(a)

(1) It is the purpose of this part to provide for the protection, education, and welfare of the citizens of this state, its postsecondary educational institutions, and its students, through regulatory oversight to ensure consumer protections are appropriately maintained, while also acknowledging the heightened standards institutions may achieve and maintain through academic accreditors.

(2) The commission shall accomplish the provisions of this part by:

(A) Authorizing the granting of degrees, diplomas, certificates, or other educational credentials by postsecondary educational institutions and prohibiting the granting of false or misleading educational credentials;

(B) Establishing minimum standards concerning quality of education, ethical business practices, and fiscal responsibility, to protect against substandard, transient, unethical, deceptive, or fraudulent institutions and practices;

(C) Providing certain rights and remedies to the consuming public and the commission necessary to effectuate the purposes of this part;

(D) Prohibiting misleading literature, advertising, solicitation, or representation by educational institutions or their agents; and

(E) Providing formal authorization to institutions of higher education in good standing and operating lawfully in compliance with this part.

(b) The executive director of the Tennessee higher education commission is directed to reexamine this regulatory function of the higher education commission and its structure, considering specifically, efficiency, adequacy, and overall effectiveness. The executive director is also encouraged to review the current operations, scope of regulation, personnel, and agency resources necessary to effectuate the purposes of this part. Upon completion of this review, the executive director and the commission shall adopt new agency policies that reflect the results of the examination.