(1) An independent postsecondary educational institution that meets the following criteria may apply for a license by means of accreditation from the commission:
(a) The institution has operated legally in this state for at least 5 consecutive years.
(b) The institution holds institutional accreditation by an accrediting agency evaluated and approved by the commission as having standards substantially equivalent to the commission’s licensure standards.
(c) The institution has no unresolved complaints or actions in the past 12 months.
(d) The institution meets minimum requirements for financial responsibility as determined by the commission.
(e) The institution is a Florida corporation.
(2) An institution that was exempt from licensure in 2001 under s. 246.085(1)(a), Florida Statutes 2001, may retain an exemption until the commission issues it a license by means of accreditation as provided in this section.
(3) The commission may not require an institution granted a license by means of accreditation to submit reports that differ from the reports required by its accrediting association, except that each institution must file with the commission an annual audit report and follow the commission’s requirements for orderly closing, including provisions for trainout or refunds and arranging for the proper disposition of student and institutional records.
(4) An institution granted a license by means of accreditation must apply for and receive another level of licensure before the institution may offer courses or programs that exceed the scope or level of its accreditation.
(5) Institutions granted a license by means of accreditation must comply with the standards of fair consumer practices as established in rule by the commission.
(6) A license by means of accreditation is valid for the same period as the qualifying grant of accreditation.
(7) A license by means of accreditation may be denied, placed on probation, or revoked for repeated failure to comply with the requirements of this section. The commission shall adopt rules for these actions. Revocation or denial of a license by means of accreditation requires that the institution immediately obtain an annual license.