21-21R-8: Department rulemaking and reporting.

A. The department shall promulgate rules setting forth explicit criteria in accordance with the Opportunity Scholarship Act for:

(1) student qualification and continuing eligibility;

(2) calculating the total amount of money necessary to pay for opportunity scholarships at each eligible institution pursuant to Section 4 [21-21R-4 NMSA 1978] of the Opportunity Scholarship Act and guidelines for the administration of the Opportunity Scholarship Act; and

(3) requirements for the memoranda of understanding regarding institution eligibility to participate in the opportunity scholarship program.

B. The department shall report by November 1 of each year to the legislative finance committee and the department of finance and administration on the:

(1) status of the opportunity scholarship fund; and

(2) Opportunity Scholarship Act participation data aggregated for each eligible institution to show the:

(a) number of eligible students who received scholarships in the prior academic year;

(b) total number of students enrolled in eligible institutions in the prior academic year; and

(c) number of eligible students who graduated with a degree and, for each eligible student, the number of consecutive semesters and nonconsecutive semesters attended prior to graduation.