(1) Until the Tuition Recovery Cash Fund initially reaches the minimum fund level prescribed in section 85-1656, the surety bond or other security agreement of a school provided for in section 85-1639 shall cover the period of the authorization to operate except when a surety is released as provided in this section. The surety bond of an agent provided for in section 85-1640 shall cover the period of such agent’s permit except when a surety is released as provided in this section.

(2) A surety on any bond or agreement filed under section 85-1639 or 85-1640 may be released after such surety serves written notice on the department thirty days prior to the release. Such release shall not discharge or otherwise affect any claim previously or subsequently filed by a student or enrollee or his or her parent or guardian for loss or damage resulting from any act or practice which is a violation of the Private Postsecondary Career School Act alleged to have occurred while the bond or agreement was in effect or for a school’s ceasing operations during the term for which tuition has been paid while the bond or agreement was in force.