Private Post-secondary Institutions: Institutional Closings

At least thirty

(30)days prior to closing an institution, its owners, directors, or administrators shall notify the Council in writing of the closure of the institution. An owner, director, or administrator who violates this provision, or who fails to organize the orderly closure of the institution commits a misdemeanor of the second degree. The Council may exercise control over student records upon closure of a certified institution if the COL 110609 CH. 44 PRIVATE POST-SECONDARY INSTITUTIONS institution does not provide an orderly closure. The Council may require the institution to convey all student records to the Council office or another location designated by the Council and shall make copies of records available to bankruptcy trustees upon request and to the student or those designated by the student. Confidentiality of the records shall be maintained to the extent required by law. The Council may seek civil penalties not to exceed Ten Thousand Dollars ($10,000) from any owner, director, or administrator of an institution who knowingly destroys abandons, or fails to convey or provide for the safekeeping of institutional and student records.