(a) If an alternate on the waiting list for acceptance to an osteopathic medical school in Arkansas demonstrates a willingness to enter into an osteopathic rural medical practice loan contract and meets the requirements of § 6-81-1807, the applicant shall be moved to the top of the waiting list upon entering into an osteopathic rural medical practice student loan contract.
(b) The priority on the waiting list for an alternate who enters into an osteopathic rural medical practice student loan contract shall be determined by the date and time such an alternate enters into the rural medical practice student loan contract.