(1) The Council on Postsecondary Education by regulation shall adopt standards and procedures for the licensing of colleges to ensure that the programs of preparation are comparable to the generally accepted standards of collegiate instruction with respect to faculty, curriculum, facilities, and student cost and that there is full disclosure with respect to the philosophy and purposes of the institutions and their capacity to fulfill these objectives.
(2) Nothing contained in KRS 164.945 to 164.947 is intended in any way nor shall be construed to regulate the stated purpose of an independent institution or to restrict religious instruction or training in an independent institution.
(3) All colleges as defined in KRS 164.945 shall be required to hold a license issued by the executive director of the Council on Higher Education or his successor, under the provisions of KRS 164.945 to 164.947 and under the regulations of the Council on Higher Education, or its successor. Within ninety (90) days of July 13, 1990, all colleges shall be required to hold licenses.
(4) The designated use of the title "college" or "university" in combination with any series of letters, numbers, or words shall be restricted to the institutions licensed under KRS 164.945 to 164.947 except that new branches, divisions, or additions to existing institutions shall be licensed.