IL HB5021

Amends the Board of Higher Education Act by adding Section 16 to establish requirements for closing institutions of higher education

Requires the chief administrative officer of any closing institution to submit a plan to the Board for permanent retention of all academic records, subject to Executive Director approval

Defines "academic records" as transcripts and related information including courses, terms, grades, and similar data for former students

Applies to publicly or privately operated universities, colleges, business schools, technical schools, and vocational schools offering post-secondary instruction, but excludes public community colleges

Authorizes the Board to seize and take possession of academic records without court order if records appear at risk of being lost, hidden, destroyed, or made unavailable