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Utah Code
2025 Utah Code
Title 13 - Commerce and Trade
Chapter 34 - Utah Postsecondary School and State Authorization Act
Part 2 - Postsecondary School Responsibilities
Section 202 - Surety requirements.
Universal Citation:
UT Code § 13-34-202 (2025)
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Effective 1/1/2024
13-34-202. Surety requirements.
Enacted by Chapter 458, 2023 General Session
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;
- (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.
Enacted by Chapter 458, 2023 General Session
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