(a) On or before January 1, 2024, CSAAVE shall establish regulations requiring postsecondary educational institutions to provide the following information to CSAAVE as part of an application for approval or renewal:

1. (1) The institution’s most recent cohort default rate as reported to the United States Department of Education.
2. (2) For institutions other than the University of California, the California State University, and the California Community Colleges, evidence that the institution meets financial responsibility requirements that shall be established by CSAAVE.
3. (3) Evidence of the institution’s accreditation status.
4. (4) Whether a student, former student, or public prosecutor has filed a lawsuit against the institution for fraud, misrepresentation, or deceit within five years before the institution’s application for approval or renewal, including both pending and resolved lawsuits.

5. (5) If the institution makes an implied or express representation that it prepares students to work in a profession, occupation, trade, or career field requiring licensure or certification by the state, the following information shall also be disclosed:

   1. (A) Whether the institution has obtained a required approval by the appropriate state licensing or certifying agency for the profession, occupation, trade, or career field.
   2. (B) Whether the institution meets all requirements necessary to allow a student to lawfully obtain a state license or certificate.
   3. (C) The license or certificate passage rate for each program.
   4. (D) An employment market assessment for nondegree programs.