(1) The state board of education shall review the scores on the state teachers examination from each public and private teacher training institution. Any institution that had thirty percent (30%) or more of its students fail the examination in the previous year shall be informed and placed on probationary status. Any institution that has thirty percent (30%) or more of its students fail in two (2) consecutive years shall have its state approval revoked by the state board of education.
(2) The department of education shall develop annual performance reports for all approved educator preparation providers.
(3) The state board of education shall promulgate rules necessary to effectuate this section. The rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.