The holder of a private postsecondary school license shall maintain a cancellation and settlement policy that provides a full refund of money paid by a student if the student:
(1) cancels the enrollment agreement or contract not later than midnight of the third day after the date the agreement or contract is signed by the student, excluding Saturdays, Sundays, and legal holidays; or
(2) entered into the enrollment agreement or contract because of a misrepresentation made:
(A) in the advertising or promotional materials of the school; or
(B) by an owner or representative of the school.