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House approves SB 18 tightening oversight, bonding options for proprietary post‑secondary schools
Summary
After questions about bonding increases for for‑profit program providers, the House adopted SB 18 and accepted alternatives to surety bonds, including CDs and irrevocable letters of credit; vote 68‑0.
Senate Bill 18, presented in the Utah House by Representative Adams, would change oversight and bonding requirements for proprietary (for‑profit) post‑secondary schools that enroll students and collect tuition. Adams described the bill as a response to instances where schools failed and students lost prepaid tuition; the measure increases certain bonding thresholds but also provides three alternative forms of financial assurance: a surety bond, a certificate of…
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