N.J. Stat. § 18A:3B-90
As used in sections 6 through 12 of P.L. 2021, c. 27(C.18A:3B-90 through C.18A:3B-96):
"Closure" means the cessation of operations by an institution of higher education or a proprietary institution licensed to offer academic degrees.
"Secretary" means the Secretary of Higher Education.
"Disorderly closure" means a closure that does not meet the requirements of P.L. 2021, c. 27(C.18A:3B-90 et al.).
"Eligible transfer institution" means an institution of higher education or a proprietary institution licensed to offer academic degrees that has been approved by the secretary pursuant to section 10 of P.L. 2021, c. 27(C.18A:3B-94).
"Institutional debt" means:
"Institutional financial aid agreement" means any contract, promissory note, part of an enrollment agreement, or other agreement in which a student agrees to pay an institutional debt.
"Orderly closure" means a closure that meets the requirements of P.L. 2021, c. 27(C.18A:3B-90 et al.).
"Student" means an individual enrolled at an institution of higher education or a proprietary institution licensed to offer academic degrees in New Jersey, or a New Jersey resident enrolled at an institution of higher education or proprietary institution located outside of this State.
"Teach-out agreement" means a written agreement between institutions that provides for the equitable treatment of students and a reasonable opportunity for students to complete their program of study if an institution, or an institutional location that provides 100 percent of at least one program offered, ceases to operate before all enrolled students have completed their program of study.
"Teach-out plan" means a written plan developed by the institution that provides for the equitable treatment of students if an institution, or an institutional location, ceases to operate before all students have completed their program of study, and may include, if required by the institution's accrediting agency, a teach-out agreement between institutions.
N.J.S. § 18A:3B-90