Sec. 5. (a) This section applies to a student who has not completed:
(1) the Core 40 curriculum established under IC 20-30-10;
(2) a curriculum that is equivalent to the Core 40 curriculum; or
(3) a curriculum aligned with Indiana diploma requirements established under IC 20-19-2-21.
(b) A student to whom this section applies may apply for acceptance as a transfer student at a state educational institution to which section 2 of this chapter applies if the student has successfully completed at least twelve (12) credit hours of college level courses with at least a "C" average or the equivalent in each course.