N.M. Admin. Code § 5.7.32.14

Current through Register Vol. 35, No. 23, December 10, 2024

Section 5.7.32.14 - CONTRACTS

A contract shall be drawn between each student receiving a loan and the department on behalf of the state of New Mexico. The contract shall:

A. provide for the payment by the department of a specified sum as determined in 5.7.32.13 NMAC;

B. state that interest will only begin to accrue if loan recipient ceases employment as a nurse educator prior to fulfilling service obligation;

C. state the conditions of repayment or forgiveness as detailed in 5.7.32.13 NMAC;

D. state the legal responsibilities of the borrower and that delinquent loans shall be referred to the department for appropriate action, which may include referral to the office of the attorney general, if deemed necessary;

E. state that the borrower's obligations of the contract with the department shall be binding on borrower's estate;

F. state that the department may cancel any contract on thirty (30) days written notice for any reasonable and sufficient cause;

G. state that in the event the borrower fails to make any payment when due, the entire indebtedness including interest due and accrued thereon shall, at the option of the department, become immediately due and payable; and

H. state that jurisdiction and venue shall be proper in Santa Fe county, New Mexico for purposes of any suit to enforce the contract.

N.M. Admin. Code § 5.7.32.14

5.7.32.14 NMAC - N, 1/15/2008