(1) (a) Notwithstanding any other provision of this article to the contrary, and subject to the provisions of subsections (2) to (4) of this section, a child who is a legal resident of the United States and who would otherwise not be classified as an in-state student for tuition purposes under this article may be classified as an in-state student for purposes of tuition at an institution if:

(I) The child's parent or legal guardian moved his or her family to Colorado for the purpose of accepting a job in the state during the child's senior year of high school;

(II) The child moved with his or her parent or legal guardian to Colorado during the child's senior year of high school; and

(III) The child graduated from a Colorado public high school.

(b) Each institution shall develop a policy to verify that a child meets each of the requirements specified in paragraph (a) of this subsection (1).

(2) If a child is classified as an in-state student pursuant to this section, he or she may be counted as a resident student for any purpose; except that the child shall not be entitled to receive state financial aid.

(3) The governing board of each institution may grant in-state tuition status to a child classified as an in-state student pursuant to this section.

(4) If a child is classified as an in-state student pursuant to this section, the child shall not be entitled to receive a stipend pursuant to article 18 of this title for the first year the child is enrolled at an institution.