(a) Funds for the Janet L. Hoffman Loan Assistance Repayment Program described in subsection (b)(2) of this section shall be allocated by the Commission to an individual who:

(1) Has received a graduate degree from a school of law; and

(2) Has submitted an application for the Janet L. Hoffman Loan Assistance Repayment Program that the Commission disapproved due to insufficient funds.

(b) Funds for the Janet L. Hoffman Loan Assistance Repayment Program shall:

(1) Be provided on an annual basis in the State budget; and

(2) Include money paid to the Program from the fee charged for a special admission of an out-of-state attorney under § 7-202(f) of the Courts Article.

(c) If a federal matching grant loan program furnishes professional services in an eligible field of employment to low-income or underserved residents of the State, the Office may apply not more than 50 percent of the funds provided in the State budget for the Janet L. Hoffman Loan Assistance Repayment Program to the State’s participation in the federal program.