(a) The commission may establish rules that waive, alter, suspend, or replace any of the following provisions governing small career schools and colleges:
(1) the fee schedule authorized under § 132.201, provided that fees under a fee schedule established by rule may not be less than the reasonable administrative cost for regulation or more than the amount that a small career school or college would otherwise pay if it were not classified as a small career school or college;
(2) participation in the career school or college tuition trust account required by § 132.2415;
(3) the refund policy provisions of § 132.061;
(4) the examination of a school or college for compliance under § 132.056(f);
(5) the reporting requirements of § 132.055(b)(15); and
(6) the term for which a certificate of approval is issued under § 132.056(b), provided that a rule adopted under this section may not provide for a term that exceeds three years or is less than one year.
(b) A rule proposed under this section may be adopted only if it will reduce the regulatory burden for small career schools and colleges and will adequately safeguard the interests of the students of small career schools and colleges to receive either the education for which they have contracted or an appropriate refund.