This bill mandates that institutions of higher education and degree-granting proprietary institutions that engage with online program managers (OPMs) must submit an annual expenditure report to the Secretary of Higher Education. The report should detail the spending activities related to the OPM, including total payments made, the number of students receiving state financial assistance, and the amount of state operating aid received on a per-student basis. Additionally, OPMs are required to provide an annual report to the institutions outlining their expenditures across various categories such as advertising, student support services, and curriculum development.

Furthermore, the bill stipulates that institutions must submit copies of contracts with OPMs to the Secretary for review within 60 days of execution, renewal, or any substantive changes. It also establishes guidelines for the disclosure of information, allowing for the identification of confidential information that cannot be disclosed to the public, while ensuring that non-confidential information is made available under the open public records act. The Secretary of Higher Education is tasked with publishing the annual expenditure reports on their website, enhancing transparency in the financial dealings between educational institutions and OPMs.