Utah Administrative Code
Topic - Commerce
Title R152 - Consumer Protection
Rule R152-34 - Utah Postsecondary School and State Authorization Act Rule
Section R152-34-4 - Registration Statement - Required Documents and Information
Universal Citation: UT Admin Code R 152-34-4
Current through Bulletin 2024-06, March 15, 2024
(1) A postsecondary school shall submit a complete registration statement on a form approved by the division, including all information required by the form and Subsection R152-34-4(2):
(a) each year, if the postsecondary school is
an unaccredited postsecondary school;
(b) every two years, if the postsecondary
school is an accredited postsecondary school; and
(c) within 30 days of any change to material
information required by the registration statement.
(2) A postsecondary school shall include with its registration statement:
(a) if the
postsecondary school is an accredited postsecondary school, a copy of its most
recent and active accreditation statement;
(b) if the postsecondary school is a
longstanding nonprofit accredited postsecondary school, a copy of its
determination letter from the Internal Revenue Service demonstrating its
nonprofit status, and documentation sufficient to demonstrate that it has
continuously operated as a nonprofit for 20 years;
(c) financial documentation demonstrating it
is fiscally responsible, including:
(i) for a
postsecondary school that collected $500,000 or more in gross tuition revenue,
the two most recent fiscal year end audited financial statements completed by a
certified public accountant in accordance with GAAP;
(ii) for a postsecondary school that
collected $250,000 -$499,999.99 in gross tuition revenue, the two most recent
fiscal year end:
(A) audited financial
statements completed by an external certified public accountant in accordance
with GAAP; or
(B) reviewed
financial statements completed by an external certified public
accountant;
(iii) for a
postsecondary school that collected $0 -$249,999 in gross tuition revenue:
(A)
(I) the
two most recent fiscal year end audited financial statements completed by an
external certified public accountant in accordance with GAAP;
(II) the two most recent fiscal year end
reviewed financial statements completed by an external certified public
accountant; or
(III) unaudited
financial statements for each of the two most recent fiscal years, a commercial
credit report, and a personal credit report for each of the postsecondary
school's owners;
(iv) for a postsecondary school that has not
previously operated:
(A) pro forma financial
projections, in a form satisfactory to the division, for the postsecondary
school's first 12 months of operation; and
(B) a personal credit report for each of the
postsecondary school's owners;
(d) a current certificate of existence or
good standing;
(e) a disclosure
indicating whether the postsecondary school, its owner, officer, director, or
administrator:
(i) has violated, in the
preceding 10 years, any state or federal law or rule, not including traffic
violations, as determined in a criminal, civil, or administrative
proceeding;
(ii) is presently being
investigated for alleged violations of state or federal law or rule, not
including traffic violations;
(iii)
has been subject to a negative action by an accrediting agency in the preceding
24 months; or
(iv) is presently
being investigated or is subject to any other proceeding by the postsecondary
school's accrediting agency;
(f) a list of programs offered by the
postsecondary school, including the total program cost for each program;
and
(g) the number of students
enrolled in the postsecondary school.
(3) A credit report provided to the division shall:
(a) be no more than 60 days
old;
(b) include reports from
Equifax, Experian, and Transunion, if available.
(4) Notwithstanding Subsection R152-34-4(1)(b), an accredited postsecondary school shall annually provide to the division financial documentation in accordance with Subsection R152-34-4(2)(c).
(5) A postsecondary school shall submit a renewal registration statement 30 days before its registration certificate or state authorization certificate expires.
(6)
(a) A
registration statement submitted to the division in accordance with Subsection
R152-34-4(1)(c)
shall, at the division's discretion, be submitted using:
(i) electronic mail; or
(ii) other electronic means approved by the
division.
(b) If
non-material information included in a registration statement becomes incorrect
or incomplete, a postsecondary school shall correct the information within 30
days using electronic mail sent to the division.
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