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9.1 Debts of Students or Organizations.

Neither the System nor any Component is responsible for debts contracted by individual students or by student organizations. All students and student organizations are expected to conduct themselves honorably in all commercial transactions. Neither the System nor any Component will assume the role of a collection agency except for monies owed to the System or one of its Components; nor, will the System or any of its Components adjudicate disputes between students and creditors over the existence or the amounts of debts, except with the prior approval of the President of the Components or a designated appointee in those cases where the interests of the Component may be a factor.

9.2 Students' Financial Obligations.

Students are expected to meet their financial obligations to the Component within the designated time allowed. Registration fees are payable at the time of registration, and students are not entitled to enter class or laboratory until their fees and deposits have been paid. Other charges and financial obligations are due at registration or within ten days after a bill is rendered by the Component or according to the special payment instructions that may be printed on the bill.

9.3 Penalties for Failure to Pay.

Failure to pay in the allotted time the amount owed to the Component for tuition, fees, charges, or any other financial obligations may result in any or all of the following:

(1) Dismissal from the Component or other disciplinary actions;

(2) Withholding of future registration privileges;

(3) Withholding the issuance of grades or an official certified transcript;

(4) Withholding the conferring of a degree;

(5) Bar against readmission for the student;

(6) Assessment of late fees and/or reinstatement fees.

9.4 Non-Resident Foreign Student.

Each Component is authorized to require that non-resident international students secure mandatory accident, sickness, catastrophic illness, evacuation and repatriation insurance as a condition of enrollment.