(1) There is a state special revenue fund established pursuant to 61-3-415(3), MCA, which shall be known as the Chrome for Kids Wish Fund.

(2) There is a Chrome for Kids Wish Fund Review Committee made up of the administrator of the Motor Vehicle Division, bureau chief of the Driver's Licensing Bureau, and bureau chief of the Records and Driver Control Bureau.

(a) The committee will meet each August to review the amount of funds available for grants in the current fiscal year.

(b) The committee shall notify the public of the amount of grant funds available for that fiscal year by August 30.

(c) Grant applications shall be accepted by the Motor Vehicle Division at any time after the public announcement of funds availability. The deadline for grant submission to the department shall be 60 days after the grant announcement.

(d) The committee will meet within 30 days after the final date of grant submissions to review grant proposals and to award grants for that fiscal year.

(e) Any grant funds awarded must be disbursed and used within two years of the grant award.