Schools shall provide the State Board of Private Career Education staff not less than the following when closing:

1. (1) Immediate notification of the action;
2. (2) The name, address, and telephone number of the person who will be responsible for closing arrangements;

3. (3)

   1. (A) Complete the appropriate form located on the board website for each student that has been in attendance within the previous ninety (90) calendar days of the date of the school closing.

   2. (B) The report shall include not less than the name, mailing address, and phone number for each student, as well as the:

      1. (i) Name of the program in which enrolled;
      2. (ii) Amount of class time required for each student to complete the program; and
      3. (iii) Amount of refund, if any, for which each student is eligible;

4. (4)

   1. (A) Within fifteen (15) calendar days of closing, the school shall deliver all transcripts from the time the school was licensed.
   2. (B) Student academic and financial aid records for the previous three (3) years of the school’s operation shall also be delivered to the Director of the Division of Higher Education.
   3. (C) The records delivered to the director shall be arranged in alphabetical order and stored in standard record storage boxes.
   4. (D) If the school has been using an electronic format for storage of records the board shall be provided with a legal copy of the software so that records can be reproduced as needed.
   5. (E) If a legal copy of the software is not provided to the board, the school shall submit the documents in printed format;
5. (5) When there is a change in ownership of a school, it shall become the responsibility of the new owner to maintain the student records from the previous ownership, however, the new ownership shall not be held responsible for noncompliance found in records of the previous ownership;
6. (6) When a school with multiple locations closes one location it shall be the responsibility of the school to move and maintain all student records from the closed location to one of the remaining locations and notify the board of the location of the records; and

7. (7)

   1. (A) When the school is located in Arkansas all student records shall be delivered to the board.
   2. (B) Schools located out of Arkansas shall submit records for Arkansas students only.