Bond Surety. The Bond must be furnished by a company authorized by the State of California Department of Insurance to transact surety business in the State of California and which has a current A.M. Best rating of at least “A-, VIII.”
Bond Surety. 12 (1) The Board shall determine the sum of each surety bond based upon the following guidelines:
(A) Except as provided in Section 6-51-620 (h) (2) and (3) a school shall procure a bond equal to ten 14 percent (10%) of the gross tuition with a minimum bond amount of five thousand dollars ($5,000) 15 and a maximum bond amount of seventy-five thousand dollars ($75,000).
(B) Schools that have no gross tuition charges assessed for the previous year shall secure a 17 surety bond in the amount of ten thousand dollars ($10,000).
(C) If at any time a schools has any program with a total cost per program of three thousand dollars 19 ($3,000) or more they shall be required to secure a bond.
20 (2) A surety bond is not required for schools that were licensed on April 10, 1995, by the State Board of 21 Private Career Education and have maintained continuous licensure.
22 (3) Each school licensed under this chapter shall maintain a continuous surety bond. Proof of continued 23 coverage by a surety bond shall be submitted to the Board on an annual basis.
24 (4) The surety bond shall be conditioned to provide indemnification to any student or enrollee who suffers 25 loss or damage as a result of:
(A) A violation of a provision of this chapter or any rule or regulation of this Board by the school or its 27 officers, admissions representatives, or employees; OR
(B) The failure or neglect of the school to faithfully perform all agreements, express or otherwise, with 29 the student, enrollee, one (1) or both of the parents of the student or enrollee, or a guardian of the 30 student or enrollee as represented by the application for licensure and the materials submitted in 31 support of that application; OR
(C) An admissions representative's misrepresentation in procuring the student's enrollment.
33 (5) When it has been determined that a school is in violation of law or regulations covered by the surety bond, 34 the Board staff shall issue a letter to the appropriate bond company requesting payment from the bond.
35 (6) The proceeds of a called bond shall be deposited in an SBPCE account and payment made to the 36 appropriate individual(s) or entities.
37 (7) A surety on that bond may be released after the surety has made a written notice of at least thirty (30) days 38 before the release. However, a surety may not be released from the bond unless all sureties on the bond 39 are released.
40 (8) The license shall be suspended when that school is no longer covered by a surety...
Bond Surety. 15 (1) The Board shall determine the sum of each surety bond based upon the following guidelines:
(A) Except as provided in Section 6-51-620 (h) (2) and (3) a school shall procure a bond 17 equal to ten percent (10%) of the gross tuition with a minimum bond amount of five 18 thousand dollars ($5,000) and a maximum bond amount of seventy-five thousand dollars 19 ($75,000).
(B) Schools that have no gross tuition charges assessed for the previous year shall secure a 21 surety bond in the amount of ten thousand dollars ($10,000).
Bond Surety. CONTRACTOR shall provide CITY with a Performance Bond and Payment Bond in the amount of one hundred percent (100%) of the contract amount.
