SB 18-177

Senate Bill 18-177, also known as the "Private School and Private Occupational School Bonds" bill, allows the Department of Higher Education to claim any remaining funds from a surety bond after helping students transfer or reimbursing them for tuition when private schools close. This ensures that leftover money can be used to cover administrative costs related to handling school closures. The bill also clarifies where records of closed private occupational schools should be kept. Since the status is "signed," this means the bill has been approved by both houses of the Colorado legislature and signed into law by the governor, making it official state policy.

Official Summary

Under existing law, private occupational schools and certain private degree-granting schools are required to provide a bond or other form of surety that is used to facilitate transfer or to provide tuition and fee reimbursement for students in the event that the school closes. When a private occupational school closes, that school's records must be maintained by the private occupational school board in the division of private occupational schools. The department of higher education (department) takes possession of the records from private degree-granting schools. The bill allows the department to make a claim on a surety bond for reimbursement of actual administrative costs associated with a school closure. After the surety bond has been used to facilitate transfer or provide tuition and fee reimbursement for students, the department may retain any remaining amount as reimbursement for administrative costs associated with the school closure. In the instance of a closed private occupational school, the bill clarifies that the school's records may be maintained by the division of private occupational schools at any location. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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