1. (a) If the applicable IUP provides that interest rates are subject to adjustment, then prior to establishing the final repayment schedule in the SLA or allonge, as applicable, the department shall compare the IUP interest rate stipulated in the OLA or ILD, as applicable, with the rate at the time the SLA or allonge is prepared and adjust the interest rate to be the lower of:

   1. (1) The interest rate stipulated in the OLA or ILD; or
   2. (2) The interest rate at the time the SLA or allonge is prepared.

Source. (See Revision Notes #1-#3 at chapter heading for Env-Wq 500) #10984, eff 12-1-15; ss by #13511, eff 12-20-22