1. (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):

   1. (a) each year, if the postsecondary school is an unaccredited postsecondary school;
   2. (b) every two years, if the postsecondary school is an accredited postsecondary school; and
   3. (c) within 30 days of any change to material information required by the registration statement.

2. (2) A postsecondary school shall include with its registration statement:

   1. (a) if the postsecondary school is an accredited postsecondary school, a copy of its most recent and active accreditation statement;
   2. (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;

   3. (c) financial documentation demonstrating it is fiscally responsible, including:

      1. (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;

      2. (ii) for a postsecondary school that collected $250,000 - $499,999.99 in gross tuition revenue, the two most recent fiscal year end:

         1. (A) audited financial statements completed by an external certified public accountant in accordance with GAAP; or
         2. (B) reviewed financial statements completed by an external certified public accountant;

      3. (iii) for a postsecondary school that collected $0 - $249,999 in gross tuition revenue:

         1. (A)(I) the two most recent fiscal year end audited financial statements completed by an external certified public accountant in accordance with GAAP;
         2. (II) the two most recent fiscal year end reviewed financial statements completed by an external certified public accountant; or
         3. (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;

      4. (iv) for a postsecondary school that has not previously operated:

         1. (A) pro forma financial projections, in a form satisfactory to the division, for the postsecondary school's first 12 months of operation; and
         2. (B) a personal credit report for each of the postsecondary school's owners;
   4. (d) a current certificate of existence or good standing;

   5. (e) a disclosure indicating whether the postsecondary school, its owner, officer, director, or administrator:

      1. (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;
      2. (ii) is presently being investigated for alleged violations of state or federal law or rule, not including traffic violations;
      3. (iii) has been subject to a negative action by an accrediting agency in the preceding 24 months; or
      4. (iv) is presently being investigated or is subject to any other proceeding by the postsecondary school's accrediting agency;
   6. (f) a list of programs offered by the postsecondary school, including the total program cost for each program; and
   7. (g) the number of students enrolled in the postsecondary school.

3. (3) A credit report provided to the division shall:

   1. (a) be no more than 60 days old;
   2. (b) include reports from Equifax, Experian, and Transunion, if available.
4. (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. (5) A postsecondary school shall submit a renewal registration statement 30 days before its registration certificate or state authorization certificate expires.

6. (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:

   1. (i) electronic mail; or

      1. (ii) other electronic means approved by the division.
   2. (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.

KEY: postsecondary schools, state authorization, registration, consumer protection

Date of Last Change: June 21, 2024

Notice of Continuation: May 6, 2022

Authorizing, and Implemented or Interpreted Law: 13-2-5(1); 13-34-103; 13-34-203