Conn. Gen. Stat. § 10a-34e

(b) If the Commissioner of Higher Education determines that an institution of higher education that is not regionally accredited is exhibiting financial and administrative indicators that such institution is in danger of closing, the commissioner may require such institution to facilitate a teach-out, as defined in section 10a-22m , provided the commissioner and such institution previously discussed a teach-out that ensures that current students of such institution are able to complete their programs without significant impact.

(c) (1) Not later than January 1, 2022, each independent institution of higher education shall submit to the Office of Higher Education a closure plan, which shall include, but need not be limited to, (A) how such institution will respond to a natural disaster, pandemic, data security threat or other catastrophic event that impacts the operations of such institution, and (B) how such institution will manage student records, provide a continuity of education for enrolled students and administer student financial aid and refunds. An independent institution of higher education that is regionally accredited may comply with the requirements of this subsection by submitting to said office the same closure plan that the institution submitted to the regional accreditation agency. If an independent institution of higher education updates its closure plan, then such institution shall submit such updated closure plan not later than thirty days after the governing board of such institution approves such updated closure plan.

(2) On an after July 1, 2023, upon receiving a summary from the Office of Higher Education that an independent institution of higher education has been determined to be at risk of imminent closure as a result of a financial screening conducted pursuant to the provisions of section 10a-34h , the governing board of such institution shall update its closure plan to include plans for the following: (A) Providing notice of impending closure to relevant stakeholders of the institution, including, but not limited to, enrolled students, applicants for admission, recent graduates, faculty, staff and surrounding communities, (B) disseminating information regarding the rights and responsibilities of student borrowers, (C) managing the institution's finances, accreditation status and any compliance issues with federal or state financial aid programs, and (D) refunding student deposits and paying the cost of student record maintenance through means such as the provision of a bond with surety or a letter of credit in an amount sufficient to meet the costs of such refunds and costs.

(d) Any independent institution of higher education that plans to close permanently shall submit a written notice to the Office of Higher Education not later than thirty days after the governing board of such institution authorizes such closure. Such written notice shall include, but need not be limited to, (1) the planned date of termination of operations; (2) the planned date and location for the transfer of student records; (3) the name and address of the organization that will receive and maintain student records; (4) the name and contact information of the designated office or official who will manage transcript requests; (5) the arrangement for the continued education of enrolled students through the facilitation of a teach-out, as defined in section 10a-22m , or other means; (6) evidence of communication with the United States Department of Education regarding the management of student refunds, state or federal grants and scholarships and state loans; and (7) if such institution is regionally accredited, evidence of communication with the regional accreditation agency regarding such closure.