110 ILCS 1010/5

Any educational organization or entity which does not conduct instruction in residence may award degrees and qualify as a degree granting institution upon approval by the Board. Such approval shall be given only if the Board finds that the applicant, organization or entity: (1) maintains physical facilities suitable and sufficient to the giving of a program or programs of instruction of degree caliber in the field or fields wherein it proposes to grant degrees; (2) maintains a suitable and sufficient faculty for instruction in its degree granting program or programs; (3) maintains its student records in a safe and suitable place so that there is reasonable assurance that they are and will remain available for all normal purposes for a reasonable period of time; (4) maintains financial stability sufficient to carry out its obligations under the enrollment contracts; (4.5) maintains appropriate accreditation to provide educational programming; and (5) complies with all provisions of this Act other than the requirement for instruction in residence.