For purposes of this act, a “for-profit school” shall mean, an educational company doing business to make a profit, commonly referred to as career college, private occupational school, proprietary school, trade school or online university.

There shall be a special commission established pursuant to section 2A of chapter 4 of the General Laws to study and investigate the advertising and lending practices of for-profit schools doing business in the commonwealth. The commission shall consist of 2 members of the house of representatives, 1 of whom shall be nominated by the minority leader, 2 members of the senate, 1 of whom shall be nominated by the minority leader, the attorney general or a designee, the secretary of education or a designee, the commissioner of higher education or a designee and 4 members to be appointed by the governor, 1 of whom shall be a representative of a for-profit school doing business in the commonwealth and 1 of whom shall be a student of a for-profit school doing business in the commonwealth. The members of the commission may elect a member to serve as chair.  As part of its report, the commission shall include recommendations for legislation aimed at protecting consumers from predatory lending and misleading advertising practices of for-profit schools.