(a) Recipients of Regents physician shortage scholarships shall annually file with the corporation an application for payment of an award in accordance with section 2201.1(a) of this Title, and further, shall report to the corporation, on such forms at such times as the president may prescribe, all information required by the president, including but not limited to anticipated date of graduation, plans for internship and residency training and selected area of service in an area of physician shortage. In the event a recipient fails to file such annual application in any academic year in which he or she may be eligible, the recipient shall file a report, on such forms and at such times as prescribed by the president, regarding his or her status during the academic year in which an application for payment is not made.

(b) Prior to receipt of each annual award under this section, the candidate shall enter into an agreement with the corporation whereby the candidate agrees that upon successful completion of professional training, the candidate will practice medicine in an area designated by the Regents as an area of physician shortage for a period equal to nine months for each annual award received.

(c) Failure to begin such service within one year of completion of medical training, or failure to complete the period of service required by subdivision (b) of this section, will entitle the corporation to recover from the recipient all of a proportionate amount of the awards received by the recipient plus interest at the rate of seven percent per annum. Repayment of any amount required by the corporation shall be made in accordance with section 145-1.10(f) of this Title.

(d) On the 31st day of January next following the calendar year in which the recipient was graduated from medical school and continuing annually until the recipient shall have completed, or it is determined he or she shall not be obligated to complete the required services, a recipient of an award shall report to the corporation, on forms prescribed by the president, as to the performance of the required services or the recipient's current status.

(e) In the event a recipient shall fail to file any report required under this section within 30 days of written notice to the recipient mailed to the address shown on the last application for an award or last report filed, whichever is later, the president, after a hearing held pursuant to Part 2005 of this Title, may impose a fine upon the recipient of up to $1,000. The president, in his or her discretion, may waive the filing of a report, excuse a delay in filing, or a failure to file a report, or waive or reduce any fine imposed for good cause shown.