Sec. 3. As used in this chapter, "reverse transfer eligible former student" means an individual formerly enrolled in a baccalaureate degree program at a state educational institution who meets the following requirements:
(1) The individual has not previously received an associate or a baccalaureate degree.
(2) The individual has earned at least fifteen (15) credit hours from Ivy Tech Community College or Vincennes University.
(3) The individual has earned a total of at least seventy (70) credit hours toward an associate degree from one (1) or any combination of the following:
(A) Prior enrollment in Ivy Tech Community College or Vincennes University.
(B) Credits that were earned during high school as postsecondary credit through a:
(i) dual credit course;
(ii) dual enrollment course; or
(iii) similar early college program.
(C) Prior enrollment in a baccalaureate degree program of a state educational institution in which the individual:
(i) did not complete the baccalaureate degree program;
(ii) has not been enrolled in the baccalaureate degree program in the two (2) immediately preceding consecutive academic terms or traditional semesters; and
(iii) was enrolled in the baccalaureate degree program at any time within the past ten (10) years.