Section 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: (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.Added by Chapter 458, 2023 General Session ,§ 16, eff. 1/1/2024.