(A) The chancellor of higher education may do both of the following with regard to student fees:
(1) Investigate all fees charged to students by any state institution of higher education, as defined in section 3345.011 of the Revised Code;
(2) Prohibit any state institution from charging a fee that the chancellor determines is not in the best interest of the students.
(B) If the chancellor prohibits a state institution from charging a fee pursuant to this section, the institution may seek approval from the controlling board to charge the fee.