Loan repayment contract

1. Before receiving loan repayment under this chapter, each health care professional and employer selected shall enter into a loan repayment contract with the department, in the form and manner approved by the department, agreeing to the terms and conditions upon which the loan repayment is granted, the penalties for a breach of the loan repayment contract, and the conditions under which the health care professional may be released from any obligations under the contract without penalty. 2. A designated representative that is authorized by the employer shall sign the loan repayment contract on behalf of the employer. 3. The loan repayment contract must include: a. The amounts to be paid to the lending institution by the department and by the employer; b. The specific term in which the health care professional is obligated to provide medical services within the community; and c. A provision that any financial obligation of the department arising out of a loan repayment contract entered into under this chapter is contingent on funds being appropriated by the legislative assembly and available for loan repayments under North Dakota Century Code chapter 43-12.3 and matching funds paid by the health care professional's employer as required by North Dakota Century Code section 43-12.3-07.