(a) In the event any postsecondary educational institution now or hereafter operating in this state proposes to discontinue its operation, the chief administrative officer, by whatever title designated, of the institution shall cause to be filed with the commission the original or legible true copies of all academic records of the institution as specified by the commission.

(b) The academic records shall include, at a minimum, the transcripts or certificates in a format that is customarily required by postsecondary educational institutions when considering students for transfer or advanced study, or by other third parties, such as employers.

(c) In the event it appears to the commission that the academic records of an institution discontinuing its operations are in danger of being destroyed, secreted, mislaid, or otherwise made unavailable to the commission, the commission may seize and take possession of the records, on its own motion, and without order of court.

(d) The commission shall maintain, or cause to be maintained, a permanent file of the transcripts or certificates provided by subsection (b) that come into its possession.

(e) As an alternative to the deposit of the records with the commission, the institution may propose to the commission a plan for permanent retention of the records. The plan shall be put into effect only with the approval of the commission.

(f) When a postsecondary educational institution now or hereafter operating in this state proposes to discontinue its operation, the institution shall cause to be created a teachout plan, acceptable to the commission, by which its educational obligations to its students can be fulfilled.