1. (a) To receive funds, a student must:

   1. (1) be enrolled on at least a half-time basis or in the final semester of the degree at an approved institution in Texas;
   2. (2) maintain satisfactory academic progress in the program of study as defined by the institution;
   3. (3) have completed at least 120 credit hours of college work, including at least 15 hours of accounting;
   4. (4) sign a written statement confirming the intent to take the examination conducted by or pursuant to the authority of the board for the purpose of obtaining a certificate of "certified public accountant" in Texas;
   5. (5) agree to pay on demand all scholarship funds received if the student does not sit for at least one part of the exam within three years of submitting the application of intent, unless the executive director grants an extension of the three-year requirement upon a showing of good cause;
   6. (6) agree that failure to comply with paragraph (5) of this subsection may cause the board to take measures necessary to enforce the repayment of the scholarship including bringing a civil suit in state district court;
   7. (7) confirm that the Application of Intent has not been approved or that the applicant has not been approved to take the CPA examination in Texas or another jurisdiction;
   8. (8) maintain a cumulative grade point average, as determined by the institution, that is equal to or greater than the grade point average required by the institution for graduation;
   9. (9) be a resident of Texas; and
   10. (10) have a statement on file with the institution of higher education indicating the student is registered with the Selective Service System as required by federal law or is exempt from Selective Service registration under federal law.

2. (b) In selecting recipients the Program Officer shall consider at a minimum the following factors relating to each applicant:

   1. (1) the applicant's financial need, which may be based on but not limited to the cost of the applicant attending school less family contribution and any gift aid (an award may not exceed the applicant's need nor be less than the amount calculated in accordance with the formula provided institutions in the application instructions);
   2. (2) scholastic ability and performance as measured by the student's cumulative college grade point average as determined by the institution in which the student is enrolled; and
   3. (3) ethnic or racial minority status.

Source Note:The provisions of this §520.4 adopted to be effective December 9, 2009, 34 TexReg 8728; amended to be effective February 6, 2013, 38 TexReg 500; amended to be effective February 8, 2017, 42 TexReg 428.