Oklahoma Administrative Code
Title 565 - Oklahoma Board of Private Vocational Schools
Chapter 10 - Licensure and Regulation of Private Vocational Schools and Representatives
Subchapter 9 - Surety Bonds
Section 565:10-9-5 - Certificate of deposit

Universal Citation: OK Admin Code 565:10-9-5
Current through Vol. 42, No. 1, September 16, 2024

In lieu of the corporate surety bond, a school may provide a certificate of deposit made out in favor of the OBPVS that is drawn on a state or federal bank or savings and loan association located in Oklahoma and which is authorized to conduct business in the State of Oklahoma. Such certificate of deposit shall be subject to all of the requirements, uses and purposes applicable to the surety bond under these regulations and applicable provisions of law. Any interest received on such certificate of deposit shall be the property of the school providing the certificate, and the Board shall execute the appropriate instruments to assign or transfer such interest to the school. The certificate of deposit shall be held in safe keeping by the bank or savings and loan and shall not be released without the written permission of the Board. The OBPVS shall provide a Collateral Agreement form for execution by a school official, the bank or savings and loan association and the Director of the OBPVS.

Amended at 20 Ok Reg 2489, eff 7-11-03

Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.