satisfactory progress towards degree - Conditions of expenditure of award monies. The Oklahoma State Regents for Higher Education may adopt rules and regulations, prescribe and provide appropriate forms for application, and employ such persons, contract for such services and make such additional expenditures as may be necessary or appropriate for implementing the provisions of the Oklahoma Rising Scholars Award Act; provided, as part of the regulations adopted for administration of the provisions of the Oklahoma Rising Scholars Award Program, the Oklahoma State Regents for Higher Education shall require that each scholarship recipient make continuing and satisfactory progress toward a degree, including the establishment of an annual minimum grade point average and annual minimum credit hours to be maintained by the participants. Such regulations shall also provide for revoking or rescinding assistance to any scholarship recipient who fails to meet such required standards. Such regulations shall also provide that the funds made available to students as part of the Oklahoma Rising Scholars Award Program shall be paid directly to the institution of the student's choice, in trust for the student, and on the student's behalf, and shall contain appropriate restrictions and conditions that such monies are expended only for the purposes authorized by this act. Such regulations shall also provide for portability of award for a recipient among accredited institutions of higher education in Oklahoma in which the recipient may enroll as long as the recipient meets requirements of the program; however, waivers shall only be portable between institutions in The Oklahoma State System of Higher Education and waiver portability may be further limited by the Oklahoma State Regents for Higher Education rules and regulations.
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