Section 120. Cash repayment amount

The full amount to be repaid by a recipient who fails or refuses to fulfill the practice obligation shall be determined in the following manner: the annual amount of the scholarship for the year the recipient obtained the scholarship multiplied by three, plus interest (current bank rate of interest on a similar amount of unsecured debt) calculated from the date of receipt of funds by the recipient until the scholarship is fully paid. Repeat the above calculation for each scholarship that the recipient obtained and add the sums of the calculation to determine the total amount due to be repaid to the Commonwealth.

Historical Notes

Derived from VR355-40-700 § 5.4, eff. August 1, 1994.

Statutory Authority

§§ 32.1-12, 32.1-122.5, and 32.1-122.6:02 of the Code of Virginia.