(1) A school shall be recognized by the board as an institution of "postsecondary study," authorized to offer one or more training programs beyond the secondary level only upon meeting each of the following conditions:
(a) the school shall admit as regular students only those individuals who:
(i) have earned a recognized high school diploma or the equivalent of a recognized high school diploma; or
(ii) are beyond the age of compulsory education as provided in 20-5-102, MCA;
(b) no more than 50 percent of a school's enrolled students may be admitted who have not been granted a high school diploma or the recognized equivalent of a high school diploma; and
(c) each school shall report annually to the board the number of enrolled students and whether the students were admitted on the basis of being beyond the age of compulsory education or on the basis of having been granted a high school diploma or the recognized equivalent of a high school diploma. The report shall be submitted on a form approved by the board prior to the annual school licensure renewal date.
(2) A school whose enrollment exceeds the limitation provided in (1)(b) may be summarily suspended pending proceedings for revocation.
(3) Failure to timely submit the report required in (1)(c) shall subject the school to a disciplinary action.