Utah Rep. Burgess Owens introduced a bill Tuesday afternoon amending the application and review process for institutions of higher education that want to change ownership, or for a private institution that wants to become public.
“The Change of Ownership and Conversion Improvement Act ensures that colleges and universities seeking ownership changes or transitioning from for-profit to nonprofit undergo thorough evaluation,” Owens, who represents Utah’ 4th Congressional District, told the Deseret News.
The act amends a previous bill from 1965, which provided financial assistance to universities and students.
Revisions to the current system are necessary because it operates “at an extraordinary slow rate of speed, with some institutions waiting up to five years before receiving a final determination,” per the bill.
The proposed changes will foster “a transparent and accountable system,” Owens explained. “The Change of Ownership and Conversion Improvement Act is a proactive step towards streamlining processes, empowering institutions, and safeguarding the integrity of conversions,” he said.