In arriving at its decisions relative to course approval, the board of educational finance [commission on higher education [higher education department]] shall establish criteria in consultation with the academic vice presidents of the institutions enumerated in Article 12, Section 11 of the state constitution. In establishing these criteria, the following factors shall be considered:
A. acceptability of the course at the main campus of the nonproprietary out-of-state institution;
B. availability and accessibility of the course at a New Mexico institution;
C. validity of the course content and length;
D. availability of library and other teaching resources; and
E. qualifications of the staff who will offer the course.