§ 32-3073 — Powers and duties of board over fund

A. The board shall:

1. Administer the student tuition recovery fund.

2. Receive claims against the fund from persons injured and provide students' educational records from closed institutions.

3. Determine the amount of monies in any fiscal year to be drawn to administer the fund.

4. Deduct reasonable costs from the fund in addition to those allowed in paragraph 2 of this subsection for any of the following purposes:

(a) Seizing student records from a closed school.

(b) Processing student record requests.

(c) Reimbursing the board or a third party as the custodian of records.

5. Not later than ten business days after a board meeting, notify institutions, pursuant to section 32-3072, subsection C, that only institutions that are newly or provisionally licensed during or after that fiscal year shall pay the assessment.

6. Review the balance of the fund at the first board meeting that is held after June 30 of each year.

7. Adopt rules necessary to administer this article.

B. If an institution that is subject to assessments under section 32-3072 ceases operations with assessments unpaid to the board, the board and the attorney general shall recover the assessments from the institution.