In this subchapter, “participating higher educational institution” means a public or private nonprofit institution of higher education, including a junior college, accredited by a recognized accrediting agency as defined by § 61.003, or a regional education service center or other entity that offers an alternative educator certification program approved by the State Board for Educator Certification, that:
(1) is located in this state; and
(2) complies with the provisions of this chapter and the rules of the board promulgated in accordance with this chapter.