If a recipient of a loan does not comply with the requirements of Section 161.511(a) and the board does not waive the three-year period prescribed by that section, the board by rule may provide for:

1. (1) an increase in the interest rate on the loan;
2. (2) the acceleration of repayment of the principal of and interest on the loan; or
3. (3) any other remedy the board considers appropriate.

Added by Acts 2001, 77th Leg., ch. 333, Sec. 2, eff. May 21, 2001.