Amends GS 116-280, as the title indicates. Requires that the institution also be accredited by a regional accrediting agency recognized by the United States Department of Education, have established and continuously maintains a physical campus or location of operation in this state, and maintain a governing body or advisory board in this state with oversight of the institution's operations in North Carolina. 

Effective July 1, 2019, and applies to the award of need-based scholarships on or after that date.