Minnesota Session Laws - 1984, Regular Session

  

                         Laws of Minnesota 1984 

                        CHAPTER 407-H.F.No. 1813
           An act relating to hospital districts; providing for 
          loans to students in health-related educational 
          programs; amending Minnesota Statutes 1982, section 
          447.331. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 447.331, 
subdivision 1, is amended to read: 
    Subdivision 1.  A hospital district may provide loans to 
students who meet eligibility criteria established by resolution 
of the hospital board for the cost of education and living 
expenses during the time the recipient is enrolled in an 
accredited medical school or health related educational program, 
if the recipient agrees in writing to practice medicine in, or 
accept employment with, the hospital district which has provided 
the loans for a specified period of time.  No loan may exceed 
$28,000 to any one applicant, to be paid in annual installments 
not to exceed $7,000 per year.  No loan may be made to any 
student who is receiving a similar loan under any other program 
authorized by law.  Each recipient shall execute a note to the 
hospital district payable on demand for the principal amount of 
the loan, and for any interest agreed to by the parties.  All 
other terms for fulfilling the obligation and of breach of the 
obligation shall be determined by the parties and shall be fully 
and clearly stated in the loan contract.  If the recipient fails 
to fulfill the obligation to practice or accept employment, the 
principal and interest, if any, shall be payable according to 
the terms of the note executed by the recipient. 
    Approved April 19, 1984