(a) Not later than January 1, 2017, the Office of Higher Education shall enter into a multistate or regional reciprocity agreement for purposes of enabling the state and Connecticut institutions of higher education to participate in a nation-wide state authorization reciprocity agreement (1) establishing uniform standards for distance learning programs across states, and (2) eliminating the need for a state participating in the state authorization reciprocity agreement to assess the quality of a distance learning program offered by an out-of-state institution of higher education through the participating state’s authorization, licensing and accreditation process. Notwithstanding the provisions of part III of this chapter and upon the Office of Higher Education entering into the multistate or regional reciprocity agreement, an out-of-state institution of higher education that participates in the state authorization reciprocity agreement may operate a distance learning program in the state in accordance with the uniform standards.

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(b) Any Connecticut institution of higher education that seeks to participate in the nation-wide state authorization reciprocity agreement under subsection (a) of this section shall submit an application with the Office of Higher Education on a form prescribed by the office. The office shall approve or reject the institution’s application in accordance with the terms of such agreement. Authorization by the office to participate in such agreement shall be valid for a period of one year and may be renewed by the office for additional one-year periods. The office shall establish a schedule of application and renewal fees for all Connecticut institutions of higher education that participate in such agreement. The fee schedule shall be graduated based on the number of full-time equivalent students at each Connecticut institution of higher education.

(c) Any out-of-state institution of higher education that does not participate in the nation-wide, state authorization reciprocity agreement and seeks to operate a distance learning program in the state shall submit an application to the Office of Higher Education on a form prescribed by the office. Each institution shall agree to abide by standards, similar to those in the nation-wide, state authorization reciprocity agreement and established by the office. The office shall approve or reject the institution’s application in accordance with the standards established by the office. Authorization by the office to operate a distance learning program in the state shall be valid for a period of one year and may be renewed by the office for additional one-year periods. The office shall establish a schedule of application and renewal fees for all out-of-state institutions of higher education that do not participate in the nation-wide, state authorization reciprocity agreement and are approved by the office. The fee schedule shall be graduated based on the number of full-time equivalent students enrolled at each out-of-state institution of higher education.

(d) Nothing in subsection (a) of this section shall be construed to affect the authority of the Attorney General to enforce the provisions of chapter 735a or Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203, as amended from time to time.