As used in this chapter, "independent postsecondary educational institution" refers to an independent, degree granting college or university that is:

1. (1) accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools;
2. (2) chartered in Indiana; and
3. (3) operated as a nonprofit entity under Section 501(c)(3) of the Internal Revenue Code.

As added by P.L.38-2006, SEC.1. Amended by P.L.2-2007, SEC.352.