An out-of-State institution may not award more than 1/2 the number of credits required for graduation, regardless of the method of assessing the credit, for credit for prior learning or experience. An out-of-State institution may grant credit for prior learning or experience based upon successful completion of an acceptable standardized examination such as the College-Level Examination Program. An out-of-State institution may not award more than: 30 semester hours of the minimum 120 hours required for the baccalaureate degree or a proportional amount of a greater number of hours; or 15 semester hours of the minimum 60 semester hours required for the associate degree or a proportional amount of a greater number of hours, for credit for prior learning, granted based on examinations developed by the institution and on portfolio assessments. An out-of-State institution shall have on file copies of whatever examinations, test results, portfolios, and portfolio assessment reviews that are used for the award of credit for prior learning. Faculty of the institution in the appropriate discipline shall conduct the assessment. The institution shall maintain the results of the assessments in the student's academic file.