(1) A sponsoring organization that is an institution may use funds received through the sponsored special group license plate program only for: (a) the institution's academic scholarships; or (b) the institution's intercollegiate athletics program for compensation for a student athlete's name, image, or likeness as described in Title 53H, Chapter 6, Part 2, Athletics. (2) (a) An institution may sponsor a special group license plate for support of academic scholarships and a special group license plate for intercollegiate athletics programs. (b) To create more than one sponsored special group license plate, an institution is only required to comply with the application requirements described in Sections 41-1a-1603 and
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