SB12-164: Private Postsecondary Institution Regulation

• Changes terminology from "bible college" to "religious training institution" and establishes comprehensive authorization procedures for private colleges, universities, and religious training institutions in Colorado.

• Requires the Colorado Commission on Higher Education to establish authorization, renewal, and revocation procedures, set fee amounts for institutional administration, and collect student data on enrollment, degree completion, and financial aid.

• Private colleges and universities must obtain separate authorization for each campus/branch, maintain accreditation from a recognized accrediting body, and renew authorization every 3 years or per their accreditation schedule; religious training institutions renew every 3 years.

• Establishes financial integrity requirements including surety bonds (minimum $5,000 or amount of maximum prepaid unearned tuition) unless institutions meet specific criteria (20+ years accreditation, 20+ years continuous operation, no bankruptcy history).

• When institutions cease operations, owners must deposit educational records with the department; the commission can seek court orders to seize records if necessary, and records are subject to open records laws with permanent retention of transcripts and 10-year retention of other records.