AL HB273

Creates the Board of Medical Scholarship Awards Fund in the State Treasury to centralize medical student scholarship and loan financing.

Requires the board to deposit all monies from loan repayments, fees, gifts, donations, grants, and bequests into the fund.

Continuously appropriates the fund for granting scholarships and making loans to medical students without annual legislative appropriation.

Allows the board to pay annual administration expenses from any available funds, with fiscal requirements to be established by the board.

Effective date: October 1, 2024.