Authority to grant academic, collegiate, professional, or other degrees recognizing learning, scholarship, or achievement shall not be included in, or presumed to be part of, the functions of a corporation or of an institution of education unless its charter or the articles of association shall specifically indicate that the institution is nonprofit and specifically indicate the power to grant degrees and the nature of the degrees to be granted; and no corporation or association shall grant academic, collegiate, professional, or similar degrees without specific authorization; and for institutions offering an associates degree or higher, have received full New England Association of Schools and Colleges (NEASC) accreditation or for distance-learning purposes only, a degree-granting institution has full accreditation by a regional accrediting agency recognized by the United States Department of Education and equivalent to NEASC within five (5) years of its incorporation or establishment within this state or five (5) years of being permitted to transact business within this state unless exempt pursuant to § 16-40-10.