Requires every college and university to provide public notice of cessation of operation and to develop transition plans for shared services

Eliminated the requirement for a college or university ceasing operations to hold at least three public meetings to address concerns from students, faculty, staff, and the local community.

Added flexibility to the deadline for providing details on plans to sell or transfer campus resources to local governments, allowing it to be done 'as much as is practical' rather than strictly within six months.

Added flexibility to the deadline for developing transition plans with local government partners, allowing it to be done 'as much as is practical' rather than strictly within four months.

Reordered the remaining notification requirements, shifting the campus resource notification to subsection (b) and the transition plan requirement to subsection (c), while retaining the one-year public disclosure and accrediting agency notice requirements.