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S. 879
STATUS INFORMATION
General Bill
Sponsors: Senator Reese
Document Path: l:\council\bills\pt\2656sj05.doc
Introduced in the Senate on May 24, 2005
Currently residing in the Senate Committee on Education
Summary: Geropsychiatry
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/24/2005 Senate Introduced and read first time SJ-4 5/24/2005 Senate Referred to Committee on Education SJ-4
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-111-90 SO AS TO AUTHORIZE THE COMMISSION ON HIGHER EDUCATION IN CONSULTATION WITH THE SOUTH CAROLINA STUDENT LOAN CORPORATION TO DEVELOP A LOAN REPAYMENT PROGRAM WHERE TALENTED AND QUALIFIED STATE RESIDENTS MAY ATTEND STATE PUBLIC OR PRIVATE COLLEGES AND UNIVERSITIES FOR THE PURPOSE OF PROVIDING INCENTIVES FOR WORKING IN THE FIELD OF GEROPSYCHIATRY, AND TO PROVIDE FOR THE PROCEDURES, CONDITIONS, AND REQUIREMENTS OF THE PROGRAM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 111, Title 59 of the 1976 Code is amended by adding:
"Section 59-111-90. (A) The Commission on Higher Education in consultation with the staff of the South Carolina Student Loan Corporation, shall develop a loan program where talented and qualified state residents may be provided loans to attend public or private colleges and universities for the sole purpose and intent of working in the field of geropsychiatry employed in the State and completing fellowships in geropsychiatry. The recipient of a loan is entitled to have up to one hundred percent of the amount of the loan plus the interest canceled if he completes a fellowship in and becomes employed in the field of geropsychiatry. Previous loan payments must not be reimbursed. The geropsychiatrist shall request loan cancellation through the Student Loan Corporation by November first.
(B) The loan must be canceled at the rate of five percent or one thousand dollars, whichever is greater, of the total principal amount of the loan plus interest on the unpaid balance for each complete year of service.
(C) In case of failure to make a scheduled repayment of any installment, failure to apply for cancellation of deferment of the loan on time, or noncompliance by a borrower with the intent of the loan, the entire unpaid indebtedness including accrued interest, at the option of the commission, must become immediately due and payable. The recipient shall execute the necessary legal documents to reflect his obligation and the terms and conditions of the loan. The loan program, if implemented, is to be administered by the South Carolina Student Loan Corporation. Funds generated from repayments to the loan program must be retained in a separate account and utilized as a revolving account for the purpose that the funds were originally appropriated. Appropriations for loans and administrative costs incurred by the corporation are to be provided in annual amounts, recommended by the Commission on Higher Education, to the State Treasurer for use by the corporation. The Commission on Higher Education shall review the loan program annually and report to the General Assembly."
SECTION 2. This act takes effect upon approval by the Governor.
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