Indiana Code 22-4.1-21-19. Quarterly contributions to fund; determination; bond
(b) For each quarter, each postsecondary proprietary educational institution shall make a contribution equal to the STEP THREE amount derived under the following formula:
Terms Used In Indiana Code 22-4.1-21-19
- fund: refers to the student assurance fund established by section 18 of this chapter. See Indiana Code 22-4.1-21-7
- postsecondary proprietary educational institution: means a person doing business in Indiana by offering to the public, for a tuition, fee, or charge, instructional or educational services or training in a technical, professional, mechanical, business, or industrial occupation, in the recipient's home, at a designated location, or by mail. See Indiana Code 22-4.1-21-9
STEP TWO: Multiply the STEP ONE amount by one-tenth of one percent (0.1%).
STEP THREE: Add the STEP TWO amount and sixty dollars ($60).
(c) Notwithstanding section 16 of this chapter, for a postsecondary proprietary educational institution beginning operation after September 30, 2004, the department, in addition to requiring contributions to the fund, shall require the postsecondary proprietary educational institution to submit a surety bond in an amount determined by the department for a period that represents the number of quarters required for the fund to initially accumulate one million dollars ($1,000,000) as determined under section 16(c) of this chapter.
As added by P.L.107-2012, SEC.61. Amended by P.L.178-2016, SEC.13.