Okla. Admin. Code § 540:35-1-7

Current through Vol. 42, No. 7, December 16, 2024

Section 540:35-1-7 - Repayment of loans

(a) Each recipient shall repay the loan to the state and to the community by practicing medicine in the community in Oklahoma providing the initial funds at a minimum of two years for Thirty Thousand Dollars ($30,000) or three years for Fifty Thousand Dollars ($50,000) which the community and the state have jointly financed for the recipient; provided, however, that the recipient will be given no credit for payment, repayment and reduction of said obligation to the community and the state by serving the given community for a period of less than one year.

(b) Repayment of the total amount of the loan, plus principal, interest, litigation charges, and liquidated damages 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 state fund. 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 loans 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 not be subject to fiscal limitations, and the unexpended balance shall at all times be available for expenditures for the purposes 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 § 540:35-1-7

Added at 15 Ok Reg 1780, eff 5-11-98

Amended by Oklahoma Register, Volume 36, Issue 23, August 15, 2019, eff. 8/25/2019

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