CA AB1342

Requires nonprofit corporations operating private postsecondary educational institutions to obtain written Attorney General consent before selling assets to for-profit or mutual benefit corporations, or transferring control of material assets to such entities.

Mandates the Attorney General issue a written decision on consent within 90 days of notice (extendable by 45 days under specified conditions) and conduct at least one public meeting in the affected county before deciding.

Directs the Attorney General to consider factors including fairness of terms, fair market value, impact on educational access, consistency with charitable trust, and public interest when evaluating proposed transactions.

Authorizes the Attorney General to contract with experts, consultants, and state agencies to review transactions and monitor ongoing compliance, with costs paid by the nonprofit corporation.

Allows the Attorney General to impose conditions on approval, including transferring proceeds to the Student Tuition Recovery Fund or requiring surety bonds to protect enrolled students.