Okla. Admin. Code § 540:35-1-4 - Terms and conditions of loans
(a) Recipients shall
agree to practice medicine in the specific community for a minimum of three
years for a $50,000 loan, or two years for a $30,000 loan. Communities shall
deposit the funds with the Health Care Workforce Training Commission to be
administered and matched by the Commission.
(b) The procedures, terms and conditions
governing the loans and how they are administered shall be as prescribed and
formulated by the Health Care Workforce Training Commission but shall include
the following:
(1) Eligible communities
desiring to participate in the Oklahoma Community Match Intern Resident
Program, shall select an individual who meets the requirements for
participating and give notice to the Commission.
(2) The Commission shall aid and advise
communities in the selection of qualified individuals to participate in a given
community loan program.
(3) The
communities shall deposit their total share, 40%, of the loan with the
Commission a minimum of 30 days prior to the participating physician's initial
practice date in the community.
(4)
The Commission shall review and approve the selection of a given individual and
then (based on availability of funds) match community funds with the state
funds from the Oklahoma Community Match Intern Resident Program in the amount
agreed upon by the participating physician, the Commission, and the community
in each particular case, within limits prescribed by the
Commission.
(c) The
Contract shall provide that in the event the recipient breaches the terms of
the contract by not serving the designated community for the specified period
of time, he/she shall pay liquidated damages in an amount determined by the
Commission and representing a reasonable estimate of the damage or loss to the
community or the state. Said damages shall not exceed one hundred percent
(100%) of the principal. After payment of the liquidated damages, repayment of
the principal and interest shall be made as agreed upon by the Commission and
the recipient.
Notes
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