(A) A state-supported post-secondary educational institution governed by this title, including a technical and comprehensive educational institution, may award educational credit to a student honorably discharged from the Armed Forces of the United States for a course that is part of the military training or service of the student, provided:

(1) the award must be made within three years after the enrollment of the student at the institution;

(2) the course meets the standards of the American Council of Education or equivalent standards for awarding academic credit; and

(3) the award is based upon the admissions standards, role, scope, and mission of the institution.

(B) An institution authorized to award educational credit under subsection (A) shall:

(1) develop a policy concerning the provisions of subsection (A) before January 1, 2014; and

(2) adopt rules and procedures to implement the provisions of this section to become effective on the beginning of the 2013-2014 academic year of the institution.