Any institution authorized to grant on February 20, 2002, baccalaureate or master’s degrees, for which certificates of authorization have been issued under Chapter 1713. of the Revised Code; that is accredited by the appropriate regional and, when appropriate, professional accrediting associations within whose jurisdiction it falls; and that is operated by a for-profit corporation shall cease to be subject to any regulation under Chapter 3332 of the Revised Code but shall continue to be subject to the provisions for approval of degree programs set forth in Chapter 1713 of the Revised Code, including approval of any additional associate, baccalaureate, or master’s degree programs offered by the institution.