Alabama Administrative Code Chapter 280-X-7 — Repayment of Loans With Cash

280 Alabama Board of Dental Scholarship Awards

Ala. Admin. Code r. 280-X-7-.01 Repayment Terms

Repayment of loans with cash shall be in accordance with Code of Ala. 1975, § 16-47-79(a), and the terms of the loan contract signed by the recipient and the chairman of the Board.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.02 Repayment Agreement

Each loan recipient who elects to repay his/her loan in cash must sign an agreement prior to graduation stipulating the date and amount of each annual payment.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.03 Annual Payments

Each annual payment will be in an amount equal to at least one-eighth (1/8) of the original total principal of the loan plus the accrued interest. In extenuating circumstances, the Board may approve a schedule of payments in which some payments are less than one-eighth (1/8) of the original total principal. The total principal amount of the loan plus all accrued interest must be repaid in full no later than the due date of the eighth annual payment.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.04 Due Date Of First Annual Payment

The first annual payment will become due one (1) year after the recipient enters the practice of dentistry or three (3) years after graduation from dental school, whichever date occurs first. Deferment of the first annual payment past one year after graduation from dental school must be approved by the Board.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.05 Due Date Of Annual Payments

The due date of the annual payment shall be June 1. Exceptions may be made if extenuating circumstances exist.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.06 Statement Of Account

Loan Recipients will be sent a statement of their accounts on or about May 1 of each year indicating the amount due on June 1.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.07 Overdue Accounts

Recipients who do not make payments before July 15, will be sent notification that their accounts are overdue.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.08 Delinquent Accounts

Accounts will be considered delinquent if the annual payment is not received before September 1.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.09 Referral Of Delinquent Accounts

Delinquent accounts will be referred, with the approval of the executive committee, to the Attorney General for appropriate action.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.

Ala. Admin. Code r. 280-X-7-.10 Remission Of Funds

All payments received and all unexpended funds at the end of the fiscal year (September 30) shall be remitted to the Treasurer of the State of Alabama for credit to the Alabama Special Education Trust Fund.

History

• Authority: Code of Ala. 1975, §§ 16-47-76 through 16-47-81.
• Filed September 22, 1982.