9. a. Sections 9 through 12 of P.L.2021, c.27 (C.18A:3B-93 through C.18A:3B-96) shall apply to an institution of higher education or a proprietary institution licensed to offer academic degrees that operates in this State.
 
   b.   An institution of higher education or a proprietary institution licensed to offer academic degrees shall enter into a school-to-school teach-out agreement at least 120 days prior to the cessation of institution operations.
 
   c.   In order to satisfy the requirements of this section, a school-to-school teach-out agreement shall:
 
   (1)   be arranged by the closing institution;
 
   (2)   be agreed to by an eligible transfer institution, the closing institution, and the secretary;
 
   (3)   unless waived for good cause by the secretary, specify that the eligible transfer institution shall:
 
   (a)   be located within a reasonable distance of the closing institution, if the closing institution has a physical presence in the State;
 
   (b)   accept the transfer of all completed credits from students affected by the closure; and
 
   (c)   allow a student affected by the closure to complete the student's program with substantially the same number of credit hours as was required by the closing institution;
 
   (4)   specify that, on request by a student affected by the closure, the closing institution shall provide a complete academic record and an official transcript to the student at no cost to the student; and
 
   (5)   meet any other standards as deemed appropriate by the secretary.
 
   L.2021, c.27, s.9.