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(1) There is created the Talent Development Incentive Loan Program to recruit and train individuals to work in certain jobs that have a high demand for new employees and offer high wages.
(2) Subject to available funds, an institution shall award an incentive loan to an individual who:
(a) is enrolled full time in the institution;
(b) has completed at least:
(i) one semester of full-time equivalent course work if the individual is pursuing an associate's degree; or
(ii) two semesters of full-time equivalent course work if the individual is pursuing a bachelor's degree;
(c) is pursuing or declares an intent to pursue a qualifying degree;
(d) declares an intent to work in a qualifying job described in Subsection 53B-10-201(7)(a) in Utah following graduation;
(e) applies to the institution to receive an incentive loan; and
(f) meets other criteria determined by the board in the rules described in Section 53B-10-205.
(3)
(a) An institution may award an incentive loan to a recipient in an amount up to the cost of resident tuition, fees, and books for the number of credit hours in which the recipient is enrolled each semester.
(b) An institution may award an incentive loan to a recipient for up to the expected amount of time for the recipient to complete the qualifying degree, as determined by the institution.
(c) An institution may cancel an incentive loan in accordance with the rules described in Section 53B-10-205.
(4) An institution may use money from a partnership with an industry or business for funding or repaying an incentive loan.
(5) The board may use up to 5% of money appropriated for the program for administration.