Louisiana Administrative Code
Title 28 - EDUCATION
Part III - Proprietary Schools
Chapter 5 - License Requirements
Section III-507 - Surety Bond
Universal Citation: LA Admin Code III-507
Current through Register Vol. 50, No. 3, March 20, 2024
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.
AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3140.2(F).
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