Utah Code 13-34-202. Surety requirements
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(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:
Terms Used In Utah Code 13-34-202
- Division: means the Division of Consumer Protection. See Utah Code 13-34-101
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Postsecondary school: means a person that offers postsecondary education:
(14)(a) in exchange for payment of tuition, fees, or other consideration; and(14)(b) for the purpose of attaining educational, professional, or vocational objectives. See Utah Code 13-34-101- Registration certificate: means approval from the division to operate a postsecondary school in accordance with this chapter, and with rules adopted in accordance with this chapter. See Utah Code 13-34-101
- Student: means :
(21)(a) a person who pays or is obligated to pay a postsecondary school for postsecondary education; or(21)(b) a legal guardian of a person described in Subsection (21)(a). See Utah Code 13-34-101(1)(a) a surety bond;(1)(b) a certificate of deposit;(1)(c) an irrevocable letter of credit; or(1)(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:(2)(a) collected by the postsecondary school from a student or another person on a student’s behalf; or(2)(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:(3)(a) earlier than 60 days after the first day on which no student is enrolled in the postsecondary school; and(3)(b) while students are enrolled in the postsecondary school. - Postsecondary school: means a person that offers postsecondary education: