La. Admin. Code tit. 28 § III-507

Current through Register Vol. 50, No. 8, August 20, 2024

Section III-507 - Surety Bond

A. Each license application must be accompanied by a surety bond in the amount of $10,000 issued by a surety authorized to do business in Louisiana. The bond must meet the requirements set forth in R.S. 17:3140.5 and the PSC-3 Form. Bond releases and terminations shall be as provided in R.S. 17:3140.5(D) and (E), and suspension of operating license for lack of surety bond coverage is governed by. R.S.17:3140.5(F). A school may be exempted from filing a surety bond if it meets all of the following requirements:

1. does not require students to pay tuition for course of study more than one month in advance;

2. has been in continuous operation for at least five years; and

3. has met all the requirements of the commission.

La. Admin. Code tit. 28, § III-507

Promulgated by the Department of Education, Board of Regents, LR 33:1860 (September 2007), Amended by the Board of Regents, Proprietary Schools Section, LR 471297 (9/1/2021).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3140.2(F).