(a) As used in this section:

(1) "Food animal" means bovine, porcine, ovine, camelid, cervid, poultry, and any other species determined by the State Veterinarian;

(2) "Food supply veterinary medicine" means all aspects of veterinary medicine's involvement in food supply systems, from traditional agricultural production to consumption;

(3) "Loan repayment" means a payment made to a recipient upon completion of yearly requirements;

(4) "Participating institution" means the Mississippi State University College of Veterinary Medicine;

(5) "Practice of food supply veterinary medicine" means a corporate or private veterinary practice with a minimum of thirty percent (30%) of the practice devoted to food animal medicine or mixed animal medicine located in rural areas; and

(6) "Qualified recipient" means a student who:

(A) Is a resident of the State of Arkansas;

(B) Has completed a veterinarian medicine degree program at a participating institution;

(C) Is licensed to practice veterinary medicine in Arkansas; and

(D) Has been certified under § 6-4-106 by the Department of Higher Education as qualified to participate in the loan repayment program authorized by this section and consistent with § 6-4-106.

(b) The department shall institute a loan repayment program to:

(1) Benefit Arkansas residents; and

(2) Assist with the repayment of federal student loans for students that attended a participating institution and completed the requirements for loan repayment.

(c)

(1) The department shall administer the program.

(2)

(A) The department shall adopt rules to implement this section and address the terms and conditions of loan repayments made under this section.

(B) The terms of the loan repayment shall include without limitation:

(i) A requirement to practice food supply veterinary medicine for five (5) consecutive years; and

(ii) Conditions for loan repayment under § 6-81-1106.

(C) The loan repayment amount shall not exceed the amount of tuition assistance provided under the Southern Regional Education Compact program.

(d) The department shall:

(1) Allocate the number of qualified recipients to receive loan repayment based on the amount of funds appropriated;

(2) Determine the necessary procedures for awarding the loan repayments if the number of eligible applicants and recipients exceeds the funding available; and

(3)

(A) Distribute loan repayments according to the allocations made by the department.

(B) The department shall not be obligated to make a loan repayment unless funds are appropriated.