§ 17:3140.10 — Cessation of operations

Louisiana § 17:3140.10

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§3140.10. Cessation of operations
A.(1) If a licensed proprietary school makes a determination to cease operations it
shall provide formal written notice to the board at least thirty days prior to the date it will
cease operations.
(2) Cessation of operations shall mean the cessation of all instructional and business
operations directly related to the offering of education and training as authorized under the
provisions of this Chapter, with no reasonable prospect of resuming operations.
B. The notice, at a minimum, shall provide the following:
(1) Teach-out plans for current students. The teach-out school shall not be liable for
any refunds to a transfer student.
(2) Commencement ceremony plans, if the school has offered a ceremony, for each
student who has or will complete all requirements for graduation prior to the date operations
cease.
(3) Student notification plans regarding cessation of operations, teach-out options,
and commencement activities, if applicable.
(4) Plans for transferring student records to the board.
(5) Other information required by the board.
C. If a school ceases operations, the board may authorize the seizure and sale at
public auction of all unsecured assets of the school, with all proceeds to be deposited in the
Proprietary School Student Protection Fund.

Legislative History

Acts 2019, No. 437, §1.