(1) The General Assembly recognizes that the State of Arkansas is experiencing a critical shortage of nurses.
(2) It is the intent of this section to allow the Division of Higher Education the opportunity to include associate degree-granting and diploma schools of nursing in the Arkansas Academic Challenge Scholarship Program under specific circumstances.
(3) The division shall make awards to applicants attending either an associate degree or diploma school preparing registered nurses that is approved by the Arkansas State Board of Nursing and which would not otherwise be an approved institution if: The nursing school is specifically recognized by the division as a school of nursing eligible to participate in the Arkansas Academic Challenge Scholarship Program; and
(4) The recipient meets continuing eligibility requirements in § 6-85-106.
(5) The scholarships awarded to recipients under this section shall be subject to § 6-85-105(g).
(6) The Arkansas Higher Education Coordinating Board and the division shall promulgate rules necessary for the implementation of this section.