(a)

(1) A postsecondary institution authorized to operate in this state under § 49-7-2008 shall provide an addendum to any enrollment contract or agreement entered into, on or after notification is received by the institution of any final decision by the commission that its authorization or reauthorization is on a conditional basis; provided, that the final decision includes a determination by the commission that public disclosure of the limitation or restriction is necessary to protect the public interest. A decision of the commission shall not be a final decision until it is final under the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. The addendum shall notify the student of the conditional authorization. The addendum shall be entitled “Notice of Conditional Authorization” and shall be signed and dated by the student.

(2) If the institution has been notified of a final decision to place it on conditional authorization to operate as provided in subdivision (a)(1), the statement shall explicitly set forth the standards that the institution failed to meet and the conditions under which the executive director or the commission placed the institution on conditional authorization. The commission shall specify in the final decision the matters required to be disclosed in the statement. The statement shall also state that continued failure to meet the conditions may result in the school's loss of authorization to operate in this state. All information concerning conditional or probationary authorization shall be in bold face type.

(b) The information required under subsection (a) shall also be posted on the institution's web site in bold face type.