SB 1308 Summary

• Amends educational records requirements to allow electronic copies in addition to legible true copies when private postsecondary institutions discontinue operations and file records with the board.

• Modifies definitions in the tuition recovery fund article, including removing exemptions for regionally or specialized accredited institutions and eliminating definitions for regional and specialized accrediting agencies.

• Establishes a per-student assessment cap of $10 and an annual institutional cap of $25,000 for the student tuition recovery fund, replacing the previous 0.2% of total course cost calculation.

• Requires the board to review the fund balance at the first board meeting after June 30 each year and notify institutions within 10 business days whether they must pay assessments based on fund balance thresholds.

• Applies retroactively to December 31, 2019, and requires a two-thirds vote in each house of the legislature to take effect.