Bill Text: IA SF2118 | 2019-2020 | 88th General Assembly | Enrolled
Bill Title: A bill for an act relating to loan repayment for refinanced student loans under the rural physician loan repayment program, the health care professional recruitment program, and the health care loan repayment program, and including effective date and retroactive applicability provisions. (Formerly SF 2011.) Effective date: 03/12/2020. Applicability date: 01/01/2019.
Spectrum: Committee Bill
Status: (Passed) 2020-03-12 - Signed by Governor. S.J. 615. [SF2118 Detail]
Download: Iowa-2019-SF2118-Enrolled.html
Senate
File
2118
-
Enrolled
Senate
File
2118
AN
ACT
RELATING
TO
LOAN
REPAYMENT
FOR
REFINANCED
STUDENT
LOANS
UNDER
THE
RURAL
PHYSICIAN
LOAN
REPAYMENT
PROGRAM,
THE
HEALTH
CARE
PROFESSIONAL
RECRUITMENT
PROGRAM,
AND
THE
HEALTH
CARE
LOAN
REPAYMENT
PROGRAM,
AND
INCLUDING
EFFECTIVE
DATE
AND
RETROACTIVE
APPLICABILITY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
261.113,
subsection
5,
paragraph
a,
Code
2020,
is
amended
to
read
as
follows:
a.
The
amount
of
loan
repayment
an
eligible
student
who
enters
into
an
agreement
pursuant
to
subsection
3
shall
receive
if
in
compliance
with
obligations
under
the
agreement
shall
not
exceed
be
forty
thousand
dollars
annually
for
an
eligible
loan
if
the
total
loan
amount
equals
or
exceeds
two
hundred
thousand
dollars
.
Payments
under
this
section
may
be
made
for
each
year
of
eligible
practice
during
a
period
of
five
consecutive
years
and
shall
not
exceed
a
total
of
two
hundred
thousand
dollars.
If
the
total
amount
of
an
eligible
student’s
eligible
loan
upon
graduation
is
less
than
two
hundred
thousand
dollars,
the
commission
shall
divide
the
total
amount
of
the
eligible
student’s
eligible
loan
by
five
to
determine
the
annual
amount
of
loan
repayment
the
loan
recipient
is
eligible
to
receive.
Sec.
2.
Section
261.113,
subsection
5,
paragraph
b,
Code
2020,
is
amended
by
striking
the
paragraph.
Sec.
3.
Section
261.113,
Code
2020,
is
amended
by
adding
the
following
new
subsections:
Senate
File
2118,
p.
2
NEW
SUBSECTION
.
5A.
Refinanced
loans.
A
loan
repayment
recipient
who
refinances
an
eligible
loan
by
obtaining
a
private
educational
loan
may
continue
to
receive
loan
repayment
under
this
section
if
the
amount
of
loan
repayment
does
not
exceed
the
lesser
of
the
amount
specified
in
subsection
5
or
the
balance
of
the
loan
repayment
amount
the
loan
repayment
recipient
qualified
to
receive
with
the
eligible
loan.
NEW
SUBSECTION
.
5B.
Program
agreement
limitation.
The
commission
shall
not
enter
into
more
than
twenty
program
agreements
annually.
The
percentage
of
agreements
entered
into
by
students
attending
eligible
universities
shall
be
evenly
divided.
However,
if
there
are
fewer
applicants
at
one
eligible
university,
eligible
student
applicants
enrolled
in
other
eligible
universities
may
be
awarded
the
remaining
agreements.
Sec.
4.
Section
261.115,
Code
2020,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
2A.
A
loan
repayment
recipient
who
refinances
an
eligible
loan
by
obtaining
a
private
educational
loan
may
continue
to
receive
loan
repayment
under
this
section.
Sec.
5.
Section
261.115,
subsection
3,
Code
2020,
is
amended
to
read
as
follows:
3.
A
health
care
professional
recruitment
fund
is
created
in
the
state
treasury
as
a
separate
fund
under
the
control
of
the
commission
for
deposit
of
moneys
appropriated
to
or
received
by
the
commission
for
use
under
the
program.
Notwithstanding
section
8.33
,
any
balance
in
the
fund
on
June
30
of
any
fiscal
year
shall
not
revert
to
the
general
fund
of
the
state
but
shall
remain
in
the
fund
and
be
continuously
available
for
loan
forgiveness
repayment
under
the
program.
Notwithstanding
section
12C.7,
subsection
2
,
interest
or
earnings
on
moneys
deposited
in
the
fund
shall
be
credited
to
the
fund.
Sec.
6.
Section
261.116,
Code
2020,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
4A.
Refinanced
loans.
A
loan
repayment
recipient
who
refinances
a
qualified
student
loan
by
obtaining
a
private
educational
loan
may
continue
to
receive
loan
repayment
under
this
section
if
the
amount
of
loan
repayment
does
not
exceed
the
lesser
of
the
amount
specified
in
Senate
File
2118,
p.
3
subsection
4
or
the
balance
of
the
loan
repayment
amount
the
loan
repayment
recipient
qualified
to
receive
with
the
qualified
student
loan.
Sec.
7.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
enactment.
Sec.
8.
RETROACTIVE
APPLICABILITY.
This
Act
applies
retroactively
to
January
1,
2019,
for
recipients
of
loan
repayment
under
sections
261.113,
261.115,
and
261.116.
______________________________
CHARLES
SCHNEIDER
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2118,
Eighty-eighth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2020
______________________________
KIM
REYNOLDS
Governor
