The terms of loan repayment granted under this article shall be as follows:
(a) After a program participant has been selected by the board to provide services as a dentist in the program, the board shall provide thirty-five thousand dollars ($35,000) for loan repayment annually, for three years, to reach a total of one hundred five thousand dollars ($105,000), or the total amount of the loan, whichever is the lesser amount.
(b) The initial disbursement of funds shall be made within 30 days from execution of a program agreement between the board and the recipient directly from the board to the qualified lender selected by the recipient, to be credited to the recipient’s account.
(c) Subsequent disbursements in sums equal to the initial disbursement, but not equaling more than the total amount owed by the recipient, shall be made within 30 days of months 13 and 25 of the recipient’s participation in the program.
(Repealed and added by Stats. 2016, Ch. 575, Sec. 9. (AB 2485) Effective September 24, 2016.)
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