1. The Commission shall:
(a) Establish minimum criteria including quality of education, ethical and business practices, health and safety, and fiscal responsibility, which applicants for a license to operate, or for an agent’s permit, must meet before the license or permit may be issued and to continue the license or permit in effect. The criteria must not unreasonably hinder legitimate educational innovation.
(b) Adopt regulations concerning the content of the agreement to enroll.
2. The Commission may:
(a) Issue, suspend or revoke a license, or a provisional license;
(b) Authorize a postsecondary educational institution to offer a degree in a specific subject; and
(c) Authorize a postsecondary educational institution to add vocational programs or degrees in specific subjects to its curriculum.