WI SB631

Sets the student protection fee for private for-profit colleges at $3 per $1,000 of adjusted gross annual school revenue, replacing the previous rate set by administrative rule

Raises the fund balance threshold from $1,000,000 to $5,000,000 at which the Department of Safety and Professional Services must stop collecting student protection fees

Requires proprietary schools to maintain a reserve account for indemnifying students who suffer losses from fraud, false representations, or the school's failure to meet contractual obligations including closure

Reserve account balance must equal at least 25% of the school's highest annual revenue over the preceding 5 years; new schools must reserve 25% of projected first-year revenue

Takes effect on the first day of the 3rd month after publication and applies to all initial and renewal applications received on or after that date