110 ILCS 205/16

(a) In this Section: "Academic records" means the academic records of each former student of an institution of higher education that is traditionally provided on an academic transcript, including, but not limited to, courses taken, terms, grades, and any other similar information. "Institution of higher education" means any publicly or privately operated university, college, junior college, business, technical or vocational school, or other educational institution offering degrees and instruction beyond the secondary school level. "Institution of higher education" does not include a public community college. "Institutional transfer agreement" means an articulation agreement or transfer agreement between 2 or more institutions of higher education wherein one institution agrees to accept the transfer of earned student credits from a former student of an institution that has discontinued operations. (b) In the event an institution of higher education proposes to discontinue its operations, the chief administrative officer of the institution shall submit a plan to the Board for permanent retention of all academic records, including student records and academic records of the institution. The plan must be approved by the Executive Director of the Board before it is executed. In addition, the plan shall include the release of any institutional holds placed on any student record, regardless of the type of hold placed on a student record. (c) If it appears to the Board that the academic records, including student records and academic records, of an institution of higher education kept pursuant to an approved plan under subsection (b) of this Section may become lost, hidden, destroyed, or otherwise made unavailable to the Board, the Board may seize and take possession of the records, on its own motion and without order of a court. 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