In this section, “institution” means: A public senior higher education institution; or A private nonprofit institution of higher education. Beginning January 1, 2025, the Commission shall require each institution to submit a letter of intent to the Commission that identifies each new graduate level program that an institution intends to propose for approval under § 11–206 or § 11–206.1 of this subtitle. The Commission shall require each institution to submit a letter of intent every 6 months. The letter of intent shall include all new graduate programs the institution intends to propose within the 6–month to 2–year time period following submission of the letter of intent. The Commission shall use a letter of intent submitted by an institution under this section: To facilitate collaboration between institutions; and To provide feedback to an institution before the institution submits the new program to the Commission for approval, including any Commission concerns regarding unreasonable or unnecessary program duplication. The Commission may not use a letter of intent to establish any preference or priority for approval of a program proposal. This section may not be construed to give an institution the right of first refusal for any program included in a letter of intent submitted to the Commission under this section. Subject to paragraphs (2) and (3) of this subsection, the Commission shall establish requirements for submitting a letter of intent under this section, including the format, deadlines, and review criteria of the letters. The Commission may not post an institution’s letter of intent publicly. After review of the letters of intent submitted by each institution under this section, the Commission shall determine whether an intended program is similar to an existing program or another intended program included in another institution’s letter of intent. If the Commission determines that an intended program is similar to another program under subparagraph (i) of this paragraph, the Commission may notify the affected institutions of its determination, provide feedback, and encourage discussion and collaboration between the institutions. Except as provided in paragraph (2) of this subsection, the Commission may approve a program proposal submitted under § 11–206 or § 11–206.1 of this subtitle only if the institution has included the program in a letter of intent submitted to the Commission. The Commission may approve a new program proposed by an institution under § 11–206 or § 11–206.1 of this subtitle that was not included in a letter of intent if the institution submits proof satisfactory to the Commission: Of the exigent circumstances leading to the development of the proposed program; and That the benefit of the program to the State or region outweighs the State’s interest in reasonable public notice and institutional collaboration. The Commission shall establish objective standards and a fair and transparent process for consideration and approval of a proposed program under subparagraph (i) of this paragraph. In this subsection, “Fund” means the Proposed Programs Collaborative Grant Fund. There is a Proposed Programs Collaborative Grant Fund. The purpose of the Fund is to provide financial assistance to incentivize institutions of higher education to collaborate with other institutions of higher education, at the discretion of each institution, to establish and implement a new graduate program. The Commission shall: Administer the Fund; Develop an application process to apply for a grant from the Fund; and Award grants to institutions as intended by the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: Money appropriated in the State budget to the Fund; Interest earnings; and Any other money from any other source accepted for the benefit of the Fund. The Fund may be used only for expenses incurred by an institution for collaborating or attempting to collaborate with other institutions to establish and implement a new graduate program identified in a letter of intent under this section, including expenses for: Salaries of faculty who work together to determine if collaboration is feasible for the institutions; and Costs associated with: Providing transportation from one institution to another institution for shared classes or facilities; and Sharing resources across institutions, including research collaboration, student exchange programs, joint marketing or recruitment, faculty exchange programs, and online program collaboration. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any interest earnings of the Fund shall be credited to the Fund. Expenditures from the Fund may be made only in accordance with the State budget. Money expended from the Fund for expenses incurred by institutions for collaborating or attempting to collaborate to establish and implement a new graduate program is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for the new program.