(a) There is established the Hawaii community college promise program subaccount within the University of Hawaii general fund. Moneys in the subaccount shall be used to provide financial assistance to qualified students through Hawaii community college promise program scholarships under section 304A-506.
(b) The University of Hawaii shall submit a report to the legislature no later than twenty days prior to the convening of each regular session regarding the subaccount. The report shall include but not be limited to the number of scholarships provided under the Hawaii community college promise program during the preceding year.(c) This subaccount is not intended to provide loans or keep track of payback provisions.
