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74-32,165. Rules and regulations; institutions qualified to award academic degrees, standards and progress; information from state agencies. (a) (1) The state board may adopt rules and regulations for the administration of this act.

(2) The state board shall adopt rules and regulations that impose requirements on any postsecondary institution that is closing. Such rules and regulations may include, but not be limited to, notice requirements, teach-out plans, maintenance of academic records, refund requirements and transcript requests.

(b) (1) Specific standards shall be set for determining those institutions that qualify for approval to confer or award academic degrees. Such standards shall be consistent with standards applicable to state educational institutions under the control and supervision of the state board.

(2) Each degree-granting institution shall make progress toward institutional accredited status with an accrediting agency for higher education recognized by the United States department of education. Once institutional accredited status is achieved by an institution, such degree-granting institution shall maintain accredited status. The provisions of this paragraph shall not apply to any private postsecondary educational institution that was awarded degree-granting authority prior to July 1, 2004, and maintains such authority on July 1, 2021.

(3) Additional standards may be set for those institutions that receive federal title IV student financial aid, including, but not limited to, requiring audited financial statements. The state board may grant exceptions to the additional standards by the adoption of rules and regulations.

(c) The state board shall maintain a list of institutions that have been issued a certificate of approval.

(d) Any state agency having information that will enable the state board to exercise its powers and perform its duties in administering the provisions of this act shall furnish such information when requested by the state board.

History: L. 2004, ch. 185, § 5; L. 2016, ch. 74, § 6; L. 2021, ch. 17, § 8; July 1.