The commission shall adopt and promulgate rules and regulations to establish minimum standards according to which a postsecondary institution shall have a recurrent authorization to operate within the state, and upon failure to operate according to such standards, the postsecondary institution shall be subject to the suspension or revocation of the authorization to operate. An institution shall demonstrate that it can be maintained and operated in accordance with such standards. The standards shall include, but not be limited to:

(1) The financial soundness of the institution and its capability to fulfill its proposed commitments and sustain its operations;

(2) The quality and adequacy of teaching faculty, library services, and support services;

(3) The quality of the programs offered, including courses, programs of instruction, degrees, any necessary clinical placements, and the institution's ability to generate and sustain enrollment;

(4) The specific locations where programs will be offered or planned locations and a demonstration that facilities are adequate at the locations for the programs to be offered;

(5) Assurances regarding transfer of credits earned in the program to the main campus of such institution and clear and accurate representations about the transferability of credits to other institutions located in Nebraska and elsewhere;

(6) Whether such institution and, when appropriate, the program, are fully accredited, or seeking accreditation, by an accrediting body recognized by the United States Department of Education;

(7) The institution's policies and procedures related to students, including, but not limited to, recruiting and admissions practices;

(8) The tuition refund policy for an institution that does not participate in federal financial aid programs described in Title IV of the federal Higher Education Act of 1965, 20 U.S.C. 1001 et seq., as such act existed on January 1, 2011; and

(9) Any other standards deemed necessary by the commission.