§ 16-62.1-1. Legislative findings. The purpose of this chapter is to provide an incentive, in the form of interest reduction on certain types of education loans, to students who desire to serve the health care needs of individuals in Rhode Island by enrolling in a registered nurse training program. The general assembly has found and […]
§ 16-62.1-10. Termination of interest forgiveness on December 31, 2010. The interest benefits granted under this program shall cease after December 31, 2010. History of Section.P.L. 2001, ch. 332, § 1.
§ 16-62.1-2. Definitions. For the purpose of this chapter, the following terms shall have the following meanings unless the context clearly requires otherwise: (1) “Authority” means the governmental agency and public instrumentality authorized, created and established pursuant to § 16-62-4. (2) “Eligible registered nurse” means an individual who holds a valid Rhode Island license to […]
§ 16-62.1-3. Interest forgiveness on loans. An eligible registered nurse shall be eligible to have the interest on his or her loan forgiven for each year he or she has eligible employment in the state up to a maximum of four (4) years and prior to the termination of this program. History of Section.P.L. 2001, […]
§ 16-62.1-4. Application for loan interest forgiveness. Any individual seeking interest forgiveness pursuant to the provisions of this chapter shall apply to the authority on forms prescribed by the authority containing any information that the authority deems advisable to fulfill the provisions of this program. The authority’s executive director, or his or her designee, shall […]
§ 16-62.1-5. Continued eligibility. Any individual deemed eligible shall not less than annually submit to the authority any information that the authority may prescribe to determine the individual’s continued eligibility for the interest forgiveness on his or her eligible loan under this chapter. History of Section.P.L. 2001, ch. 332, § 1.
§ 16-62.1-6. Penalty for failure to maintain eligibility. In the event the authority determines that an individual is no longer eligible for the interest forgiveness on his or her loan as provided in this chapter, that individual shall be required to pay the holder of his or her loan forthwith all accrued interest and any […]
§ 16-62.1-7. Regulations. The authority may promulgate any regulations that it deems necessary to implement the provisions of this interest forgiveness program. History of Section.P.L. 2001, ch. 332, § 1.
§ 16-62.1-8. No adverse effect on authority’s bond issues or rating. Notwithstanding any provision of this chapter to the contrary, to the extent, if any, that this interest forgiveness program shall have any material adverse effect on the authority’s ability to issue negotiable bonds and notes, the authority shall be empowered to suspend this program […]
§ 16-62.1-9. Severability of provisions. The provisions of this chapter are severable. If any provisions are deemed invalid by a court of competent jurisdiction, that determination shall not affect the validity of the remaining provisions. History of Section.P.L. 2001, ch. 332, § 1.
