1. The provisions of this section apply only to stipends received by a participant on or after July 1, 1995.

2. Each participant must repay all stipends which the participant receives from the Western Interstate Commission for Higher Education unless the participant:

(a) Practices, in Nevada, for the period determined pursuant to NRS 397.0645, the profession in which he or she was certified.

(b) Reports the participant’s practice status annually on forms provided by the Commission.

(c) Except as otherwise approved by the Commission, commences the participant’s practice obligation within 1 year after completion or termination of the education, internship or residency for which the participant received the stipend.

(d) Maintains the participant’s permanent residence in the State of Nevada throughout the period of the participant’s practice obligation. For the purposes of this section, a participant who leaves the State for a limited period of time without forming the intent of changing the participant’s permanent residence is not considered to have moved the participant’s residence.

(e) Graduates with a degree in the area of study for which the participant received the stipend.

(f) Completes the participant’s practice obligation within the period specified in NRS 397.0645.

3. A stipend that must be repaid in accordance with this section must be repaid under the following terms:

(a) All stipends must bear interest at 8 percent per annum from the first day of the academic term for which the participant received the support fee.

(b) The balance due must be repaid in monthly installments within the following periods:

(1) Five years for stipends which total, including interest, less than $10,000.

(2) Eight years for stipends which total, including interest, $10,000 or more but less than $20,000.

(3) Ten years for stipends which total, including interest, $20,000 or more.

(Added to NRS by 1995, 355; A 2015, 1511)