The Division of Higher Education shall administer the Arkansas Governor's Scholars Program and shall have the following authority and responsibility with respect to the program to:
(1) Prepare application forms or such other forms as the division shall deem necessary to properly administer and carry out the purposes of this subchapter;
(2) Establish and consult as necessary with an advisory committee representing the public and private sectors of postsecondary education and secondary schools in determining guidelines and rules for the administration of the program;
(3) Select recipients of scholarships awarded pursuant to the provisions of this subchapter;
(4) Establish the procedures for payment of scholarships to recipients;
(5) Set a termination date for the acceptance of applications;
(6) Review and evaluate the operation of the program with regard to eligibility criteria and size of the scholarship award to ensure that the program's operation meets the intent of this legislation;
(7) Determine the necessary procedures for the awarding of scholarships if the number of eligible applicants exceeds the available funds or available awards; and
(8) Approve a scholarship hold for a student for a period of twenty-four (24) months or less for the following reasons without limitation:
(A) A medical condition of the student or a member of the student's immediate family that, on the basis of a physician's good-faith judgment, necessitates that the student or the student's immediate family member be hospitalized or receive outpatient or home-based medical care or recuperate until released by the attending physician;
(B) A personal or family emergency that requires the student to:
(i) Attend the funeral of an immediate family member; or
(ii) Visit a relative of the student if the relative has a medical condition in which death is possible or imminent;
(C) Military service under § 6-61-112; or
(D)
(i) A commitment of twelve (12) to twenty-four (24) months for service in a national or international humanitarian project sponsored by a nonprofit corporation organized with a charitable or educational purpose.
(ii) The student's commitment shall be expressed in a written agreement with the nonprofit organization, including the terms of completion for the student's service on the related project.
(iii) The division shall release a scholarship hold if the division determines that the student did not complete the commitment under the written agreement.