1.    To the extent the annual cap under this section has not been met, an individual who is employed as a full-time law enforcement officer in this state, who has a minimum of    two years of employment, and who is licensed under chapter 12-63, is entitled to a waiver of twenty-five percent of resident tuition and fees of any institution of higher education under the control of the state board of higher education if the law enforcement officer:

a.    Maintains satisfactory performance with the officer’s law enforcement agency; b.    Obtains authorization to participate in the waiver program and a certificate of verification from the law enforcement officer’s superior officer which attests to the officer’s satisfactory performance; c.    Meets all admission requirements of the institution; and

d.    Pursues studies leading to a degree from an associate degree program or a baccalaureate degree program.

2.    The law enforcement officer may receive the waiver for up to five years from the date the law enforcement officer first receives a waiver under this section.

3.    The institution of higher education shall waive twenty-five percent of the officer’s tuition and fees after subtracting awarded federal financial aid grants and state scholarships and grants for an eligible law enforcement officer during the time the officer is enrolled. To remain eligible for the waiver, the officer shall comply with all requirements of the institution for continued attendance and award of an associate degree or a baccalaureate degree.

4.    The law enforcement officer shall include the certificate of verification when applying for enrollment to the institution of higher education.

5.    The total amount of waivers granted each academic year by institutions under the control of the state board of higher education may not exceed five hundred thousand dollars.

6.    The attorney general shall adopt the rules necessary to implement this section.