Title 31, Chapter 34, Section 7
( 31-34-7)
The board shall have the authority to cancel the contract of any
recipient of a loan under this chapter for cause deemed sufficient
by the board, provided that such authority shall not be arbitrarily
or unreasonably exercised. Upon such cancellation, the total
uncredited amount paid to the recipient shall at once become due and
payable to the board in cash, and interest at the rate of 12 percent
per annum shall accrue on such total uncredited amount from the date
of cancellation to the date of payment. | 
