Utah Administrative Code
Topic - Commerce
Title R152 - Consumer Protection
Rule R152-34 - Utah Postsecondary School and State Authorization Act Rule
Section R152-34-5 - Surety Bond, Certificate of Deposit, or Irrevocable Letter of Credit - Form - Amount - Execution and Cancellation - Other Proof of Financial Viability
Current through Bulletin 2024-06, March 15, 2024
(1) A postsecondary school that provides to the division other proof of financial viability in accordance with Subsection R152-34-3(6) is not required to maintain a surety bond, certificate of deposit, or irrevocable letter of credit.
(2)
(3)
|
TABLE Amount of Surety Bond, Certificate of Deposit, or Irrevocable Letter of Credit |
|
|
Gross Tuition Revenue |
Maximum Amount |
|
$0.00 - $50,000 |
$12,500 |
|
$50,000.01 - $100,000 |
$25,000 |
|
$100,000.01 - $200,000 |
$50,000 |
|
$200,000.01 - $300,000 |
$75,000 |
|
$300,000.01 - $400,000 |
$100,000 |
|
$400,000.01 - $500,000 |
$125,000 |
|
$500,000.01 - $1,000,000 |
$250,000 |
|
$1,000,000.01 - $2,000,000 |
$500,000 |
|
$2,000,000.01 - $5,000,000 |
$1,250,000 |
|
$5,000,000.01 - $10,000,000 or greater |
$2,500,000 |
(4) A postsecondary school that submits pro forma financial projections in accordance with Subsection R152-34-4(2)(c)(iv) shall provide a surety bond, certificate of deposit, or irrevocable letter of credit for an amount:
