13-34-202. Surety requirements.
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Effective 5/6/2026
13-34-202. Surety requirements.
(1)A postsecondary school required to obtain a registration certificate in accordance with this chapter shall maintain, in a form and amount approved by the division:
(a)a surety bond issued by a surety authorized to transact surety business in the state;
(b)a certificate of deposit in a financial institution authorized under the laws of this state or the laws of the United States to accept deposits from the public; or
(c)other proof of financial viability specified in rules the division makes under Section 13-34-103 .
(2)The division shall use the surety bond or certificate of deposit as protection against loss of unearned tuition, tuition paid for credits that a student earned but that are not transferrable to a comparable postsecondary school, book fees, supply fees, or equipment fees:
(a)collected by the postsecondary school from a student or another person on a student's behalf; or
(b)that the student is obligated to pay.
(3)A surety bond or certificate of deposit obtained in accordance with this section may not expire:
(a)earlier than 60 days after the first day on which no student is enrolled in the postsecondary school; and
(b)while students are enrolled in the postsecondary school.
Amended by Chapter 95 , 2026 General Session