(a) The commission by rule shall prescribe minimum performance standards for providers participating in the program. The minimum performance standards must include:
(1) a graduation rate of at least 50 percent; and
(2) a program cost per graduate of $7,000 or less.
(b) For purposes of Subsections (a)(1) and (2), the commission by rule shall develop formulas to make the appropriate calculations. The graduation rate must be calculated one cohort year in arrears.
(c) The commission shall review data from each participating approved provider annually to ensure that the services offered by the provider are meeting the minimum performance standards. If the commission determines that an approved provider did not meet the minimum performance standards in the previous calendar year, the commission shall place the provider on probationary status for the remainder of the current calendar year.
(d) The commission shall remove from the approved provider list published under Section 317.005 any provider that does not meet the minimum performance standards for two consecutive calendar years.