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2018 SESSION

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HB 1542 Postsecondary schools; SCHEV to adopt regulations to secure funds to manage financial liabilities.

Introduced by: Kathleen Murphy | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

State Council of Higher Education for Virginia; postsecondary schools; closure. Requires the State Council of Higher Education for Virginia (Council) to adopt regulations to secure adequate funds to manage financial liabilities resulting from the closure of certified postsecondary schools, which regulations are to provide (i) procedures governing the administration of a student tuition guaranty fund that may be utilized upon closure of a certified postsecondary school to provide refunds of tuition and fees to students enrolled in or on an approved leave of absence from such school at the time of its closure and (ii) procedures to ensure funds are available to pay for expenses borne by the Council as a result of the closure of a certified postsecondary school, including charges for securing student records, administering teach out plans, and storage, which procedures may provide for requirements for certified postsecondary schools to contribute funds for such expenses through a student tuition guaranty fund, surety bonds, or irrevocable letters of credit or any combination thereof.


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