1. Each student who receives a loan made pursuant to NRS 396.890 to 396.898, inclusive, shall repay the loan and accrued interest pursuant to the terms of the loan unless the student:
(a) Practices nursing in a rural area of Nevada or as an employee of the State for 6 months for each academic year for which he or she received a loan; or
(b) Practices nursing in any other area of Nevada for 1 year for each academic year for which he or she received a loan.
2. The Board of Regents may adopt regulations:
(a) Extending the time for completing the required practice beyond 5 years for persons who are granted extensions because of hardship; and
(b) Granting prorated credit towards repayment of a loan for time a person practices nursing as required, for cases in which the period for required practice is only partially completed,
Ê and such other regulations as are necessary to carry out the provisions of NRS 396.890 to 396.898, inclusive.
3. As used in this section, “practices nursing in a rural area” means that the person practices nursing in an area located in a county whose population is less than 52,000 at least half of the total time the person spends in the practice of nursing, and not less than 20 hours per week.