(A) No person who is a member of the board of trustees or other governing body of a state institution as defined in § 59-112-10 or member of his immediate family may receive a scholarship, free tuition, or other financial assistance except as provided in subsection (B).

"Immediate family" includes the spouse, natural or adoptive child, stepchild, or legal dependent.

(B) Nothing in subsection (A) prohibits a person from obtaining a scholarship, free tuition, or other financial assistance based on criteria applicable to all persons eligible for scholarships, free tuition, or other financial assistance.