(a) Loan recipients enrolled in the Community Match Rural Physician Recruitment Program on or before the day before April 4, 2007, shall not have their loan contracts impaired by the amendments to the community match program.
(b)
(1) Subject to the availability of funds, the loan for the academic year shall be renewable annually for the number of years required to complete studies leading to the Doctor of Medicine degree or for additional amounts not to exceed sixteen thousand five hundred dollars ($16,500).
(2) However, all subsequent loans shall be granted only upon application by the recipient and a finding by the Arkansas Rural Medical Practice Student Loan and Scholarship Board that the applicant:
(A) Has completed successfully the medical studies of the preceding academic year and remains in good standing as an enrolled student in the college;
(B) Is enrolled or participating in a medically underserved and rural practice curriculum; and
(C) Continues to be a resident of Arkansas.
(c) This section expires on August 31, 2014.