N.J. Admin. Code § 9A:1-9.3

Current through Register Vol. 56, No. 11, June 3, 2024

Section 9A:1-9.3 - Teach-out plan requirements for proprietary institutions

(a) A proprietary institution shall provide the Secretary a teach-out plan that addresses a potential closure of the institution. The teach-out plan shall be updated, as required by the Secretary, and shall include:

1. The requirements for a plan for institutional closure pursuant to N.J.A.C. 9A:1-9.1(a);

2. A statement that the institution shall make all reasonable efforts to ensure that any closure of the institution complies with the requirements at P.L. 2021, c. 27;

3. A statement that the chief executive officer and the members of the governing body of the institution providing the teach-out plan to the Secretary were not previously in an executive position or a member of a governing body of an institution in which a disorderly closure occurred; and

4. A statement that any institutional financial aid agreement offered to a student shall contain language stating that, in the event of a disorderly closure, the institutional debt shall be void and shall not be recovered, collected, or enforced.

N.J. Admin. Code § 9A:1-9.3

Adopted by 54 N.J.R. 433(a), effective 3/7/2022