Section 40-13-340 - Licensing of schools; submission of floor plan and student contract form; bond required; actions for breach of contract(A) A person, firm, corporation, or association may apply to the board for licensing of a school by submitting an application on a form prescribed by the board and paying the initial license fee. An applicant at the time of application shall submit a detailed floor plan and a true copy of the applicant's board-approved form for student contracts and enrollment. An applicant also shall furnish a bond to the board issued by a licensed bonding company doing business in this State. The bond must be in the sum of ten thousand dollars and must be conditioned upon the faithful performance of the terms and conditions of all contracts entered into between the owner or manager of the school and all persons enrolling in the school. Suit on the bond may be brought by any student injured by the breach of any of the conditions of the contract between the student and the owner or manager of the school.(B) A licensed school shall comply with the provisions of this chapter applicable to the school and with regulations promulgated pursuant to this chapter.(C) No license for a school may be issued unless the owner presents evidence satisfactory to the board that the owner has adequate school facilities and equipment and that each instructor holds a valid instructor's license.1998 Act No. 427, Section 1.