(A) A community college established under Chapter 3354 of the Revised Code, state community college established under Chapter 3358 of the Revised Code, or technical college established under Chapter 3357 of the Revised Code may establish a tuition guarantee program, subject to approval of the chancellor of higher education.

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(B) The chancellor shall establish guidelines for the board of trustees of a community college, state community college, or technical college to follow when developing a tuition guarantee program and submitting applications to the chancellor.