Section 192 - Ceasing operation(a) All postsecondary institutions that have been approved to confer degrees under this subchapter or private business and trade schools that have been approved to operate under Chapter 85 of this title shall perform all of the following duties prior to ceasing operation: (1) Promptly notify the Department, in writing, of any known financial liabilities or risks that will likely result in the imminent closure of the institution or otherwise adversely affect the institution's ability to fulfill its obligations to admitted and currently enrolled students within 45 days of obtaining knowledge of any financial liability or risk.(2) Promptly notify the Department and all admitted and currently enrolled students, in writing, of any decision to cease operation within 45 days of the institution's governing body deciding to close the institution.(3) Provide the Department with monthly progress reports on the status of communications to students, faculty, and stakeholders as well as the development of arrangements for currently enrolled students via teach-out plan or articulation agreement, beginning 30 days after notifying the Department of the decision to cease operation and continuing every 30 days thereafter until the institution is closed.(4) Notify all currently enrolled students and students enrolled during the five prior years, in writing, of the process for obtaining student records after the institution's closure and points of contact for transferring credits, financial aid, information about students' rights and responsibilities as student loan borrowers, athletics, and support services three months before the institution ceases operation.(5) Notify all currently enrolled students of the potential to discharge any federal student loans under the federal Closed School Discharge program or other applicable federal law three months before the institution ceases operation.(6) Identify a custodian of student records and notify the Department of the custodian and point of contact for student records three months before the institution ceases operation.(7) Provide the Department with the institution's plan for providing monetary refunds to students and, if applicable, a copy of the institution's current surety bond three months before the institution ceases operation.(8) Provide the Department with the institution's teach-out plan, report, and responses to the institution's accrediting agency upon submission to or receipt from the accrediting agency three months before the institution ceases operation.(9) In the event of a merger with another institution that is authorized to operate under this subchapter, both institutions will coordinate with the Department to submit an application for a certificate of approval for the newly created institution.(b) As used in this section, "student records" means all those documents that are necessary to provide a meaningful record of student performance and financial aid, including all of the following: (1) Academic records, including written evaluations and competency assessments.(3) Change of grade forms.(4) Class lists, including original grade sheets.(5) Commencement programs/graduation lists.(6) Schedules of classes.(7) Financial aid transcripts and supporting documents.Added by Laws 2021, ch. 401,s 2, eff. 8/4/2022.