18A:71C-70 Written contract between authority and participant; conditions for redemption of loan indebtedness.

249 words·~1 min read·/nj/title-18a/chapter-71c/18a-71c-70

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

5. a. A person who meets the eligibility requirements under section 3 of this act and has been selected by the executive director or his designee for participation in the program shall enter into a written contract with the authority. The contract shall specify the dates of required employment by the program participant in a designated high-growth STEM occupation and shall require the program participant to serve at least one year in a designated high-growth STEM occupation.

b. Prior to the annual redemption of loan indebtedness:

(1)the program participant shall submit to the authority certification of full-time employment in a designated high-growth STEM occupation for the full year period; and

(2)the employer of the program participant shall pay the annual matching contribution to the authority in an amount equal to or greater than the $1,000 annual State-funded loan redemption benefit.

c. Upon certification that a program participant has met all criteria for the annual redemption of loan indebtedness under the program, the authority shall combine the employer matching contribution and the State appropriated funds into a single payment to redeem a portion of the participant's loan.

d. A program participant, as a condition of participation, shall be required to adhere to performance standards established by the executive director or his designee.

e. A program participant shall be eligible for participation in the program for four years, even if the occupation in which the person is employed is no longer a designated high-growth STEM occupation.

L.2018, c.142, s.5.