The universities under the jurisdiction of the Arizona board of regents shall establish policies that ensure fair and equitable access by Arizona students from public, private and charter schools and homeschools to scholarships, including tuition waivers, that are issued solely on the basis of academic merit and for which the universities establish and administer fair and equitable selection criteria. The universities under the jurisdiction of the Arizona board of regents shall:

1. 1. Annually report to the board and publish and disclose to the extent permitted by state and federal law the following information related to each merit based scholarship awarded to students from public, private and charter schools and homeschools by each university, for the prior academic year:

   1. (a) The total number and dollar amount of awards and total number of applicants.
   2. (b) The total number and dollar amount of awards and total number of applicants by type of student.
   3. (c) The specific criteria used to award each scholarship, including average and range of SAT and ACT scores.
   4. (d) The number of newly awarded scholarships and the number of renewed scholarships.
2. 2. Notify students in this state of scholarship awards in a timely manner without regard to whether the students are from public, private or charter schools or homeschools.