(1) A hospital licensed under IC 16-21 that is seeking to fund a new residency program slot for a qualified individual to complete a residency program in Indiana.

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(A) is qualified as tax exempt under Section 501(c)(3) of the Internal Revenue Code; and

(B) has the purpose of increasing residency positions in Indiana by funding new residency program slots at hospitals licensed under IC 16-21.

     (b) A recipient of money from the fund must agree to provide matching funds equal to at least twenty-five percent (25%) of the money provided.

     (c) The commission shall establish an application process for a person seeking money from the fund.

     (d) A person receiving funding under this chapter shall provide any information requested by the commission that the commission determines is necessary to administer this chapter.

As added by P.L.190-2015, SEC.1.