South Carolina § 59-111-560 Penalty for failure to complete contract.

South Carolina Statutes

§ 59-111-560 — Penalty for failure to complete contract.

South Carolina § 59-111-560

Title 59EDUCATION

Ch. 111SCHOLARSHIPS

This text of South Carolina § 59-111-560 (Penalty for failure to complete contract.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 59-111-560 (2026).

Text

If the recipient of a loan fails without justifiable cause to practice medicine or dentistry in accordance with the terms of his contract, a penalty for failure to complete the contract must be imposed by the Department which at a minimum shall consist of a demand for the entire amount of the loan or scholarship benefits received plus per annum interest from the date funds were advanced to the recipient at the prevailing prime rate of the largest bank by deposits in South Carolina in effect at the time the funds were advanced plus two percent, and at a maximum shall consist of a demand for three times the entire amount of the loan benefits received, plus interest at a per annum rate equal to the then prevailing prime rate of the largest bank by deposits in South Carolina. The demand as det

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If the recipient of a loan fails without justifiable cause to practice medicine or dentistry in accordance with the terms of his contract, a penalty for failure to complete the contract must be imposed by the Department which at a minimum shall consist of a demand for the entire amount of the loan or scholarship benefits received plus per annum interest from the date funds were advanced to the recipient at the prevailing prime rate of the largest bank by deposits in South Carolina in effect at the time the funds were advanced plus two percent, and at a maximum shall consist of a demand for three times the entire amount of the loan benefits received, plus interest at a per annum rate equal to the then prevailing prime rate of the largest bank by deposits in South Carolina. The demand as determined by the Department must be mailed to the recipient at his last known address and shall at that time become immediately due and payable. However, where the Department determines that there is justifiable cause for the failure to practice pursuant to the terms of the contract, it may relieve the recipient of the obligation to practice according to the terms of the contract, and shall provide for repayment of the amount received, plus interest at a per annum rate equal to the then prevailing prime rate of the largest bank by deposits in South Carolina on any terms it deems proper. Upon recommendation and request of the Department the Attorney General shall institute proceedings for the purpose of recovering any amount due the State upon breach of the contract.