College financial disclosure bill advancing in Massachusetts

BOSTON (AP) — A bill aimed at requiring more financial transparency from independent colleges is making its way through the Massachusetts Legislature.

This week, House lawmakers voted to approve the legislation. It would let the state more closely monitor the financial health of private colleges and universities, with the goal of providing more security to students and parents.

Specifically, the legislation would require private colleges to make their financial reports public and accessible. Any institution facing financial risk of closure would also be required to develop contingency plans to ensure a process is in place to assist its students.

The legislation would create financial penalties for colleges that fail to report.

At least 17 colleges in Massachusetts have closed or merged in recent years.

The bill now heads to the Massachusetts Senate.

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