16. a. A private career school shall enter into a school-to-school teach-out agreement at least 120 days prior to the cessation of school operations.
 
   b.   In order to satisfy the requirements of this section, a school-to-school teach-out agreement shall:
 
   (1)   be arranged by the closing private career school;
 
   (2)   be agreed to by an eligible transfer institution, the closing private career school, and the commissioner; and
 
   (3)   unless waived for good cause by the commissioner, specify that the eligible transfer institution shall:
 
   (a)   be located within a reasonable distance of the closing school, if the closing school 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 school; and
 
   (4)   not charge a student tuition or fees in excess of the lesser of:
 
   (a)   the remaining amount that a student affected by the closure would have paid to the closing school to complete the program; or
 
   (b)   the transfer institution's applicable tuition and fees; and
 
   (5)   specify that, on request by a student affected by the closure, the closing school shall provide a complete academic record and an official transcript to the student at no cost to the student.
 
   L.2021, c.27, s.16.