(a) Subject to the provisions of this subtitle, the Corporation shall establish a grant and loan program to provide grants and loans for State-funded, human-relevant animal testing alternatives research.

(b) A grant or loan awarded under this subtitle is contingent on the recipient entering into a memorandum of understanding with the Corporation that:

(1) establishes the scope of the State‘s ownership or other financial interest in the commercialization and other benefits of the results, products, inventions, and discoveries resulting from State-funded, human-relevant research; and

(2) to the extent consistent with federal and State law, reflects the intellectual property policies of the Corporation.

(c) The Corporation may not disburse grant or loan money to a recipient until the recipient meets the requirements of subsection (b) of this section.