This report, authored by Dr. Wendy Kilgore, Senior Director of Research at AACRAO, and Dr. James Ward, Principal at Ithaka S+R, provides insights into the impact of state-level transcript hold regulations on higher education institutions and learners. Key findings from the report include: (1) 97% of institutions changed practices or policies after state regulations went into effect; (2) Over half of the institutions completely eliminated transcript holds for unpaid balances; (3) 62% of institutions saw changes affecting less than 5% of their current learner population; AND (4) 90% of institutions expressed confidence in their ability to comply with the new federal regulation. The study, which complements a previous report on the anticipated effects of the federal regulation, examined data from 150 institutions across 13 states with existing transcript-hold regulations. It reveals that while challenges exist in adapting to these regulations, they are generally manageable.