(1) Except as provided in subsection (2) of this section, the trustees or officers of any postsecondary institution, upon going out of existence or ceasing to function as a postsecondary institution, may turn over its student records to the central depository maintained by the office of registrar of the University of Nebraska-Lincoln as provided in section 85-174.

(2) The trustees or officers of any for-profit postsecondary institution as defined in section 85-2403, upon going out of existence or ceasing to function as a postsecondary institution, shall turn over its student records to the central depository maintained by the office of registrar of the University of Nebraska-Lincoln as provided in section 85-174.