SB 18-177 Summary

• Expands surety bond requirements for private colleges, universities, and occupational schools to include reimbursement for actual administrative costs incurred by the state when an institution ceases operations.

• Allows the state to retain surety bond amounts exceeding costs for alternate enrollment or train-out programs, up to the amount of documented administrative expenses associated with school closure.

• Applies the new administrative cost reimbursement provisions to both private higher education institutions (under CRS 23-2-103.8) and private occupational schools (under CRS 23-64-121).

• Maintains existing protections for students, including indemnification for tuition and fee losses and provision of alternate enrollment or train-out arrangements when schools close.

• Takes effect August 8, 2018, subject to referendum petition procedures outlined in the Colorado Constitution.