(1) A private college or university or seminary or religious training institution that is authorized pursuant to this article: (a) Shall not make or cause to be made any oral, written, or visual statement or representation that violates section 23-2-104 (4); (b) Shall annually provide to the department a copy of the institution's enrollment agreement if the institution uses an enrollment agreement; (c) Shall provide bona fide instruction, in accordance with the standards and criteria set by the institution's accrediting body; and (d) If the ownership of the institution changes, shall provide to the department, within thirty days after the change, any material information concerning the transaction that is requested by the department. (2) If a private college or university or seminary or religious training institution violates any of the requirements specified in subsection (1) of this section, the department may recommend to the commission that the institution's authorization be revoked or placed on probationary status.
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