Establishes process for merger or consolidation of public institution of higher education with other institutions of higher education or certain proprietary institutions; requires executive and legislative approval of merger or consolidation.

Bill S 1504 creates a formal process for public colleges and universities in New Jersey to merge or consolidate with other public institutions or certain private colleges. It requires participating institutions' governing boards to adopt resolutions and submit joint applications to the Higher Education Secretary for preliminary approval, followed by a detailed merger plan review. The Secretary must assess the merger's necessity and benefits for students, faculty, staff, and communities before issuing final approval, which then requires legislative ratification within 90 days. The bill does not apply to Rutgers University but mandates this process for any merger involving Rutgers as a participant. This ensures structured oversight while preserving institutional rights and funding arrangements post-merger.