(1) Any institution desiring to establish a nursing education program leading to licensing shall apply to the Oregon State Board of Nursing and submit satisfactory evidence that the institution is prepared to meet the curricula and standards prescribed by the board.
(2) In considering applications under subsection (1) of this section the board shall review:
(a) Statewide needs for nursing education programs or supplementary programs; and
(b) The financial and clinical resources of the institution making application and the ability of the institution to retain qualified faculty.
(3) An institution or program may not represent itself as qualified or approved to prepare nurses for licensing unless the institution is approved by the board.