(1) An organization seeking approval as a student scholarship organization shall complete and submit to the department an online application prior to accepting donations. This application is located on the department's web site at svc.mt.gov/dor/educationdonations. The student scholarship organization shall include the following information on the application:

(a) the student scholarship organization's name, address, and federal employer identification number;

(b) the student scholarship organization's representative's name, title, phone number, and e-mail address; and

(c) a list of all qualified education providers who may receive scholarships from the student scholarship organization on behalf of students.

(2) A student scholarship organization may provide scholarships only to an eligible student who attends a Montana school or is taught by a qualified education provider in Montana.

(3) Pursuant to 15-30-3103, MCA, a minimum of 90 percent of all contributions received by a student scholarship organization, after the cost of the fiscal review in 15-30-3105, MCA, must be awarded as scholarships within the three calendar years following the year of the contributions. For example, if a student scholarship organization received $105,000 in contributions in 2017 and the cost of the fiscal review is $5,000, the student scholarship organization must award at least $90,000 of those contributions as scholarships before the end of 2020.