(a) When a school decides to cease postsecondary education operations, it must cooperate with the office in assisting students to find alternative means to complete their studies with a minimum of disruption, and inform the office of the following:
(1) the planned date for termination of postsecondary education operations;
(2) the planned date for the transfer of the student records;
(3) confirmation of the name and address of the organization to receive and hold the student records; and
(4) the official at the organization receiving the student records who is designated to provide official copies of records or transcripts upon request.
(b) Upon notice from a school of its intention to cease operations, the office shall notify the school of the date on which it must cease the enrollment of students and all postsecondary educational operations.
Without limitation as to other circumstance, a school shall be deemed to have ceased operations when the school:
(1) has an unscheduled nonemergency closure or cancellation of classes for more than 24 hours without prior notice to the office;
(2) announces it is closed or closing; or
(3) files for bankruptcy.