In this section the following words have the meanings indicated. “Institution” means St. Mary’s College of Maryland. “Senior citizen” means any resident of this State who is: 60 years of age or older; Retired and whose chief income is derived from retirement benefits; and Not employed full time. “Tuition” means the basic instructional charge and does not pertain to self–supporting programs or include fees, such as those for registration, application, or laboratory work. Except as provided in subsection (c) of this section, an institution shall admit a senior citizen to any scheduled course and waive the tuition involved: Only when regularly scheduled course space is available; For any credit or noncredit course; and For as many as 3 courses per term. An institution may not: Allow a senior citizen to enroll in a degree granting program, unless the senior citizen meets the admission standards of the institution; or Permit the full–time equivalent enrollment of senior citizens for whom tuition has been waived to exceed 2 percent of its undergraduate full–time equivalent enrollment. At the termination of each semester, the institution shall furnish to its governing board a statement of the number of senior citizens participating under the provisions of this section. This section does not prohibit an institution from offering senior citizens educational opportunities free of charge beyond these minimum requirements.