(1) A postsecondary school required to obtain a registration certificate in accordance with this chapter shall maintain, in a form and amount approved by the division:
(a) a surety bond issued by a surety authorized to transact surety business in the state;
(b) a certificate of deposit in a financial institution authorized under the laws of this state or the laws of the United States to accept deposits from the public; or
(c) other proof of financial viability specified in rules the division makes under Section 13-34-103.
(2) The division shall use the surety bond or certificate of deposit as protection against loss of unearned tuition, tuition paid for credits that a student earned but that are not transferrable to a comparable postsecondary school, book fees, supply fees, or equipment fees:
(a) collected by the postsecondary school from a student or another person on a student's behalf; or
(b) that the student is obligated to pay.
(3) A surety bond or certificate of deposit obtained in accordance with this section may not expire:
(a) earlier than 60 days after the first day on which no student is enrolled in the postsecondary school; and
(b) while students are enrolled in the postsecondary school.