Section 6-81-1404 - Eligibility and requirements for loans(a) Any person who is enrolled in or has been accepted for admission to an approved school of nursing in this state or a nationally accredited school outside the state in a course of study leading to qualification as a registered nurse, licensed practical nurse, or nursing educator shall be eligible to make application to the Arkansas State Board of Nursing for a loan under this subchapter.(b) The board may, depending upon available funds, make a loan to an applicant under this subchapter when it determines that the applicant:(1) Is enrolled in or has been accepted for admission to an approved school of nursing in this state or a nationally accredited school outside the state in studies leading to qualification as a registered nurse, licensed practical nurse, or nursing educator;(2) Warrants financial assistance to complete his or her nursing studies;(3) Has signed a written agreement to: (A) Upon graduation and licensure and for the period of time specified by rule promulgated by the board: (i) Teach in a nursing education program in the State of Arkansas; or(ii) Engage in practice as a registered nurse or licensed practical nurse in the State of Arkansas; and(B) Repay each loan with interest at the maximum legal rate if the applicant fails to fulfill the requirements of the board under this subchapter; and(4) Is a lawful resident of the State of Arkansas.Acts 2003, No. 84, § 6; 2009, No. 9, § 3.