(a)

(1) The commission, acting through its duly appointed representative, is authorized to enter into an agreement on behalf of the state and the public higher education institutions of the state with representatives of other member states of the southern regional education board for participation in the Academic Common Market.

(2) The instrument of agreement shall become effective upon execution by the representatives of five (5) member states of the southern regional education board.

(3) The instrument of agreement shall be effective for an initial period of three (3) years and may be subject to renewal. The commission may rescind the agreement of participation by the state at any time in accordance with the instrument of agreement.

(b) Nonresident fees shall not be charged to residents of other states who are admitted under the terms of the instrument of agreement to programs offered by higher education institutions of the state through the Academic Common Market.

(c)

(1) The commission is designated the administrative agency for the state for the Academic Common Market.

(2) For the purpose of administration, the duties of the commission are to:

(A) Submit annually to the southern regional education board a list of programs offered by public higher education institutions of this state that the state is prepared to have included in the Academic Common Market;

(B) Maintain and disseminate a list of programs offered through the Academic Common Market by institutions in other states and available to Tennessee residents;

(C) Certify Tennessee residents for participation in the programs of the Academic Common Market in other states; and

(D) Perform other duties that may be necessary to comply with the instrument of agreement or that are otherwise necessary for administration.