This bill amends Section 4103 of Title 70 of the Oklahoma Statutes, which pertains to the accreditation of private institutions of higher education. It updates statutory references and language, and introduces exemptions for certain organizations, specifically including religious organizations or degree-granting institutions focused on religious training that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code. The bill also clarifies that private and out-of-state public degree-granting institutions must be accredited by recognized agencies and adhere to standards set by the Oklahoma State Regents for Higher Education to ensure academic quality and fiscal responsibility.

Additionally, the bill establishes that the State Regents will collect annual fees from applicants for authorization and requires these applicants to contribute to a Tuition Recovery Revolving Fund to protect students in case an institution closes. It allows the State Regents to deny or revoke authorization for institutions that violate Oklahoma statutes or fail to meet established standards. The bill will take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.

Statutes affected:
Introduced: 70-4103