Georgia Code
Part 6 - Medical Scholarships
§ 20-3-514. Contract Provisions for Loan or Scholarship

shall be immediately liable to the board for all sums advanced with interest at the minimum rate of 12 percent per annum from the date of each payment by the board and compounded annually to the date the scholarship or loan is paid in full; provided, however, that the board may consent or agree to a lesser measure of damages for compelling reasons as determined by the board. The board is authorized to increase annually such rate of interest due on loans granted to new recipients; provided, however, that the increased rate of interest shall not exceed by more than 2 percent the prime rate published by the Board of Governors of the Federal Reserve System and in effect at the time of the increase.
History. Code 1981, § 20-3-514 , enacted by Ga. L. 1983, p. 951, § 1; Ga. L. 1984, p. 22, § 20; Ga. L. 1985, p. 1122, § 2; Ga. L. 1999, p. 402, § 3; Ga. L. 2011, p. 459, § 1/HB 509; Ga. L. 2014, p. 333, § 3/HB 998.
The 2014 amendment, effective July 1, 2014, in subsection (a), in the third sentence, twice substituted “such” for “the said” and added a comma following “part”; in subsection (b), deleted “or” at the end of paragraph (b)(1), in paragraph (b)(2), substituted “such” for “that” and added “; or” at the end and added paragraph (b)(3); in the ending undesignated paragraph of subsection (b), added the proviso and substituted “such” for “said” near the middle of the last sentence; and in subsection (c), in the first sentence, substituted “such” for “that” near the middle and inserted “or who fails to obtain licensure from the Georgia Composite Medical Board to practice medicine” in the middle, and added “as determined by the board” at the end of the second sentence.

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