18A:3B-92 Applicability of section.
8. a. This section shall apply to a proprietary institution licensed to offer academic degrees that operates in this State.
b. A proprietary institution licensed to offer academic degrees shall provide the secretary a teach-out plan that addresses a potential closure of the institution. The teach-out plan shall be updated as required by the secretary.
c. A teach-out plan shall include any information required by the secretary and shall state that:
(1) the institution shall make all reasonable efforts to ensure that any closure of the institution complies with the requirements of sections 9 through 12 of P.L.2021, c.27 (C.18A:3B-93 through C.18A:3B-96);
(2) the chief executive officer and the members of the governing body of the institution were not in an executive position or a member of a governing body of an institution in which a disorderly closure occurred; and
(3) any institutional financial aid agreement offered to a student shall contain language stating that, in the event of a disorderly closure, the institutional debt shall be void and shall not be recovered, collected, or enforced.
d. The Office of the Attorney General shall seek an injunction or other judicial remedy against a proprietary institution licensed to offer academic degrees that fails to comply with the requirements of this section, including requiring the institution to refund all tuition and fees paid by any student.
L.2021, c.27, s.8.