The commission is the sole authority for licensing nonpublic educational institutions established in South Carolina and for those established elsewhere which want to operate in or confer degrees in this State. The commission may promulgate those regulations as may be necessary for the administration and enforcement of this chapter.

(1) The commission may license nonpublic educational institutions meeting the necessary standards and shall administer and enforce the provisions of this chapter. These standards must include, but are not limited to, course or program offerings, adequate facilities, financial stability, competent personnel, educational resources, refund policies, and legitimate operating practices.

(2) The commission shall formulate the criteria and standards for the approval of nonpublic educational institutions. Only those institutions meeting such standards may be licensed. The commissioner shall maintain a list of institutions that have been licensed according to this chapter.

(3) The commission shall formulate the standards for the approval of salesmen, agents, or representatives of institutions and issue permits to those applicants meeting such standards.

(4) The commissioner shall enforce all regulations for licensing nonpublic educational institutions. The commissioner may place an institution on probation. The commission shall revoke or suspend the license of any institution failing to comply with the minimum requirements for licensure.