practice of dentistry or one year after...
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34-21-98
Section 34-21-98 Provisions for default or other failure to honor a contract with the board.
(a) In the event that the participant defaults on or otherwise fails to honor a loan-repayment
contract with the board for any reason, the individual shall be liable for immediate repayment
of the total principal loan amount plus interest at the rate of eight percent, or the prime
lending rate, whichever is greater, 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 under which a year's worth of loans have
been received, a penalty equal to 20 percent of the total principal amount of the loan. (2)
For default or other failure to honor a contract under which two years' worth of loans have
been received, a penalty equal to 30 percent of the total principal amount of the loan. (3)
For default or other failure to honor a contract under which three or...
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16-47-126.1
Section 16-47-126.1 Award contracts in force prior to February 14, 1994 may continue; option
available to re-contract under new provisions; additional board powers. Individuals who have
entered into contracts with the Board of Medical Scholarship Awards prior to February 14,
1994 shall be entitled to continue to receive the loans or merit scholarship, or both, in
the amounts specified in the contract. Repayment shall be in accordance with the terms of
the contract. These individuals shall have the option to terminate an existing contract and
enter into a new contract under the provisions of this division. The board shall prescribe
in regulations the repayment obligations of any individual who receives loans in less than
the full amount authorized by the board or who terminates an existing contract and enters
into new contracts under this division. The board may, in its discretion, excuse repayment
of a loan, in whole or in part, based upon the disability or other extreme hardship not...
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