(1) A postsecondary school shall maintain a student's official transcript and any diploma, degree, or certificate:
(a) in an electronic format established by division rule in accordance with Section 13-34-103; and
(b) for not less than 60 years.
(2) A postsecondary school shall maintain an educational credential not described in Subsection (1):
(a) in an electronic format established by division rule in accordance with Section 13-34-103; and
(b) for not less than 10 years.
(3) A postsecondary school shall maintain a student's enrollment agreement, record of the student's payment, and any financing agreement:
(a) in an electronic format established by division rule in accordance with Section 13-34-103; and
(b) for not less than 10 years.
(4)
(a) The division may require a postsecondary school to provide an educational credential to the division.
(b) A postsecondary school shall provide a requested educational credential to the division within 14 days of a request from the division described in Subsection (4)(a).
(5) Each educational credential that is not maintained in accordance with this section constitutes a separate violation of this chapter.
(6)
(a) A postsecondary school may submit to the division a written petition to request that the 60-year period described in Subsection (1) be reduced.
(b) Upon receipt of a written petition from a postsecondary school, the division may reduce the 60-year period described in Subsection (1) if:
(i) the reduced period will not substantially harm student interests;
(ii) the reduced period is consistent with any applicable requirement imposed on the postsecondary school by its accreditor or by the United States Department of Education; and
(iii) the postsecondary school demonstrates good cause for the reduced period.