I. When any institution of higher learning ceases the regular conduct of instruction, 2 certified transcripts and an electronic copy of the same for each student who was registered for instruction at the institution shall be forwarded to the commission together with a course catalogue for each year in which the institution operated, and an explanation of the institution’s credit and grading system. The commission shall preserve these records for 50 years and upon request of the individual concerned, shall furnish a certified copy of the individual’s record. The fee for each record so furnished to be paid to the commission shall be sufficient to cover related costs.
II. All transcript request fees collected by the commission under this section shall be deposited into the higher education fund established in N.H. Rev. Stat. § 21-N:8-a, III and shall be used for managing the storage and retrieval of closed school transcripts.