MN HF4553

Establishes new termination procedures for institutions losing state student aid eligibility, requiring 90-day written notice and opportunity for hearing under chapter 14, except for institutions losing federal Pell Grant participation.

Increases annual registration renewal fee from $1,200 to $2,000 for postsecondary institutions and creates new student complaint fee of $500 base plus travel costs for institutions exceeding five complaints per year.

Requires private institutions to meet additional security requirements including surety bonds, with expanded uses of bonds prioritizing destruction of private educational data, reimbursement of state student aid, and refunds to students within 180 calendar days of closure.

Adds financial and nonfinancial evaluation metrics to identify institutions at risk of precipitous closure, requiring schools to notify the office within five business days of specified events like accreditation problems or federal composite score concerns.

Modifies institutional approval criteria to include mandatory predispute arbitration prohibition, student complaint processes, and cooperation with office screening and contingency planning under risk analysis procedures.