(a)
(1) The Arkansas Rural Medical Practice Student Loan and Scholarship Board and a qualified rural community shall enter a joint community match contract with the applicant.
(2) The form of the community match contract shall be approved by the Attorney General and shall be signed by the Chair of the Arkansas Rural Medical Practice Student Loan and Scholarship Board, the Secretary of the Arkansas Rural Medical Practice Student Loan and Scholarship Board, the designated representative or representatives of the qualified rural community, and the applicant.
(b) Each applicant to whom a community match income incentive is granted by the board shall execute a written contract that shall incorporate the following obligations and conditions:
(1)
(A) The recipient of a community match income incentive shall bindingly contract that he or she shall practice primary care medicine full time in the contracting qualified rural community for a period of four (4) years.
(B)
(i) The recipient shall receive the income incentive funds according to a disbursement schedule acceptable to the board, the qualified rural community, and the recipient as set forth in writing in the community match contract.
(ii) For each three-month period of full-time medical practice by the recipient, according to the terms of the community match contract, the board and the qualified rural community shall award one-quarter (¼) of the income incentive for the year of service;
(2)
(A) If any recipient does not begin or ceases the full-time practice of medicine in breach of the community match contract or otherwise breaches the community match contract, the recipient shall pay twenty thousand dollars ($20,000) for each uncompleted full year of the four-year contract term, and any civil money penalties that apply.
(B) The board may impose civil money penalties of up to fifty percent (50%) of the principal amount of the income incentive under the terms of the community match contract as a consequence of breach; and
(3) Neither interest nor the obligation to repay the principal sums accrued shall accrue during any one (1) period of time that the recipient involuntarily serves on active duty in the United States Armed Forces or state active duty in the Arkansas National Guard.
(c) Subsection (b) of this section does not prohibit the board from considering and entering into a negotiated settlement with the income incentive recipient involving the terms of repayment of amounts paid under the terms of the community match contract.
(d) Community match contracts may be amended at any time before the income incentive has been paid in full or terms and conditions of the contract are satisfied.
(e) The board shall promulgate rules setting forth additional terms and conditions of community match contracts.