1. (a) Subject to subsection (b), the money in the fund must be used to provide money to the following:

   1. (1) A hospital licensed under IC 16-21 that is seeking to fund a new residency program slot for a qualified individual to complete a residency program in Indiana.

   2. (2) A nonprofit organization that:

      1. (A) is qualified as tax exempt under Section 501(c)(3) of the Internal Revenue Code; and
      2. (B) has the purpose of increasing residency positions in Indiana by funding new residency program slots at hospitals licensed under IC 16-21 .
2. (b) A recipient of money from the fund must agree to provide matching funds equal to at least twenty-five percent (25%) of the money provided.
3. (c) The commission shall establish an application process for a person seeking money from the fund.
4. (d) A person receiving funding under this chapter shall provide any information requested by the commission that the commission determines is necessary to administer this chapter.

As added by P.L.190-2015, SEC.1.