An accredited postsecondary educational institution may not use the word “college” in its name without a qualifier, unless the institution:
(1) Meets the definition of “college” in § 49-7-2003;
(2) Has been approved by an accrediting body recognized by the United States department of education to offer degree level programs; and
(3) Offers or is seeking approval to offer at least one (1) degree program.