(a) Notwithstanding any exemptions to the contrary in this chapter, all postsecondary institutions authorized, approved or licensed by the Department of Education to operate in the State under this chapter or under § 125 of Title 8 prior to discontinuing operation shall perform the following duties:
(1) Notify in writing the Department of Education and all currently enrolled students of the decision to cease operation;
(2) Notify in writing all currently enrolled students, and students enrolled during the 5 prior years, that information concerning student records may be obtained from the Department of Education;
(3) Convey all student records to the Department of Education, or to another location designated by the Department, for safekeeping and for reproduction as requested by the students.
(b) As used in this section, “student records” shall mean all those documents that are necessary to provide a meaningful record of student performance and financial aid and shall include, but not be limited to, the following:
(1) Academic records, including written evaluations, competency assessments, etc.;
(2) Catalogues;
(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.