(1) As used in this section, "cooling off period" means a three-business day period during which a student may rescind an enrollment agreement and receive a refund of all money paid, except:
(a) a reasonable application fee; and
(b) a deposit that does not exceed 10% of the total cost of tuition for the first term.
(2) Before a postsecondary school may enroll or accept payment from a student, the postsecondary school shall clearly and conspicuously disclose in writing to the student:
(a) the postsecondary school's name, address, and location;
(b) the requirements or qualifications a student is required to satisfy to enroll in the postsecondary school;
(c) a complete description of the services for which the student will pay, including:
(i) facilities, faculty, resources, or equipment that the student may use in connection with the services, or to access the services;
(ii) the duration of services provided; and
(iii) completion or graduation requirements;
(d) information regarding how the postsecondary school's services relate to state licensing requirements if the services are intended to prepare a student for licensure;
(e) tuition, fees, and any other charge or expense to be paid by the student;
(f) a financial assistance policy, if any;
(g) the complete terms of any financing agreement, including an income sharing or other agreement, offered to the student;
(h) the postsecondary school's cancellation and tuition refund policy which shall include, at a minimum:
(i) a cooling off period that may not end before midnight on the third business day after the latest of:
(A) the day on which the student signs the enrollment agreement;
(B) the day on which the student pays the postsecondary school for services, other than an application fee;
(C) the day on which the student first attends the postsecondary school; or
(D) the day on which the student first gains access to the postsecondary school's services; and
(ii) a written description of the postsecondary school's refund policy following the cooling off period described in Subsection (2)(h)(i);
(i)
(i) whether the postsecondary school is accredited by an accrediting agency; and
(ii) whether the program in which a student intends to enroll is accredited by an accrediting agency, if applicable;
(j) the existence and amount of the postsecondary school's surety bond or certificate of deposit;
(k) information regarding how to file a complaint against the postsecondary school with the division, the postsecondary school's accrediting agency, and the postsecondary school's approval or licensing entity; and
(l) student outcomes specified in rules made by the division under Section 13-34-103.
(3) A postsecondary school may comply with Subsection (2)(k) by placing a conspicuous link on the postsecondary school's website that connects to:
(a) the contact information for each entity described in Subsection (2)(k) with which a person may file a complaint; or
(b) a third party's website that states the contact information for each entity described in Subsection (2)(k) with which a person may file a complaint.