As Amended
SEC. 75-60-29. Surety bond for permit.
The application for a permit shall be accompanied by a surety bond acceptable to the Commission on Proprietary School and College Registration in the penal sum of Ten Thousand Dollars ($10,000.00). Such bond may be continuous and shall be conditioned to provide indemnification to any student suffering loss as a result of any fraud or misrepresentation used in procuring his enrollment, and may be supplied by an agent of a school or by the school itself as a blanket bond covering each of its agents in the amount of Ten Thousand Dollars ($10,000.00). The liability of the surety on such bond for each agent covered shall not exceed the sum of Ten Thousand Dollars ($10,000.00) as an aggregate for all students for all breaches of the conditions of the bond by such agents. The surety of any such bond may cancel the same upon giving thirty (30) days' notice in writing to the commission and is relieved of liability for any breach of condition occurring after the effective date of said cancellation. An application for renewal shall be accompanied by a surety bond, as provided in this section, if a continuous bond has not been furnished.
SOURCES: Codes, 1942, Sec. 6688-11; Laws, 1972, ch. 507, Sec. 11; 1986, ch. 432, Sec. 15, eff from and after July 1, 1986. Laws, 1992, ch. 349, Sec. 17, eff from and after July 1, 1992