This revenue object is inactive. Please see the notes section for further information regarding the inactive status. Recently inactivated objects may remain active in USAS for a period of time to complete outstanding transactions or for other accounting purposes.

Issue Date:
Revised Date: 2015-12-21

Legal Cites

  • Vernon's Civil Statutes art. 4498c sec. 7

Object Type

Cash — Health

Origin Date

1973 by the 63rd Leg.

Description

To record receipts from the repayment of loans, grants or scholarships made to medical students who do not fulfill their service contract to serve the required period of time in rural medical areas. Receipts include repayment of principal, interest and penalty on defaults.

  • Interest rate = 10%
  • Penalty = 100% of the outstanding balance plus attorney fees.

Due Date

Upon default of contract.

Collecting Agencies

  • 302 – Attorney General (formerly the Texas Higher Education Coordinating Board, Agency 781 for the State Medical Education Board, Agency 766)

Note

Amended by S.B. 1328, 68th Leg., R.S.

Amended by S.B. 457, 71st Leg., R.S.;

Loans are actually made using Expenditure Object 7704. The Board hasn't been funded by the Legislature since 1990. Outstanding loan repayments were collected by the Attorney General (302).

Repealed by H.B. 1061, 83rd Leg., R.S. The Attorney General closed the case files and ceased receiving revenue in 2011. Revenue object inactivated December 2015.

USAS Values

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