KRS 314.027: Funding for scholarships -- Contract for scholarship.

(1) Funding for the Kentucky nursing incentive scholarship fund shall be supplied

partly by funds received from penalties and fines, to include, but not be limited to,

certificate of need penalties assessed on hospitals, nursing facilities, nursing homes,

personal care homes, and family care homes under the provisions of KRS 216.560

and 216B.131(2).

(2) Additional funding shall be provided by an assessment of five dollars ($5) to be

added to each nurse licensure renewal application fee payable to the board, proceeds

of which shall be annually allocated to the Kentucky nursing incentive scholarship

fund.

(3) The board may cancel any contract between it and any applicant or recipient upon

failure by the applicant or recipient to meet requirements of KRS 314.025 to

314.027 or board administrative regulations. Failure to complete the terms of the

contract shall subject the applicant to legal action for the recovery of all assistance

provided, together with attorney fees and interest at a compound rate of eight

percent (8%) from the date of disbursement from the Kentucky nursing incentive

scholarship fund.