(a) In this section, “educational institution” means a school, excluding an accredited college or university, authorized by the commission under this chapter to offer a real estate or real estate inspection educational program or course of study.
(b) An educational institution shall maintain a corporate surety bond or other security acceptable to the commission that is:
(1) in the amount of $20,000;
(2) payable to the commission; and
(3) for the benefit of a party who suffers damages caused by the failure of the institution to fulfill obligations related to the commission’s approval.