§ 74-32,170a — Certificate of approval; change in ownership of an institution; rules and regulations

(a) Each certificate of approval shall be issued to the owner of the institution applying for the certificate of approval. The certificate of approval shall not be transferable to a new owner. Whenever a change of ownership occurs as a result of death, a court order or operation of law, the new owner shall immediately apply for a new certificate of approval. If a change in ownership occurs in any other circumstance, the new owner shall apply for a new certificate of approval at least 60 days prior to the change of ownership.
(b) If there is a change in the ownership of an institution and, at the same time, there are changes in the institution's programs of instruction, location, entrance requirements or other changes, the institution shall submit an application for an initial certificate of approval and pay all applicable fees required for an initial application.
(c) The state board may adopt rules and regulations to ensure orderly transition of an institution to a new owner, including, but not limited to, requiring a new owner to satisfy the following requirements:
(1) Maintain and service all student records that were the responsibility of the prior owner;
(2) resolve all student complaints that were the responsibility of the prior owner and filed with the state board prior to the final approval for change of ownership; and
(3) honor the terms of student enrollment agreements, institutional scholarships and grants for all students enrolled and taking classes at the time of the change of ownership.

Legislative History

L. 2021, ch. 17, § 2; July 1.