A. The department may establish initial application fees for all colleges, universities or career schools seeking to operate in New Mexico. The initial application fee shall be not less than two hundred dollars ($200) or more than five thousand dollars ($5,000). In setting the fee, the department shall consider the projected revenue of the institution and the projected cost of performing the review.
B. The department may establish an annual licensing fee for all career schools or nonregionally accredited colleges or universities licensed by the department. The licensing fee shall be proportionate to each school's gross annual tuition revenue; provided the fee shall be not less than two hundred dollars ($200) or more than five thousand dollars ($5,000).
C. The department may charge a reasonable administrative fee not to exceed the actual cost of providing the administrative service.
D. All fees imposed and collected by the department shall be deposited in the post-secondary educational institution fund.