SECTION 1. Chapter 15A of the General Laws is hereby amended by inserting after section 31 the following section:-

Section 31A. (a) Any institution of higher education with power to grant degrees and located in the commonwealth which enters into discussions or written agreements to: (i) close; (ii) merge with another institution of higher education; (iii) acquire the facilities, resources or land of another institution of higher education; or (iv) to open a branch campus or additional instructional location on purchased or leased property shall provide the board of higher education with reasonable notice  no less than 120 days in advance of the intended closure, merger, acquisition or opening. Notice shall not be a public record and shall be exempt from disclosure under clause Twenty sixth of section 7 of chapter 4 or section 10 of chapter 66.

The board of higher education shall establish standards and guidelines on notice required under this section which shall include, but not be limited to requirements on notice to current students, employees and applicants of the institution of higher education. The board shall establish sanctions or fines, not to exceed $1,000 per day, for institutions that fail to comply with the board’s notification requirements.

(b) Notwithstanding any general or specific law to the contrary, any proposal by a public institution of higher education to (i) merge with another institution of higher education; (ii) acquire the facilities, resources or land of another institution; or (iii) open a branch campus or additional instructional location on purchased or leased property shall be subject to the notice requirements under subsection (a) and the review and approval of the board of higher education.

The board’s review of such proposal shall include a determination as to whether the proposal is consistent with the institution of higher education’s 5 year master plan, concurred by the Board and approved by the Secretary, as required by subsection (l) of section 22 and subsection (l) of section 1A of chapter 75.

(c) Any institution with power to grant degrees located in the commonwealth that may not have the financial resources to sustain the quality of its education programs, support institutional improvements, and graduate its entering class shall notify the board of higher education. Such notice shall not be a public record and shall be exempt from disclosure under clause Twenty sixth of section 7 of chapter 4 or section 10 of chapter 66.

The board of higher education shall establish standards and guidelines on notice required under this section. The board shall establish sanctions or fines, not to exceed $1,000 per day, for institutions that fail to comply with the board’s notification requirements.