(a) Before any institution of postsecondary education operating in this State discontinues operation, its chief administrative officer shall file with the Commission the original or legible copies of all essential records of the academic achievements of all former students of the institution.
(b) The records shall present, as separate documents:
(1) The academic record of each former student; and
(2) Any other academic information usually required by institutions of postsecondary education when considering students for transfer or advanced study.
(c) The Commission shall maintain a permanent file of all records filed with it under this section.