(a) Except for African-American fraternities and sororities, the Revenue Division of the Department of Finance and Administration shall remit the design-use contribution fee required under § 27-24-1206(b)(2) monthly to the endowment funds of the participating institutions of higher education in the State of Arkansas that have a chapter of the African-American fraternity or sorority on their campus on a pro-rata basis to be used for scholarships as provided in this subchapter.
(b)
(1) The division shall remit the design-use contribution fee collected for special license plates issued to African-American fraternities and sororities monthly as provided under subdivision (b)(2) of this section to the endowment funds of the following historically African-American institutions of higher education in the State of Arkansas:
(A) The University of Arkansas at Pine Bluff;
(B) Philander Smith College;
(C) Arkansas Baptist College; and
(D) Shorter College.
(2) The historically African-American institutions of higher education shall share in the funds in the following proportion:
(A) The University of Arkansas at Pine Bluff, forty percent (40%);
(B) Philander Smith College, twenty-five percent (25%);
(C) Arkansas Baptist College, twenty percent (20%); and
(D) Shorter College, fifteen percent (15%).
(c) The Department of Finance and Administration shall also provide to each participating African-American fraternity or sorority a list of persons who have paid for the special African-American fraternity or sorority license plates during the specified period.