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.