Section Env-Dw 1106.05 - Accrual of Interest Charges; Administrative Fee(a) Interest on any loan funds disbursed to the recipient shall begin to accrue on the date of each disbursement of such funds by the state.(b) The applicant shall pay interest charges incurred on disbursed funds in accordance with one of the following, at the election of the applicant: (1) Semi-annually, prior to the commencement of the loan repayment;(2) At the time of the first repayment; or(3) By adding the charges to the outstanding principal balance.(c) Interest charges during loan repayment shall be fixed over the loan repayment period.(d) Pursuant to RSA 486:14, I(b), the department shall set aside as an administrative fee a sum equal to 2% of all loan principal balances outstanding each year. For any principal for which the interest rate is less than 2%, the administrative fee shall equal the interest rate.N.H. Code Admin. R. Env-Dw 1106.05
(See Revision Note at chapter heading for Env-Dw 1100) #8702, eff 8-24-06
Amended by Volume XXXV Number 06, Filed February 12, 2015 , Proposed by #10772, Effective 1/24/2015, Expires1/24/2025.