(5) establish the form, content, and amount of a surety bond[,] or certificate of deposit[, or irrevocable letter of credit] required in accordance with Section 13-34-202;(6) provide for the execution and cancellation of a surety bond[,] or certificate of deposit[, or irrevocable letter of credit] a postsecondary school obtains in accordance with Section 13-34-202; (7) establish the amount of money a school may charge a student in a 12-month period to qualify for an exemption in accordance with Subsection 13-34-111(3);
(8) specify acts and practices that are prohibited in accordance with Section 13-34-108;
(9) specify the electronic format in which a postsecondary school is required to maintain an educational credential, enrollment agreement, and financing agreement in accordance with Section 13-34-203;
(10) specify the student outcomes a postsecondary school must disclose in accordance with Section 13-34-109;
(11) establish the type and number of credits required to obtain a degree or diploma from an unaccredited postsecondary school;
(12) establish:
(a) standards for granting to a postsecondary school a state authorization certificate in accordance with a reciprocity agreement;
(b) any filing or document required for a postsecondary school to obtain a state authorization certificate in accordance with a reciprocity agreement; and
(c) penalties for a postsecondary school that fails to comply with Section R152-34-[11]301; and (13) aid the division's administration and enforcement of Title 13, Chapter 34, Utah Postsecondary School and State Authorization Act.
This rule is promulgated in accordance with Subsection 13-2-[5]106(1), Section 13-34-103, and Section 13-34-203. R152-34-103. Definitions. As used in this rule:
(1) "Change of ownership" means a change to any owner of a postsecondary school, including:
(a) sale or merger of a postsecondary school; or
(b) any other occurrence that changes whether a person is an owner in accordance with Subsection R152-34-[3]103(7). (2) "Composite score" means the score calculated by the United States Department of Education using a postsecondary school's financial information in accordance with 34 CFR 668.171 et seq.
(3) "Field trip" means a congregation in Utah of students and instructors from a postsecondary school that is not located in Utah:
(a) for instruction in the subject of enrollment;
(b) that lasts no more than ten calendar days; and
(c) occurs no more than three times per year in the same program.
(4) "Gross tuition revenue" means the total amount of tuition and fees collected, reduced by the amount of refunds paid, by a postsecondary school during the most recently completed 12-month fiscal year.
(5) "Material information" means information that could reasonably influence whether the division may deny, suspend, or revoke a registration statement, registration certificate, or state authorization certificate, including a change of ownership.
(6) "Other proof of financial viability" means financial information that demonstrates the postsecondary school:
(a) based on its audited financial statements, has a composite score of 1.5 or greater for the current year;
(b)(i) based on its audited financial statements, has a composite score of 1.0 through 1.4 for the current year;
(ii) in one of the immediately preceding two years, had a composite score of 1.5 or greater; and
(iii) provides information sufficient to allow the division, at its discretion, to determine the risk to student funds posed by a postsecondary school's financial condition, including:
(A) a detailed explanation of the events that caused the reduced composite score;
(B) the postsecondary school's plan to improve the composite score; and
(C) a teach out plan;
(c) based on its reviewed financial statements for the preceding two fiscal years:
(i) had two consecutive years of a current ratio at or above 1.0; and
(ii) had two consecutive years of a debt to equity ratio no greater than 3.0;
(d) based on its unaudited financial statements for the preceding two fiscal years:
(i) had two consecutive years of a current ratio at or above 1.0;
(ii) had two consecutive years of a debt to equity ratio no greater than 3.0; and
(iii) has an average credit score exceeding 580 for the postsecondary school's owners; or
(e) provides sufficient other information to the division such that the division director may, at the director's discretion, determine that the postsecondary school has demonstrated financial viability.
(7) "Owner" means a person who directly or indirectly:
(a) exercises substantial control over a postsecondary school; or
(b) owns or controls at least 20 % of the ownership interests in a postsecondary school.
(8) "Physical presence," as defined by Subsection 13-34-101(12), does not include a field trip or supervised field experience.
(9) "Supervised field experience" means a student learning experience that:
(a) occurs at a location in Utah that is not owned, operated, leased, maintained, or controlled by the postsecondary school in which the student is enrolled;
(b) primarily involves practical application of previous education;
(c) is supervised by a supervisor, mentor, faculty member, or other qualified professional who reports to the postsecondary school in which the student is enrolled; and
(d) is part of a program offered by a postsecondary school located outside of Utah in which the student is enrolled.
(10) "Unaccredited postsecondary school" means a postsecondary school that is not accredited by an accrediting agency.
R152-34-[4]201. Registration Statement -- Required Documents and Information. 
