All postsecondary educational institutions with a physical presence in the state must be accredited, have a federal financial responsibility composite score greater than one and one-half, and provide students with institutional public disclosures as defined by the board. The board additionally may require further evidence and make further investigation as in its judgment may be necessary. Upon accreditation an institution may become eligible for state authorization to operate. An institution shall give written notification to the board within thirty days of any change to the institution's accreditation status, change of ownership, or change in federal financial responsibility composite score.