The student handbook says that anyone who fails a course in Basic Sciences will be placed on Academic Probation and any student on Academic Probation may be dismissed from the University if they fail to pass the course on their second attempt.
Seems like a slightly grey area, but I'm betting that you can only take a course twice without passing if you want to stay in school (i.e. you can repeat a failed course once). I've met students who are taking a course for the second time, but none on round three.
Best of Luck!