(A) The chancellor of higher education may endorse the midwest student exchange program of the midwestern higher education compact in order to permit state institutions of higher education, as defined in section 3345.011 of the Revised Code, and nonprofit institutions that have been issued certificates of authorization pursuant to Chapter 1713 of the Revised Code to participate in the program.

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(B) If the chancellor endorses the program, a state institution of higher education or a nonprofit institution may participate in the program as long as its board of trustees adopts a resolution setting forth both of the following:

(1) The amount a participating student will be charged for i nstructional and general fees, provided that amount is in compliance with the program;

(2) The parameters for each student to participate in the program including any limitation on the number of students enrolled under the program and admission requirements for participation in the program.

(C) A state institution of higher education that participates in the program shall not receive state share of instruction funds for any student enrolled in the institution under the program, and the institution shall report the student to the chancellor as a nonresident student.