Indiana Code 22-4.1-21-15. Application; bond
(b) An application for authorization under this chapter must include a surety bond in a penal sum determined under section 16 of this chapter. The bond must be executed by the applicant as principal and by a surety company qualified and authorized to do business in Indiana as a surety or cash bond company.
Terms Used In Indiana Code 22-4.1-21-15
- agent: means a person who:
Indiana Code 22-4.1-21-3
- application: means a written request for authorization or an agent's permit on forms supplied by the department. See Indiana Code 22-4.1-21-5
- authorization: means a formal determination by the department that a:
Indiana Code 22-4.1-21-2
- course: means a plan or program of instruction or training, whether conducted in person, by mail, or by any other method. See Indiana Code 22-4.1-21-6
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- 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
(1) the failure or neglect of the postsecondary proprietary educational institution to faithfully perform all agreements, express or otherwise, with the student, enrollee, one (1) or both of the parents of the student or enrollee, or a guardian of the student or enrollee as represented by the application for the institution’s authorization and the materials submitted in support of the application;
(2) the failure or neglect of the postsecondary proprietary educational institution to maintain and operate a course or courses of instruction or study in compliance with the standards of this chapter; or
(3) an agent‘s misrepresentation in procuring the student’s enrollment.
(d) A surety on a bond may be released after the surety has made a written notice of the release directed to the department at least thirty (30) days before the release. However, a surety may not be released from the bond unless all sureties on the bond are released.
(e) A surety bond covers the period of the authorization.
(f) Authorization under this chapter shall be suspended if a postsecondary proprietary educational institution is no longer covered by a surety bond or if the postsecondary proprietary educational institution fails to comply with section 16 of this chapter. The department shall notify the postsecondary proprietary educational institution in writing at least ten (10) days before the release of the surety or sureties that the authorization is suspended until another surety bond is filed in the manner and amount required under this chapter.
As added by P.L.107-2012, SEC.61. Amended by P.L.178-2016, SEC.9; P.L.157-2023, SEC.12.