GA SB400

Unaccredited postsecondary institutions are prohibited from granting or offering degrees in Georgia unless accredited by or in the process of becoming accredited by a U.S. Department of Education-recognized accrediting agency

Institutions may submit irrevocable letters of credit from banks or savings and loan associations as alternatives to surety bonds for authorization requirements

The executive director must deny applications to operate from institutions that have previously caused student losses, willfully violated regulations, or are acting on behalf of persons with such histories

Institutions at risk of closing must provide academic records to the executive director upon request; the executive director may seek court orders to obtain records if institutions fail to comply

The Tuition Guaranty Trust Fund requirements are modified: institutions may participate through surety bonds or letters of credit instead of annual fees, non-resident students cannot receive reimbursement if eligible for similar funds in their home state, and the fund has independent recovery claims against defaulting institutions