A. No post-secondary educational institution shall terminate its operation within the state until:

1. (1) the institution has made reasonable efforts with another public or private post-secondary educational institution that provides a comparable education to facilitate and provide for the transfer of the students, with a minimum loss of credit;
2. (2) the post-secondary educational institution has made contractual arrangements for the perpetual care, maintenance and accessibility of all records, transcripts, reports and evaluations of all students receiving credit from the institution during the period of its existence; and

3. (3) the post-secondary educational institution has met all rules of the department pertaining to the termination of operations by post-secondary educational institutions.

   B. Before any post-secondary educational institution terminates its services or sells, transfers or disposes of substantially all of its assets, it shall submit to the department a summary of all actions taken pursuant to the requirements set forth in Subsection A of this section.

History: 1978 Comp., § 21-23-15, enacted by Laws 1979, ch. 355, § 1; 1994, ch. 108, § 19; 2013, ch. 59, § 17.

ANNOTATIONS

The 2013 amendment, effective June 14, 2013, changed terms to assign administration of the Post-Secondary Educational Institution Act to the higher education department; and in Paragraph (3) of Subsection A and in Subsection B, deleted "commission" and added "department".

The 1994 amendment, effective July 1, 1994, deleted "of program" from the end of the section heading, rewrote Subsection A and Paragraph A(1), added Paragraph A(3) and made a related stylistic change, and substituted "commission" for "board of educational finance" in Subsection B.