(a) Every student awarded a loan pursuant to this Article shall execute a promissory note, guaranteed by such other person(s) as the Board requires, agreeing to repay said loan over a period to be determined by the Board, but not to exceed ten (10) years from the contemplated date of completion of the course of studies for which the award was approved. Said promissory note shall be non-interest bearing except that it shall provide for interest in the amount of six percent (6%) on unpaid delinquent amounts which are due and payable under the terms of the note.

(b) Every student awarded a loan pursuant to this Article shall receive credit against amounts due under the promissory note as follows:

(1) At the rate of Three Thousand Dollars ($3,000) for each year during which such borrower is employed in the nursing profession on Guam. No amounts under a promissory note executed pursuant to this 15603 shall be considered due and payable during the period that any such person is so employed.

SOURCE: Added by P.L. 20-029:2 (June 13, 1989).

2012 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Lowercase Roman Numerals”” to “”Numbers”” in subsection (b).