N.M. Admin. Code § 5.7.36.14
Current through Register Vol. 35, No. 23, December 10, 2024
Section 5.7.36.14 - CONTRACTS A contract shall be drawn between each participant 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 5.7.36.13 NMAC;B. state that immediately upon completion or termination of the student's law school education, all interest then accrued shall be capitalized;C. state the conditions of repayment or forgiveness as detailed in 5.7.36.13 NMAC;D. state that the loan shall bear interest at the designated rate per annum from the date of disbursement until paid, make provision for conversion to a payout note as shown in 5.7.36 NMAC and state that interest will be charged on the unpaid balance of the principal;E. state the legal responsibilities of the participant and that delinquent loans shall be referred to the department for appropriate action, which may include referral to the office of the attorney general;F. state that the participant's obligations of the contract with the department shall be binding on participant's estate.G. state that the department may cancel any contract after providing 30 days written notice to the participant for any reasonable and sufficient cause;H. state that in the event a participant 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; andI. state that jurisdiction and venue shall be proper in Bernalillo County or Santa Fe County, New Mexico for purposes of any suit to enforce the contract.N.M. Admin. Code § 5.7.36.14
Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 6/25/2024