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Ch. 575 2000 LAWS OF MARYLAND
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18-2107.
(b) Repayment shall include [simple] interest [equal to the prime rate of
interest plus 2 percent calculated from the date of the first payment of assistance
awarded under this subtitle.] AS SET FORTH IN § 18-112 OF THIS TITLE.
18-2204.
(a) Except as provided in subsection (b) of this section, the recipient of a
Maryland Teacher Scholarship shall repay the Commission the funds received [plus
simple interest that is equal to the prime rate of interest plus 2 percent calculated
from the date of the first payment of the grant award under this subtitle for any
portion of the award not forgiven] AS SET FORTH IN § 18-112 OF THIS TITLE if the
recipient does not:
(1) Satisfy the degree requirements of the eligible course of study or
program or fulfill other requirements as provided in this subtitle;
(2) Perform the service obligation for 1 year for each year that the
recipient has a scholarship awarded under this subtitle; and
(3) Become professionally certified to teach in the State of Maryland
within the time period specified by the Commission in consultation with the
Maryland Department of Education.
18-2306.
(d) A recipient of an award made under this section shall receive the award for
each year indicated in which the recipient is eligible if the recipient signs an
agreement at the time of the initial award to;
(1) Commence employment in the State within 1 year after completion of
undergraduate studies for 1 year for each year that the scholarship was awarded; and
(2) Repay the State the amounts awarded under this subtitle [and
simple interest equal to the prime rate of interest plus 2 percent calculated from the
date of the first payment of the grant award under this subtitle for any portion of the
award] AS SET FORTH IN § 18-112 OF THIS TITLE if the recipient does not:
(i) Satisfy the degree requirements of the eligible institution or
fulfill other requirements as provided in this subtitle; and
(ii) Perform the service obligation for 1 year for each year that the
recipient has a scholarship awarded under this subtitle.
SECTION 2. AND BE IT FURTHER ENACTED, That, subject to Section 3 of
this Act, the interest terms and repayment conditions provided under § 18-112 of the
Education Article, as enacted by Section 1 of this Act, shall be applied retroactively to
any recipient of a scholarship, grant, or award under Title 18 of the Education Article
who received that scholarship, grant, or award prior to the effective date of this Act.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act applies only to a
recipient of a scholarship, grant, or award with a service or repayment obligation that
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