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Utah Code Title 13. Commerce and Trade § 13-34-202. Surety requirements

Current as of January 01, 2025 | Updated by Findlaw Staff

(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;

(b) a certificate of deposit;

(c) an irrevocable letter of credit; or

(d) other proof of financial viability specified in rules the division makes under Section 13-34-103.

(2) The surety bond, certificate of deposit, or irrevocable letter of credit shall be used 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, certificate of deposit, or irrevocable letter of credit 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.

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Cite this article: FindLaw.com - Utah Code Title 13. Commerce and Trade § 13-34-202. Surety requirements - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-13-commerce-and-trade/ut-code-sect-13-34-202/

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