An educational institution may offer courses or programs for academic credit leading to degree-completion requirements only if:
1. Authority. It has been authorized under sections 10704 and 10704‑A to grant degrees;
2. State board authority. It has been given temporary authority by the state board to use the name "community college," "college" or "university";
3. Out-of-state institution. It is:
A. Located outside the State; and
B. Authorized by the state board to offer courses for academic credit leading to degree-completion requirements; or
4. Coordinated programs. It is offering courses or programs in coordination with an educational institution in the State that is authorized to grant degrees and the state board has approved the coordination.