the four consecutive years immediately preceding the current year; (cb)(i) that is accredited by the Southern Association of Colleges and Schools; or (ii) which receives Title III funding and is accredited by an accrediting organization recognized by the United States Department of Education; (dc) that is organized as a nonprofit corporation or is a public institution; and (ed) that has its main campus located in South Carolina.” SECTION 2. Section 27720(C) of the 1976 Code, as last amended by Act 74 of 2011, is further amended to read: An institution seeking to qualify as an eligible “(C)(1) institution must submit an annual application to the commission. The commission must certify the eligibility of institutions seeking contracts pursuant to this section. Subject to the provisions of item (2), and less any allocations made pursuant to item (2), the funds appropriated for this program must be allocated equally among the eligible institutions. (2) The Commission on Higher Education, or its successor, annually shall review and determine if funds allocated to a school pursuant to item (2) have been properly used by the school pursuant to Section 27730. If the Commission on Higher Education, or its successor, determines these funds were used inappropriately by a school, the funds must be returned, and the following year that must be reduced by fifty percent of the amount school’s allocation appropriated to each eligible institution pursuant to item (1). The balance remaining from a must be school’s reduced allocation distributed equally among the remaining eligible institutions.” SECTION 3. This act takes effect July 1, 2016. XX
the four consecutive years immediately preceding the current year; (cb)(i) that is accredited by the Southern Association of Colleges and Schools; or (ii) which receives Title III funding and is accredited by an accrediting organization recognized by the United States Department of Education; (dc) that is organized as a nonprofit corporation or is a public institution; and (ed) that has its main campus located in South Carolina.” SECTION 2. Section 27720(C) of the 1976 Code, as last amended by Act 74 of 2011, is further amended to read: “(C)(1) An institution seeking to qualify as an eligible institution must submit an annual application to the commission. The commission must certify the eligibility of institutions seeking contracts pursuant to this section. Subject to the provisions of item (2), and less any allocations made pursuant to item (2), the funds appropriated for this program must be allocated equally among the eligible institutions. (2) The Commission on Higher Education, or its successor, annually shall review and determine if funds allocated to a school pursuant to item (2) have been properly used by the school pursuant to Section 27730. If the Commission on Higher Education, or its successor, determines these funds were used inappropriately by a school, the funds must be returned, and the following year that school’s allocation must be reduced by fifty percent of the amount appropriated to each eligible institution pursuant to item (1). The balance remaining from a school’s reduced allocation must be distributed equally among the remaining eligible institutions.” SECTION 3. This act takes effect July 1, 2016. XX