(a) To be eligible for a Tennessee HOPE teacher's scholarship, a teacher shall:

(1) Be a tenured teacher teaching in a Tennessee public school system;

(2) Not be ineligible for the scholarship under § 49-4-904;

(3) Meet the requirements of § 49-4-905(a). Section 49-4-905(b) shall not apply to teachers seeking Tennessee HOPE teacher's scholarships;

(4) Be admitted to and attend an eligible postsecondary institution seeking an advanced degree in mathematics or a science or certification to teach mathematics or a science;

(5) Maintain satisfactory progress in the teacher's program of study;

(6) Agree to teach mathematics or a science in a Tennessee public school system one (1) academic year for each year of funding provided by a Tennessee HOPE teacher's scholarship and sign a promissory note that stipulates the cash repayment obligation incurred if the teaching service is not fulfilled. If a teacher fails to teach mathematics or a science in a Tennessee public school system for the number of years required to fulfill the teacher's obligation pursuant to the award of a Tennessee HOPE teacher's scholarship, then all funds obtained from the award of the scholarship shall be repaid; provided, however, that no repayment shall be due if TSAC finds that it is impossible for the teacher to fulfill the obligation because of the death or permanent disability of the teacher; and

(7) Apply for a Tennessee HOPE teacher's scholarship.

(b)

(1) Except as provided in subdivisions (b)(2) and (3), no minimum number of hours of enrollment is required for eligibility for a Tennessee HOPE teacher's scholarship.

(2) The program of study a teacher is attempting shall be completed within five (5) years, beginning with the first term for which scholarship funds are awarded.

(3) A teacher's eligibility for a Tennessee HOPE teacher's scholarship expires if the teacher has a break in enrollment at an eligible postsecondary institution of more than twelve (12) months.

(c) Subject to the amounts appropriated by the general assembly and any law relating to a shortfall in funds available for postsecondary financial assistance from the net proceeds of the state lottery, a Tennessee HOPE teacher's scholarship awarded to a teacher shall be two thousand dollars ($2,000) per year. The total amount of a Tennessee HOPE teacher's scholarship awarded to a teacher shall not exceed ten thousand dollars ($10,000) for all years required for the teacher's program of study.

(d) No retroactive award of a Tennessee HOPE teacher's scholarship shall be made under this section.

(e) Scholarships awarded under this section shall not commence prior to fall semester, 2006.