At any time, if the state board of regents finds that an eligible institution previously approved or deemed approved has failed to comply with the provisions of Kan. Stat. Ann. §§ 71-1801 through 71-1810, and amendments thereto, or with any provision of a policy adopted pursuant to Kan. Stat. Ann. §§ 71-1801 through 71-1810, and amendments thereto, or otherwise fails to meet the standards contained in Kan. Stat. Ann. §§ 71-1801 through 71-1810, and amendments thereto, the state board of regents shall so advise the institution. If such institution fails to correct the deficiency within 12 months from the date such institution was so notified, the state board of regents shall withdraw approval of the institution and the institution shall not be entitled to postsecondary tiered technical education state aid during any such period of withdrawal. Any action of the state board of regents in denying or withdrawing approval of an institution shall be subject to review by the legislature.