Requires the statewide transfer of credit policy and agreement to provide a process for revisions and changes to lower-division course requirements that provide for the following: (1) Once changes in lower-division baccalaureate degree course requirements have been adopted and published, public four-year institutions shall allow a grace period of five years before the changes become effective for transfer students; and

(2) The receiving institution shall grant to the student the same number and type of credits as originally assigned to the course, and if the credits would have been transferable towards general education requirements, the receiving institution shall grant the student general education credits.