264PERPETUATION OF COLLEGE CREDITS264.1Mandatory transfer of record of credits.The trustees or officers of any institution of higher learning, whether incorporated or not, upon going out of existence or ceasing to function as an educational institution must transfer to the office of the registrar of the state university of Iowa complete records of all grades attained by its students.[C35, §3953-e1; C39, §3953.1; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §264.1]264.2Central depository.The office of the registrar of the state university is hereby designated the central depository for the scholastic records of those educational institutions in this state which may hereafter cease to exist.[C35, §3953-e2; C39, §3953.2; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §264.2]264.3Duty of depository.The office of the registrar of the state university shall proceed to collect the scholastic records of those educational institutions which may become extinct, and the registrar shall have the supervision, care, custody, and control of said records.[C35, §3953-e3; C39, §3953.3; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §264.3]264.4Transcripts.The registrar of the state university shall prepare transcripts of such scholastic records and when requested to do so the registrar must furnish a copy of the said transcript to a former student. Whenever such transcript is made and after it has been compared with the original it shall be certified by the registrar of the state university, and thereafter it shall be considered and accepted as evidence for all purposes the same as the original would be.[C35, §3953-e4; C39, §3953.4; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §264.4]264.5Fees.For the preparation of a transcript in accordance with section 264.4, the state university may charge a nominal fee to compensate the institution for its actual costs, including but not limited to the labor involved in recording the credits and preparing a transcript, and postage.[C35, §3953-e5; C39, §3953.5; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §264.5]2009 Acts, ch 177, §31264.6Penalty.The members of the board of trustees and the officers of an institution of higher learning who do not file, in accordance with the provisions of this chapter, the record of grades in the office of the registrar of the state university within twelve months after the said institution has been closed or has ceased to function as an educational institution, shall be guilty of a simple misdemeanor.[C35, §3953-e6; C39, §3953.6; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §264.6]264.7Records of prior defunct institutions.The office of the registrar of the state university is hereby designated the central depository for the records of any institution of higher learning which prior to the passage of this chapter may have ceased to exist, provided the custodian of the said records or former officials of the institution may wish to take advantage of the provisions of this chapter.[C35, §3953-e7; C39, §3953.7; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §264.7]