(a) Institutions in Tennessee that offer distance education may apply to the commission for approval to participate in SARA as a Tennessee SARA institution.
(b) The commission may commence an action to revoke a Tennessee SARA institution's approval as a participating SARA institution if it is determined that the institution is no longer in compliance with the state authorization reciprocity agreement.
(c) A Tennessee SARA institution may, on thirty (30) days' notice to the commission, withdraw its approval as a Tennessee SARA institution, after which the institution shall no longer be considered a participating institution for the purposes of this chapter.
(d) A withdrawing Tennessee SARA institution shall forfeit any fees previously collected by the commission for the purposes of initial authorization or annual renewal as a participating Tennessee SARA institution.