(a) The following may appeal any decision or action by the Osteopathic Rural Medical Practice Student Loan and Scholarship Board relating to the application for a loan or income incentive or relating to a loan or income incentive granted by the board under the dispute resolution procedure:
- (1) Any applicant for a loan or income incentive issued by the board;
- (2) Any person who has been granted a loan or has been granted income incentives by the board; or
- (3) Any party to an osteopathic rural medical practice or community match loan or income incentive established under this part.
- (b) The board shall establish and follow procedures, as required per Arkansas Code § 6-81-1803(b)(1), used by a loan or income incentive recipient, the board, or a qualified rural community, to resolve any dispute arising out of or relating to an osteopathic rural medical practice or community match loan or income incentive contract, including the validity or interpretation of a contract term, contract enforcement or defenses, the occurrence of an event of default or breach, loan repayment, the assessment or imposition of contract damages or civil money penalties, or other related disputes.
(c) The dispute resolution procedure established by the board shall be followed before the initiation of any litigation related to:
- (1) An osteopathic rural medical practice or community match loan; or
- (2) Income incentive contract.
(d) This part does not prohibit informal disposition by:
- (1) Stipulation;
- (2) Settlement; or
- (3) Consent.