(a)  Nothing contained in § 16-40-1 through § 16-40-18, except the provisions of § 16-40-3, shall apply to any school or schools conducted under the public school system of this state, nor to any academy, college, university, or institution of education which shall have been established and conducted within this state for a period of ten (10) years prior to April 13, 1932, nor to any academy, college, university, or institution of education established by a special act of the general assembly of this state prior to January 1, 1987, nor to Roger Williams University in Bristol, Rhode Island.

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(b)  Nothing contained in § 16-40-1 through § 16-40-18 shall apply to any postsecondary school or schools solely offering distance learning pursuant to an interstate reciprocity agreement for distance learning if:

(1)  The institution is situated in a state that is also participating in such agreement;

(2)  The institution has been approved to participate in such agreement by its home state and other entities with oversight of such agreement;

(3)  The institution has elected to participate in and operate in compliance with the terms of said agreement; and

(4)  The institution is and remains a member in good standing under the reciprocity agreement.