Is there a surety requirement associated with the registration application?
A satisfactory bond, certificate of deposit, or irrevocable letter of credit must be provided by the institution before a certificate of registration will be issued by the division unless the institution is exempt from this surety requirement. An institution will be exempt from the surety requirement if its program is less than one month in length or the total program cost is less than $500. The obligation of the surety will be that the institution, its officers, agents, and employees will (1) faithfully perform the terms and conditions of contracts for tuition and other instructional fees entered into between the institution and persons enrolling as students, and (2) conform to the provisions of the Utah Postsecondary Proprietary School Act and Rules. The bond, certificate of deposit, or letter of credit must be in a form approved by the division and issued by a company authorized to do such business in Utah. The surety must be payable to the division to be used for creating teach-out
