Notwithstanding the requirements of this chapter for issuance of certificates of registration, the Commission on Proprietary School and College Registration may, in accordance with regulations adopted by the commission, grant certificates of registration to schools, colleges, institutes or universities that have been approved by the State Board of Education pursuant to the "Act of March 3, 1966," 80 Stat. 20, 38 U.S.C.S. 1771.