The commission shall commence loan assumption payments pursuant to this article upon verification that the participant has fulfilled all of the following:
- (a) The participant has received a baccalaureate degree or a graduate degree from an accredited, participating institution.
- (b) The participant has provided the equivalent of full-time nursing instruction at one or more regionally accredited California colleges or universities for one academic year or the equivalent.
- (c) The participant has met the requirements of the loan assumption agreement and all other conditions of this article.