Private School And Private Occupational School Bonds
Private schools - private occupational schools - surety bonds. The act allows the department of higher education to make a claim on a private occupational school's or private degree-granting school's surety bond for reimbursement of its actual administrative costs associated with the school's closure. After the surety bond has been used to facilitate student transfer or provide tuition and fee reimbursement, the department may retain any remaining amount as reimbursement for administrative costs associated with the school closure. In the instance of a closed private occupational school, the act allows the division of private occupational schools to maintain a closed school's records at any location.
(Note: This summary applies to this bill as enacted.)