Section Env-Wq 507.04 - Accrual of Interest Charges; Administrative Fee(a) Interest on any loan funds disbursed to a loan recipient shall begin to accrue as of the date of each disbursement of such funds by the state.(b) The loan recipient shall pay interest charges incurred on disbursed loan 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) Prior to the commencement of loan repayment;(3) At the time of the first repayment; or(4) By adding the charges to the outstanding principal balance.(c) Interest charges during loan repayment shall be fixed over the loan repayment period.(d) As required by 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.N.H. Code Admin. R. Env-Wq 507.04
Derived From Volume XXXV Number 49, Filed December 10, 2015, Proposed by #10984, Effective 12/1/2015, Expires12/1/2025.Amended by Number 2, Filed January 12, 2023, Proposed by #13511, Effective 12/20/2022, Expires 12/20/2032.