This subsection shall not apply to any person or other entity that (i) used the term "college" or "university" openly and conspicuously in its title within the Commonwealth prior to July 1, 1970; (ii) was granted authority to operate in the Commonwealth by the Council between July 1, 1970, and July 1, 2002, and maintains valid authority to so operate in the Commonwealth on or after July 1, 2002; (iii) was exempted from the provisions of former Chapter 21 (§ 23-265 et seq.) of Title 23, as such law was in effect prior to July 1, 2002; or (iv) was authorized by the Council to use a name while its request for approval to enroll students is pending before the Council.
Va. Code § 23.1-225