(a) Subject to the availability of funds, each scholarship, stipend, or incentive awarded to an applicant under this subchapter shall be renewable annually for the number of years required to complete a qualifying program under this subchapter.
(b) Each scholarship, stipend, or incentive awarded to an applicant under this subchapter subsequent to his or her initial receipt of a scholarship, stipend, or incentive shall be made only upon application of the recipient and upon a finding by the Arkansas Psychology Board that the applicant meets all qualifications under this subchapter and board rules.