(1) On or before September 1, 2013, the commission shall implement a policy whereby, except as limited in this section, each institution of higher education in the state shall waive all tuition costs, including any mandatory fees associated with attendance at the institution, for an exonerated person, as defined in section 13-65-101 (3), C.R.S., and for any child of an exonerated person or custodial child of an exonerated person, as defined in section 13-65-101 (2), C.R.S., if:

(a) The exonerated person, or the child or custodial child of the exonerated person, satisfies the criteria described in subsection (2) of this section;

(b) The exonerated person, or the child or custodial child of the exonerated person, satisfies the admission requirements of the institution; and

(c) The exonerated person, or the child or custodial child of the exonerated person, remains in satisfactory academic standing in accordance with the academic policies of the institution.

(2) To receive a tuition waiver from an institution of higher education as described in subsection (1) of this section, an exonerated person or child or custodial child of an exonerated person shall apply to the institution and request such waiver in writing not later than two years after the later of the following dates:

(a) The date upon which a court issued to the state court administrator directions to compensate an exonerated person pursuant to section 13-65-103, C.R.S.; or

(b) In the case of a child or custodial child of an exonerated person, the date upon which the child graduated from high school.

(3) The policy described in subsection (1) of this section must be implemented by all state-supported institutions of higher education, including but not limited to all postsecondary institutions in the state supported in whole or in part by state funds, including community colleges, extension programs of the state-supported universities and colleges, local district colleges, and area technical colleges.