Sec. 3. (a) This section applies to the following:
(1) A faculty member.
(2) A person with whom the institution contracts to teach a student of the institution.
(b) Before an institution:
(1) renews an employment agreement or other contract with;
(2) makes a bonus decision regarding; or
(3) completes a review or performance assessment of;
a faculty member or person described in subsection (a), the institution shall give substantial consideration to the faculty member's or person's performance regarding the criteria described in section 2(a)(1) through 2(a)(5) of this chapter.