Alabama § 34-21-153 (Repealed by Act 2023-532, § 2, Effective September 30, 2029) Default of Failure to Honor a Loan Repayment Contract

Alabama Statutes

§ 34-21-153 — (Repealed by Act 2023-532, § 2, Effective September 30, 2029) Default of Failure to Honor a Loan Repayment Contract

Alabama § 34-21-153

Title 34Professions and Businesses

Ch. 21Nurses

Art. 8Loan Repayment Program for Nursing Education. (Effective until September 30, 2029)

This text of Alabama § 34-21-153 ((Repealed by Act 2023-532, § 2, Effective September 30, 2029) Default of Failure to Honor a Loan Repayment Contract) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 34-21-153 (2026).

Text

(a)If for any reason a participant defaults on or otherwise fails to honor a loan repayment contract with the board, the individual shall be liable for immediate repayment of the total principal loan amount, plus interest, at the rate of eight percent, or the prime lending rate, whichever is greater, accruing from the date of default or other failure to honor the contract.

(b)If for any reason after graduation with a graduate degree to become a nurse educator and prior to completion of the repayment obligation set forth in Section 34-21-152, a participant defaults on or otherwise fails to honor a loan repayment contract with the board, the participant shall pay an additional penalty equal to 20 percent of the total principal amount of all loans received by the participant.

(c)Failure of

Free access — add to your briefcase to read the full text and ask questions with AI

(a) If for any reason a participant defaults on or otherwise fails to honor a loan repayment contract with the board, the individual shall be liable for immediate repayment of the total principal loan amount, plus interest, at the rate of eight percent, or the prime lending rate, whichever is greater, accruing from the date of default or other failure to honor the contract.
(b) If for any reason after graduation with a graduate degree to become a nurse educator and prior to completion of the repayment obligation set forth in Section 34-21-152, a participant defaults on or otherwise fails to honor a loan repayment contract with the board, the participant shall pay an additional penalty equal to 20 percent of the total principal amount of all loans received by the participant.
(c) Failure of a participant to honor his or her contract with the board or to pay the amount he or she is liable for under this article shall constitute grounds for the revocation of his or her license to practice nursing.
(d) The board may excuse repayment of a loan, in whole or in part, upon the death of a participant, upon the participant becoming disabled to the extent that he or she is no longer able to engage in the practice of nursing, or upon some other extreme hardship not the fault of the participant.