(1) The department of education and the department of higher education shall establish a procedure that allows for the direct, electronic exchange of student unit record data for students enrolled in Colorado public high schools.

(2) Notwithstanding the provisions of section 22-2-111 (3)(a), the department of education, in collaboration with the department of higher education, shall identify the student data relevant to high school students' transitions to the postsecondary system to which the department of education has access and that shall be shared with the department of higher education.

(3) The department of education shall collect student authorization for the transfer of data where necessary and practicable through existing systems for the collection of student data.

(4) The implementation of the data exchange procedure established pursuant to this section and section 23-1-119.3, C.R.S., must utilize student unit record data collected and maintained by the department of education and must be administered at no charge to local education providers, public institutions of higher education, or students.

(5) The data exchange procedure established pursuant to this section and section 23-1-119.3 must ensure that the exchange of information is conducted in compliance with all state and federal laws and regulations concerning the privacy of information, including but not limited to the federal "Family Educational Rights and Privacy Act of 1974", 20 U.S.C. sec. 1232g, as amended, and all federal regulations and applicable guidelines adopted in accordance therewith.