NOTICE OF EMERGENCY (120-DAY) RULE
1. Agency Information
Charter School Finance Authority, Administration
350 N State Street, Ste 180
2. Contact Persons
Please address questions regarding information on this notice to the persons listed above.
3. General Information
A. Rule or section catchline:
R145-1. Charter School Revolving Fund
B. Purpose of the new rule or reason for the change:
This new rule allows Utah Charter School Finance Authority to administer the Charter School Revolving Fund.
C. Summary of the new rule or change:
This emergency rule allows the Utah Charter School Finance Authority to consider pending loan applications.
4. Legislative Action Information
A. Are any changes in this filing
because of state legislative action?
Changes are because of legislative action.
B. If yes, any bill number and
session:
SB 186 (2026 General Session)
5. Emergency Rule Information
A. The agency finds that regular rulemaking would:
cause an imminent peril to the public health, safety, or welfare;
cause an imminent budget reduction because of budget restraints or federal requirements; or
place the agency in violation of federal or state law.
B. Specific reasons and justifications for this finding:
SB 186 (2026) replaced the Charter School Revolving Account (Section 59F-9-203) with the Charter School Revolving Fund (Section 59F-9-203.1) and moved administration from the Utah State Board of Education (USBE) to the Utah Charter School Finance Authority (UCSFA), beginning 07/01/2026.
The USBE administered the Account using Rule R277-480.
Section 53F-9-203.1 requires UCSFA to make rules and make loans. There are pending loan applications that were submitted to the USBE prior to the 07/01/2026 transfer date that UCSFA needs to review and if appropriate approve to ensure timely funding of approved loans.
The UCSFA needs an emergency rule so it can address the pending loan applications.
The UCSFA will submit permanent rules after the UCSFA board considers and approves the permanent rules, which consideration is expected to begin 07/23/2026.
6. Fiscal Information
Provide an estimate and written explanation of the aggregate anticipated cost or savings to:
The UCSFA does not expect there to be a fiscal impact on the state budget resulting from this emergency rule.
The Legislature appropriated funds to the UCSFA for the administration of the Charter School Revolving Fund.
The UCSFA does not expect there to be a fiscal impact on any local government resulting from this emergency rule.
The Legislature appropriated funds to the UCSFA for the administration of the Charter School Revolving Fund and will not seek funds from any local government.
C. Small businesses ("small business" means a business employing 1-49 persons):
The UCSFA does not expect there to be a fiscal impact on any small businesses as a result of this emergency rule.
The Legislature appropriated funds to the UCSFA for the administration of the Charter School Revolving Fund and will not seek funds from any small businesses.
D. Persons other than small businesses, state, or local government entities ("person" means any individual, partnership, corporation, association, governmental entity, or public or private organization of any character other than an agency):
Charter schools would be the impacted entities here.
The UCSFA does not expect there to be a fiscal impact on the charter schools that apply for loans from the Fund.
E. Compliance costs for affected persons:
The UCSFA does not expect there to be increased costs to charter schools because of this emergency rule.
F. Comments by the department head on the fiscal impact this rule may have on businesses (Include the name and title of the department head):
The State Treasurer, Marlo M. Oaks, has reviewed and approved this regulatory impact analysis.
This emergency rule will have no fiscal impact on businesses.
7. Citation Information
Provide citations to the statutory authority for the rule. If there is also a federal requirement for the rule, provide a citation to that requirement:
9. Agency Authorization Information
Agency head or
designee and title:
R145. Charter School Finance Authority, Administration. R145-1. Charter School Revolving Fund. R145-1-1. Authority and Purpose. (1) This rule is authorized by Utah Code, Section 53F-9-203.1. (2) The purpose of this rule is to: (a) establish procedures for administering the Charter School Revolving Fund; (b) establish the interest rates of loans; and (c) determine loan amounts and loan repayment conditions. The definitions used in Section 53G-5-601 apply to this rule. (1) "Authority" means the Utah Charter School Finance Authority. (2) "Charter School" means a public school created in accordance with Title 53G, Chapter 5, Charter Schools. 
