(a) The University of Arkansas at Fayetteville shall maintain records of all applicants applying for financial assistance and shall adopt proper administrative procedures to ensure that students attending any state-supported or private institution in Arkansas shall be given the same consideration for receiving financial assistance from the appropriations provided for financial assistance.
(b) In addition, records shall be maintained in a manner such that timely reports shall be filed with the Governor, the General Assembly, and its interim committee stating by name of individual:
(1) The applications received;
(2) The schools in which the applicant did his or her undergraduate college study;
(3) The action taken by the administrator of these aid programs at the university; and
(4) The reason for the action if the financial assistance was denied.