A. The department shall promulgate rules setting forth explicit criteria in accordance with the Opportunity Scholarship Act for:
(1) student qualification and continuing eligibility;
(2) calculating the total amount of money necessary to pay for opportunity scholarships at each eligible institution pursuant to Section 4 [ 21-21R-4 NMSA 1978] of the Opportunity Scholarship Act and guidelines for the administration of the Opportunity Scholarship Act; and
(3) requirements for the memoranda of understanding regarding institution eligibility to participate in the opportunity scholarship program.
B. The department shall report by November 1 of each year to the legislative finance committee and the department of finance and administration on the:
(1) status of the opportunity scholarship fund; and
(2) Opportunity Scholarship Act participation data aggregated for each eligible institution to show the:
(a) number of eligible students who received scholarships in the prior academic year;
(b) total number of students enrolled in eligible institutions in the prior academic year; and
(c) number of eligible students who graduated with a degree and, for each eligible student, the number of consecutive semesters and nonconsecutive semesters attended prior to graduation.